Only 11 of 31 SIC interpretations will remain in force

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08 Apr 2004

Of the 31 Interpretations published by the Standing Interpretations Committee (SIC) – which was replaced by the International Financial Reporting Interpretations Committee (IFRIC) in April 2001 – only the following 11 remain in effect as part of the body of standards that companies in Europe and elsewhere will adopt in 2005. The others have been superseded by either new IFRSs or revised IASs issued by the IASB.

The IFRIC has not yet issued any final interpretations.

The 11 remaining Interpretations are:

  • SIC-7 Introduction of the Euro
  • SIC-10 Government Assistance – No Specific Relation to Operating Activities
  • SIC-12 Consolidation – Special Purpose Entities
  • SIC-13 Jointly Controlled Entities – Non-Monetary Contributions by Venturers
  • SIC-15 Operating Leases – Incentives
  • SIC-21 Income Taxes – Recovery of Revalued Non-Depreciable Assets
  • SIC-25 Income Taxes – Changes in the Tax Status of an Enterprise or its Shareholders
  • SIC-27 Evaluating the Substance of Transactions in the Legal Form of a Lease
  • SIC-29 Disclosure – Service Concession Arrangements
  • SIC-31 Revenue – Barter Transactions Involving Advertising Services
  • SIC-32 Intangible Assets – Web Site Costs


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