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We comment on two IFRIC draft Interpretations

  • Deloitte document (mid gray) Image

19 Jan 2016

We have published our comment letter to the IFRS Interpretations Committee on IFRIC draft Interpretations DI/2015/1 'Uncertainty over Income Tax Treatments' and DI/2015/2 'Foreign Currency Transactions and Advance Consideration', both issued in October 2015.

In our comment letter on DI/2015/1, we recommend that the scope of the draft Interpretation be extended to cover interest and penalties, at least insofar as they arise directly from uncertain tax treatments already within its scope. Please click to access the full comment letter.

In our comment letter on DI/2015/2, we recommend that the scope of the draft Interpretation be clarified in respect of (1) the transactions that are intended to be excluded due to a requirement to recognise the related asset, expense or income at the fair value of consideration given measured at a date other than the date of initial recognition of a prepayment or deferred liability; and (2) whether a refundable foreign currency deposit would be outside the scope of the draft Interpretation. Please click to access the full comment letter.

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