Pre-meeting summaries for the November 2016 IFRS Interpretations Committee meeting

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31 Oct 2016

The IFRS Interpretations Committee will meet at the IASB's offices in London on 8 November 2016. We have now posted our popular pre-meeting summaries for the meeting that allow you to follow the Committee's decision making more closely.

On-going discussions


  • Uncertainty over Income Tax Treatments – Due Process (Agenda paper 4)
    The staff are seeking clearance to start the process to finalise the Interpretation, which will have an effective date of 1 January 2019.

Finalisation of draft agenda decisions

The IC will consider the public feedback on two matters which the IC tentatively decided not to add to its agenda:

  • IAS 12 Income Taxes: Expected manner of recovery of intangible assets with indefinite useful lives (Agenda Paper 3); and
  • IAS 32 Financial Instruments: Presentation - Written put option over NCI (Agenda Paper 9)

The staff are recommending that the IC finalise both decisions, and not add the matters to its agenda.

Tentative decisions

  • IFRS 9 Financial Instruments and IAS 39 Financial Instruments: Recognition and Measurement – Fees and costs included in the ’10 per cent’ test for the purposes of derecognition (Agenda Paper 2)
    The Staff recommends proposing an annual improvement rather than addressing the matter through an agenda decision.
  • IAS 28 Investments in Associates and Joint Ventures - Assessment of significant influence: Fund manager acting as an agent and holding own investments in the fund (Agenda Pape 11)
    The Staff recommends that the IC not add this issue to its agenda for the reasons set out above and to issue a tentative agenda decision to that effect.

New issues

The IC will discuss five new issues:

  • Commodities - Commodity loans (Agenda paper 10)
  • IFRS 10 Consolidated Financial Statements - Investment Entities—Consolidation of subsidiaries – (Agenda paper 5)
  • IFRS 9 Financial Instruments – modifications /exchanges of financial liabilities that do not result in derecognition (Agenda Paper 6). This paper was included in the September agenda but was not discussed for lack of time.
  • IFRS 9 Financial Instruments — Impact of symmetric ‘make whole’ and fair value prepayment options on the assessment of the SPPI condition (Agenda paper 7)
  • IFRS 9 Financial instruments/IFRS 5 Non-current Assets Held for Sale and Discontinued Operations – discontinuation of hedge accounting and business model assessment when a subsidiary is held for sale. (Agenda paper 8)

For the first three matters the staff are recommending that the matters not be taken onto the agenda. For the remaining two issues the staff have provided their initial analysis and are seeking feedback from the IC. Both matters will also be discussed with the IASB.

Post-implementation review of IFRS 13 Fair Value Measurement

The IC will be asked for initial input on areas the review should cover. (Agenda Paper 12)

The pre-meet­ing summaries for the meeting can be found here. We will update this page for our Deloitte observer notes from the meeting as they become available.

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