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Agenda and pre-meeting summaries available for the November 2018 IFRS Interpretations Committee meeting

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23 Nov 2018

The IFRS Interpretations Committee will meet in London on 27 November 2018 to discuss seven issues, including five new interpretation requests.

Continuing discussions

The Committee will continue the discussions it had in September on whether, some, cloud computing arrangements create an intangible asset. The staff recommend that the Committee not take the matter onto its Agenda and issue a tentative Agenda Decision to that effect.

In September, the Committee finalised an Agenda Decision IAS 21 The Effects of Changes in Foreign Exchange Rates—foreign exchange restrictions. At this meeting the Committee is being asked for its feedback on a proposal by the staff to amend IAS 21 to provide additional guidance on estimating an exchange rate.

New issues

IFRS 11 Joint Arrangements—Output received by a joint operator. How should a joint operator account for output arising from a joint operation when the output it receives in a reporting period is different from the output to which it is entitled?

IFRS 9 Financial Instruments—Physical settlement of contracts to buy or sell a non-financial item. When an entity contracts to buy or sell a non-financial item in the future at a fixed price, is it appropriate at the time of physical settlement for an entity to (a) reverse the accumulated gain or loss previously recognised in profit or loss on the derivative, and (b) recognise a corresponding adjustment to either revenue (in the case of a sale contract) or inventory (in the case of a purchase contract)?

IAS 23 Borrowing Costs—Revenue recognised over time. Should borrowing costs be capitalised when the borrowings relate to the construction of a residential multi-unit real estate development for which revenue is recognised over time?

IFRS 9 Financial Instruments—Credit enhancement in ECL measurement. Can the cash flows expected from a financial guarantee contract or any other credit enhancement that is integral to the contractual terms of a loan be included in the measurement of ECL if the credit enhancement would otherwise be required to be separately recognised (for example the lender obtained a guarantee from a guarantor)?

IFRS 9 Financial Instruments—Presentation of contractual interest. How should unrecognised interest be presented when a credit-impaired (stage 3) financial asset is subsequently paid in full or is no longer credit-impaired?

The staff recommend that the Committee not take any of these issues onto its agenda and have drafted tentative Agenda Decisions to that effect.

Other work in progress

The staff are analysing a request in relation to subsurface rights.

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

Related Topics

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.