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Pre-meeting summaries for the January 2019 IFRS Interpretations Committee meeting

  • IFRIC meeting (blue) Image

07 Jan 2019

The IFRS Interpretations Committee will meet via Video Conference Call on Wednesday 16 January 2019. The Committee will discuss four tentative agenda decisions. The meeting starts at 12 noon London time and the meeting is scheduled to last just over one hour.

The Committee will consider recommendations from the staff to finalise the following:

  1. IAS 37 Provisions, Contingent Liabilities and Contingent Assets: whether a voluntarily payment made by an entity to a tax authority in relation to a disputed assessment (to avoid possible penalties or interest) is an asset.
  2. IFRS 15 Revenue from Contracts with Customers: whether fees for admitting an entity to a stock exchange and fees for an ongoing listing service are distinct or relate to only one service.
  3. IAS 27 Separate Financial Statements: when an entity loses control of a subsidiary as a result of disposing some of its interest, can the entity elect to measure the retained interest at FVOCI and can any gain or loss on initial disposal be presented in profit or loss.
  4. IAS 27 Separate Financial Statements: whether the cost of a subsidiary acquired in stages is the fair value of the tranches (as deemed cost) or the sum of the consideration actually paid.

Other work in progress

The Committee will discuss feedback on tentative agenda decisions in relation to the application of the highly probable requirement in a cash flow hedge relationship and the recognition of a lease liability by a joint operator at a future meeting. 

The staff are working on potential amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates to provide more guidance when a spot exchange rate is not observable.

The staff are analysing requests in relation to (a) whether an entity applies IFRS 16 Leases or IAS 38 Intangible Assets to a contract that gives it rights to space below the ground for a period of time; and (b) whether the right to potential discounts affects the classification of an entity’s pension plan as defined benefit or defined contribution.

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.

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