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Deloitte comment letter on IFRIC draft Interpretation 2015/2 — Foreign currency transactions and advance consideration

Published on: 19 Jan 2016

We have responded to the IFRS Interpretations Committee's request for comments on IFRIC draft Interpretation 2015/2 Foreign Currency Transactions and Advance Consideration, issued in October 2015.

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. Our letter provides detailed responses to the questions in the invitation to comment. 

Download the full comment letter below.

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