This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

SIC Interpretations

 

Standards image

This page contains links to our summaries, analysis, history and resources for SIC Interpretations were previously issued by the Standard Interpretations Committee (SIC), and were subsequently endorsed by the International Accounting Standards Board (IASB). The IFRS Interpretations Committee has reissued Interpretations in this series where it considers it necessary.

Title Issued Effective Date
SIC-1 — Consistency – Different Cost Formulas for Inventories 1997 Superseded by, and incorporated into, IAS 2 'Inventories', effective for annual periods beginning on or after 1 January 2005.
SIC-2 — Consistency - Capitalisation of Borrowing Costs 1997 Superseded by IAS 8 'Accounting Policies, Changes in Accounting Estimates and Errors' (Revised 2003) with effect from annual periods beginning on or after 1 January 2005.
SIC-3 — Elimination of Unrealised Profits and Losses on Transactions with Associates 1997 Superseded by IAS 28 'Investments in Associates' (Revised 2003) with effect for annual periods beginning on or after 1 January 2005.
SIC-5 — Classification of Financial Instruments – Contingent Settlement Provisions 1998 Superseded by, and incorporated into, IAS 32 'Financial Instruments: Disclosure and Presentation' (Revised 2003, later renamed), effective for annual periods beginning on or after 1 January 2005.
SIC-6 — Costs of Modifying Existing Software 1998 Superseded by, and incorporated into, IAS 16 'Property, Plant and Equipment' (Revised 2003), effective for annual periods beginning on or after 1 January 2005.
SIC-7 — Introduction of the Euro 1998 Became effective 1 June 1998
SIC-8 — First-time Application of IASs as the Primary Basis of Accounting 1998 Superseded by IFRS 1 'First-time Adoption of International Financial Reporting Standards' (issued June 2003), with effect where an entity's first IFRS financial statements are for a period beginning on or after 1 January 2004.
SIC-9 — Business Combinations – Classification either as Acquisitions or Unitings of Interests 1998 Superseded by, and incorporated into, IFRS 3 'Business Combinations' with effect from 31 March 2004.
SIC-10 — Government Assistance – No Specific Relation to Operating Activities 1998 Effective from 1 August 1998
SIC-11 — Foreign Exchange - Capitalisation of Losses Resulting from Severe Currency Devaluations 1998 Superseded by IAS 21 'The Effects of Changes in Foreign Exchange Rates' (Revised 2003), effective for annual periods beginning on or after 1 January 2005
SIC-12 — Consolidation – Special Purpose Entities 1998 Superseded by IFRS 10 'Consolidated Financial Statements' and IFRS 12 'Disclosure of Interests in Other Entities', effective for annual periods beginning on or after 1 January 2013
SIC-13 — Jointly Controlled Entities – Non-Monetary Contributions by Venturers 1998 Superseded by IFRS 11 'Joint Arrangements', effective for annual periods beginning on or after 1 January 2013
SIC-14 — Property, Plant and Equipment – Compensation for the Impairment or Loss of Items 1998 Superseded by, and incorporated into, IAS 16 'Property, Plant and Equipment' (Revised 2003), effective for annual periods beginning on or after 1 January 2005
SIC-15 — Operating Leases – Incentives 1999 Effective to lease terms beginning on or after 1 January 1999
SIC-16 — Share Capital – Reacquired Own Equity Instruments (Treasury Shares) 1999 Superseded by, and incorporated into, IAS 32 'Financial Instruments: Disclosure and Presentation' (Revised 2003, later renamed) effective for annual periods beginning on or after 1 January 2005.
SIC-17 — Equity – Costs of an Equity Transaction 2000 Superseded by, and incorporated into, IAS 32 'Financial Instruments: Disclosure and Presentation' (Revised 2003, later renamed) effective for annual periods beginning on or after 1 January 2005
SIC-18 — Consistency – Alternative Methods 2000 Superseded by IAS 8 'Accounting Policies, Changes in Accounting Estimates and Errors' (Revised 2003), effective for annual periods beginning on or after 1 January 2005
SIC-19 — Reporting Currency – Measurement and Presentation of Financial Statements Under IAS 21 and IAS 29 2000 Superseded by IAS 21 'The Effects of Changes in Foreign Exchange Rates' (Revised 2003), effective for annual periods beginning on or after 1 January 2005.
SIC-20 — Equity Accounting Method – Recognition of Losses 2000 Superseded by IAS 28 'Investments in Associates' (Revised 2003) effective for annual periods beginning on or after 1 January 2005
SIC-21 — Income Taxes – Recovery of Revalued Non-Depreciable Assets 2000 Superseded by, and incorporated into, IAS 12 'Income Taxes', effective for annual periods beginning on or after 1 January 2012
SIC-22 — Business Combinations – Subsequent Adjustment of Fair Values and Goodwill Initially Reported 2000 Superseded by, and incorporated into, IFRS 3 'Business Combinations', effective 31 March 2004
SIC-23 — Property, Plant and Equipment – Major Inspection or Overhaul Costs 2000 Superseded by, and incorporated into, IAS 16 'Property, Plant and Equipment' (Revised 2003), effective for annual periods beginning on or after 1 January 2005
SIC-24 — Earnings Per Share – Financial Instruments and Other Contracts that May Be Settled in Shares 2000 Superseded by, and incorporated into, IAS 33 'Earnings Per Share' (Revised 2003) effective for annual periods beginning on or after 1 January 2005
SIC-25 — Income Taxes – Changes in the Tax Status of an Enterprise or its Shareholders 2000 Effective from 15 July 2000
SIC-27 — Evaluating the Substance of Transactions in the Legal Form of a Lease 2001 Effective from 31 December 2001
SIC-28 — Business Combinations – 'Date of Exchange' and Fair Value of Equity Instruments 2001 Superseded by, and incorporated into, IFRS 3 'Business Combinations', effective 31 March 2004
SIC-29 — Service Concession Arrangements: Disclosures 2001 Effective from 31 December 2001
SIC-30 — Reporting Currency – Translation from Measurement Currency to Presentation Currency 2001 Superseded by IAS 21 'The Effects of Changes in Foreign Exchange Rates' (Revised 2003), effective for annual periods beginning 1 January 2005
SIC-31 — Revenue – Barter Transactions Involving Advertising Services 2001 Effective from 31 December 2001 (superseded by IFRS 15 'Revenue from Contracts from Customers' effective 1 January 2018)
SIC-32 — Intangible Assets – Web Site Costs 2002 Effective from 25 March 2002
SIC-33 — Consolidation and Equity Method – Potential Voting Rights and Allocation of Ownership Interests 2001 Superseded by IAS 27 'Consolidated and Separate Financial Statements' (Revised 2003) and IAS 28 'Investments in Associates' (Revised 2003), effective for annual periods beginning on or after 1 January 2005

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.