SIC Interpretations
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SIC-1 — Consistency – Different Cost Formulas for Inventories | 1997 | Superseded by, and incorporated into, IAS 2 'Inventories', effective for annual periods beginning on or after 1 January 2005.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SIC-2 — Consistency - Capitalisation of Borrowing Costs | 1997 | Superseded by IAS 8 'Accounting Policies, Changes in Accounting Estimates and Errors' (Revised 2003) with effect from annual periods beginning on or after 1 January 2005.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SIC-3 — Elimination of Unrealised Profits and Losses on Transactions with Associates | 1997 | Superseded by IAS 28 'Investments in Associates' (Revised 2003) with effect for annual periods beginning on or after 1 January 2005.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SIC-5 — Classification of Financial Instruments – Contingent Settlement Provisions | 1998 | Superseded by, and incorporated into, IAS 32 'Financial Instruments: Disclosure and Presentation' (Revised 2003, later renamed), effective for annual periods beginning on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SIC-6 — Costs of Modifying Existing Software | 1998 | Superseded by, and incorporated into, IAS 16 'Property, Plant and Equipment' (Revised 2003), effective for annual periods beginning on or after 1 January 2005.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SIC-8 — First-time Application of IASs as the Primary Basis of Accounting | 1998 | Superseded by IFRS 1 'First-time Adoption of International Financial Reporting Standards' (issued June 2003), with effect where an entity's first IFRS financial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SIC-9 — Business Combinations – Classification either as Acquisitions or Unitings of Interests | 1998 | Superseded by, and incorporated into, IFRS 3 'Business Combinations' with effect from 31 March 2004.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SIC-11 — Foreign Exchange - Capitalisation of Losses Resulting from Severe Currency Devaluations | 1998 | Superseded by IAS 21 'The Effects of Changes in Foreign Exchange Rates' (Revised 2003), effective for annual periods beginning on or after 1 January 2005 |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 |