IFRIC meeting January 2015

Contents IASB issues January 2015 IFRIC meeting highlights Current agenda
  • Impact of uncertainty when an entity recognizes and measures a current tax liability or asset
  • Accounting for the net proceeds and costs of testing property, plant and equipment
  • Date of transaction for purpose of identifying the applicable exchange rate for revenue recognition
  • Classification of liability for prepaid cards issued by a bank in the bank’s financial statements
Item recommended to IASB for a narrow-scope amendment
  • Should an investment property under construction be transferred from inventory to investment property when there is an evident change in use?
Agenda decisions
  • Disclosures for a subsidiary with a material non-controlling interest
  • Disclosure of summarized financial information about material joint ventures or associates
  • Fair value hierarchy when third-party consensus prices are used
  • Income and expenses arising on financial instruments with a negative yield: presentation in the statement of comprehensive income
  • Accounting for embedded foreign currency derivatives in host contracts
  • Levies raised on production property, plant and equipment
Tentative agenda decisions
  • Definition of close members of family of a person
Work in progress
  • Assessment of significant influence: fund manager acting as agent and holding own investment in the fund

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