IFRS Interpretations Committee (IFRIC)

Website: www.iasb.org

The IFRS Interpretations Committee is the interpretative body of the International Accounting Standards Board (IASB).

Recent Developments – Past 90 days


IFRS Interpretations Committee work in progress

The IFRS Interpretations Committee meets every 2 months in London UK. See below for meeting materials.

May 2016 Meeting

March 2016 Meeting

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Newsletter – IFRIC Update

IFRIC Update — May 2016
This edition of IFRIC Update provides a summary of the IFRS Interpretations Committee's May 10 meeting. The meeting included discussions of the Committee's current agenda items, agenda decisions, deliberations of comments received on proposed narrow-scope amendments, and discussion of other work in progress.

IFRIC Update — March 2016
This edition of IFRIC Update provides a summary of the IFRS Interpretations Committee's March 22 meeting. The meeting included discussions of the Committee's current agenda items, agenda decisions, issues considered for annual improvements, and discussion of other work in progress.

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Exposure Drafts

Draft Interpretation: Foreign Currency Transactions and Advance Consideration
IFAC - 10/21/2015
This Draft Interpretation addresses which exchange rate should be used to report foreign currency transactions when payment is made or received in advance. It is intended to address diversity in practice in circumstances in which consideration was received or paid in advance of the recognition of the related asset, expense or income. [Comments are due - January 19, 2016]

Draft Interpretation: Uncertainty over Income Tax Treatments
IFAC - 10/21/2015
This Draft Interpretation addresses how uncertainty over income tax treatments should affect the accounting for income taxes. It is intended to address diversity in practice in applying IAS 12, Income Taxes. IAS 12 provides requirements on the recognition and measurement of current or deferred tax liabilities or assets, but does not provide specific guidance for how uncertainty about a tax treatment should be reflected in the accounting for income taxes. [Comments are due - January 19, 2016]

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PwC Response letters

PwC Comments on IFRS IC tentative agenda decision: IFRIC 21 - Levies
PwC – 10/24/2014
PwC agrees with the Committee's decision not to take this item onto the agenda. We are concerned, however, that the tentative agenda decision will create confusion on how to apply the existing IFRS guidance and might create diversity in practice that does not exist today. Our letter offers some recommendations for the Committee to consider to alleviate any confusion.

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