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.

November 2016 Meeting

September 2016 Meeting

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Newsletter – IFRIC Update

IFRIC Update — November 2016
This edition of IFRIC Update provides a summary of the IFRS Interpretations Committee's November 8 meeting. This meeting inlcuded discussins of the Committee's current agenda, agenda decisions and discussion of other works in progress. 

IFRIC Update — September 2016
This edition of IFRIC Update provides a summary of the IFRS Interpretations Committee's September 6 meeting. The meeting included discussions of the Committee's current agenda items, agenda decisions, 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]

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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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