The IFRS Interpretations Committee is the interpretative body of the International Accounting Standards Board (IASB).
The IFRS Interpretations Committee meets every 2 months in London UK. See below for meeting materials.
This edition of IFRIC Update provides a summary of the IFRS Interpretations Committee's May 14-15 meeting. The meeting included discussion of the current agenda item on IAS 12 Income Taxes—Recognition of deferred tax assets for unrealized losses. Also covered were agenda decisions and tentative decisions, issues considered for annual improvements, issues recommended for a narrow-scope amendment; and discussion of other work in progress.
IASB issues IFRIC Interpretation 21: Levies
IASB – 05/20/2013
IFRIC 21 addresses when an entity should recognize a liability to pay a government levy (other than income taxes). IFRIC 21 is an interpretation of IAS 37, Provisions, Contingent Liabilities and Contingent Assets. IAS 37 sets out criteria for the recognition of a liability, one of which is the requirement for the entity to have a present obligation as a result of a past event (known as an obligating event). The Interpretation clarifies that the obligating event that gives rise to a liability to pay a levy is the activity described in the relevant legislation that triggers the payment of the levy. The Interpretation includes guidance illustrating how it should be applied.
PwC Comments on Tentative agenda decision: IAS 10 Events after the reporting period—Reissuing previously issued financial statements
PwC – 03/19/2013
Following consultation with members of the PwC network of firms, this response letter summarizes the views of member firms who commented on the tentative agenda decision, published in the January 2013 edition of IFRIC Update.