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 2014 Meeting

March 2014 Meeting

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Newsletter – IFRIC Update

IFRIC Update — July 2014

This edition of IFRIC Update provides a summary of the IFRS Interpretations Committee's July 15-16 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.

IFRIC Update — May 2014

This edition of IFRIC Update provides a summary of the IFRS Interpretations Committee's May 13-14 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.

IFRIC Update — March 2014

This edition of IFRIC Update provides a summary of the IFRS Interpretations Committee's March 25 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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IFRIC Interpretations

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.

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PwC Response letters

PwC comments on IFRS Interpretations Committee's tentative agenda decision: IFRS 2–Share-based Payment
PwC – 02/06/2014
PwC supports the IFRS Interpretations Committee's decision not to take this question onto the agenda but not for the reasons given. We are concerned, however, that the reasons given for the agenda decision will increase diversity in practice regarding the application of IFRS 2 paragraph 13A and may also lead to diversity in the application of IFRS 13.

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