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  • IFRIC Update May 2018

IFRIC Update May 2018

17 May 2018

The International Accounting Standards Board (IASB) has published its May edition of IFRIC Update, which summarises discussions and decisions reached at the IFRS Interpretations Committee (IC) meeting held on 9 May 2018.

At the meeting, the IC discussed applications of IAS 21 The Effects of Changes in Foreign Exchange Rates, and in particular the exchange rate to be used, when:

  • a reporting entity translates the results and financial position of a foreign operation into its presentation currency; and
  • the functional currency of the foreign operation is subject to a longer-term lack of exchangeability with other currencies.

The IC noted that these circumstances exist in Venezuela.  It was not asked to make any decisions.

The IC also continued its discussions about the accounting for payments relating to uncertain tax treatments that are outside the scope of IAS 12 Income Taxes (ie payments for taxes other than income tax).

The IC did not make any tentative agenda decisions or finalise any decisions related to issues discussed at previous meeting.

The full copy of IFRIC Update is available from the IASB’s web site here.