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  • IFRIC Update September 2018

IFRIC Update September 2018

27 September 2018

The International Accounting Standards Board (IASB) has published the September 2018 edition of IFRIC Update, which summarises decisions made at the September 2018 Meeting if the IFRS Interpretations Committee.

At the meeting, the Interpretations Committee finalised decisions on the following standards and topics:

  • IAS 23 Borrowing Costs – Expenditures on a qualifying asset;
  • IAS 23 Borrowing Costs – Borrowing Costs on Land;
  • IAS 21 The Effects of Changes in Foreign Exchange Rates - Determination of the exchange rate when there is a long-term lack of exchangeability; and
  • IFRS 9 Financial Instruments – Classification of a particular type of dual currency bond.

The Interpretations Committee also reached tentative decisions on the following standards and topics:

  • IFRS 15 Revenue from Contracts with Customers - Assessment of promised goods and services
  • IFRS 11 Joint Arrangements - Liabilities in relation to a joint operator’s interest in a joint operation;
  • IAS 27 Separate Financial Statements - Investment in a subsidiary accounted for at cost: partial disposal;
  • IAS 27 Separate Financial Statements - Investment in a subsidiary accounted for at cost: step acquisition;
  • IAS 37 Provisions, Contingent Liabilities and Contingent Assets - Deposits relating to taxes other than income tax; and
  • IFRS 9 & IAS 39 Financial Instruments - Application of the highly probable requirement in a cash flow hedging requirement using a ‘load following swap’ as the hedging instrument.

The September edition of IFRIC Update is available from the IASB’s web site here.