November 2017 IFRIC Update Published

The International Accounting Standards Board (IASB) has published its November edition of IFRIC Update which summarises the decisions reached by the IFRS Interpretations Committee (IC) in its meeting on 20 November 2017.

The IC tentatively decided not to add topics on the following matters to its standard-setting agenda:

• IFRS 9 Financial Instruments and IAS 1 Presentation of Financial Statements – Presentation of interest revenue for particular financial instruments;
• IFRS 15 Revenue from Contracts with Customers – Revenue recognition in a real estate contract that includes the transfer of land; and
• IFRS 15 Revenue from Contracts with Customers – Right to payment for performance to date.

The IC finalised its decision on the following matter, deciding not to add it to its standard-setting agenda:

• IFRS 3 – Business Combinations – Acquisition of a group of assets

The Committee also:

• recommended to the IASB that it propose an amendment to IFRS 1 to provide a subsidiary with additional practical relief for cumulative translation differences;
• decided to add a project to its standard setting agenda to clarify the meaning of the term ‘unavoidable costs’ in the definition of an onerous contract in IAS 37 Provisions, Contingent Liabilities and Contingent Assets.

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