September 2017 IFRIC Update Published

The International Accounting Standards Board (IASB) has published its June edition of IFRIC Update which summarises the decisions reached by the IFRS Interpretations Committee (IC) in its meeting on 12 September 2017.

The IC finalised decisions on the following matters regarding issues discussed at previous meetings, and decided not to add topics on the following matters to its standard-setting agenda:

• IFRS 1 First-time Adoption of IFRS – Subsidiary as a first-time adopter;
• IFRS 9 Financial Instruments – Financial assets eligible for the election to present changes in fair value in other comprehensive income;
• IAS 12 Income taxes – Interest and penalties related to income taxes; and
• IAS 38 Intangible Assets - Goods acquired for promotional activities.

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

• IFRS 15 Revenue from Contracts with Customers – Revenue recognition in a real estate contract; and
• IAS 28 Investments in Associates and Joint Ventures – Contributing property, plant and equipment to an associate.

The Committee also recommended that as part of the next Annual Improvements Cycle, the Board propose an amendment to paragraph 22 of IAS 41 Agriculture to remove the requirement to exclude cash flows for taxation when measuring fair value.

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