IFRIC Update September 2019

IFRIC Update is a summary of the decisions reached by the IFRS Interpretations Committee (Committee) in its public meetings.

Decisions on an IFRIC Interpretation become final only after the Committee has taken a formal vote. IFRIC Interpretations require ratification by the International Accounting Standards Board (Board).

The Committee met on 17 September 2019, and discussed:

Committee's tentative agenda decisions

  • Training Costs to Fulfil a Contract (IFRS 15 Revenue from Contracts with Customers)–Agenda Paper 2
  • Definition of a Lease–Shipping Contract (IFRS 16 Leases)–Agenda Paper 3
  • Translating a Hyperinflationary Foreign Operation–Presenting Exchange Differences (IAS 21 The Effects of Changes in Foreign Exchange Rates and IAS 29 Financial Reporting in Hyperinflationary Economies)–Agenda Paper 4
  • Cumulative Exchange Differences before a Foreign Operation becomes Hyperinflationary (IAS 21 and IAS 29)–Agenda Paper 4B
  • Presenting Comparative Amounts when a Foreign Operation first becomes Hyperinflationary (IAS 21 and IAS 29)–Agenda Paper 4C

Committee's agenda decisions

  • Compensation for Delays or Cancellations (IFRS 15 Revenue from Contracts with Customers)–Agenda Paper 5
  • Lessee's Incremental Borrowing Rate (IFRS 16 Leases)–Agenda Paper 8
  • Fair Value Hedge of Foreign Currency Risk on Non-Financial Assets (IFRS 9 Financial Instruments)–Agenda Paper 9
  • Presentation of Liabilities or Assets Related to Uncertain Tax Treatments (IAS 1 Presentation of Financial Statements)–Agenda Paper 10
  • Disclosure of Changes in Liabilities Arising from Financing Activities (IAS 7 Statement of Cash Flows)–Agenda Paper 7
  • Subsequent Expenditure on Biological Assets (IAS 41 Agriculture)–Agenda Paper 6

Other matters

  • Committee Work in Progress–Agenda Paper 11

Click here to access IASPlus for an overview which summarises the IFRS Interpretations Committee decisions.

Click here to access the IFRIC September 2019 Update on the IFRS site.