IASB Publishes September IFRIC Update

The IASB has published its September IFRIC update, which summarises the activities of the IFRIC at its recent September meeting. The update notes the following items:

Tentative Agenda Decisions

• Training Costs to Fulfil a Contract (IFRS 15 Revenue from Contracts with Customers
• Definition of a Lease—Shipping Contract (IFRS 16 Leases)
• 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
• Cumulative Exchange Differences before a Foreign Operation becomes Hyperinflationary (IAS 21 and IAS 29)
• Presenting Comparative Amounts when a Foreign Operation first becomes Hyperinflationary (IAS 21 and IAS 29)

Final Agenda Decisions

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

The IFRIC update can be accessed here.