March 2022 IFRIC Update Available

The March 2022 IFRIC update is now available, which summarises the activities of the IFRS Interpretations Committee.

The Committee issued four tentative agenda decisions, which will be open for public comment:

• Transfer of Insurance Coverage under a Group of Annuity Contracts (IFRS 17 Insurance Contracts)
• Lessor Forgiveness of Lease Payments (IFRS 9 Financial Instruments and IFRS 16 Leases)
• Special Purpose Acquisition Companies (SPAC): Classification of Public Shares as Financial Liabilities or Equity (IAS 32 Financial Instruments: Presentation)
• Special Purpose Acquisition Companies (SPAC): Accounting for Warrants at Acquisition

The Committee also concluded on one agenda decision, which has been sent to the IASB to consider whether it should be finalised at its April 2022 meeting:

• Demand Deposits with Restrictions on Use arising from a Contract with a Third Party (IAS 7 Statement of Cash Flows)

The IFRIC update may be accessed here.