March 2023 IFRIC Update now available

The IFRIC met on 14-15 March 2023. The meeting Update is now available.

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

• Guarantee over a Derivative Contract (IFRS 9 Financial Instruments)
• Premiums Receivable from an Intermediary (IFRS 17 Insurance Contracts and IFRS 9 Financial Instruments)
• Homes and Home Loans Provided to Employees

The Committee also concluded on following agenda decision, which is sent to the IASB for its consideration at its April 2023 meeting.

• Definition of a Lease—Substitution Rights (IFRS 16 Leases)

If the IASB does not object to the agenda decision, it will be published in April 2023 in an addendum to the March 2023 IFRIC Update.

The Committee discussed the following matters raised as possible amendments in the next cycle of annual improvements to IFRS Accounting Standards and provided advice to be presented to the IASB together with the recommendations for proposed amendments.

• Lessee accounting for lease payments forgiven (IFRS 9 Financial Instruments and IFRS 16 Leases)
• Disclosure of deferred difference between fair value and transaction price—Guidance on implementing IFRS 7 Financial Instruments: Disclosures

The update may be accessed here.