• November IFRIC Meeting Update Available

November IFRIC Meeting Update Available

19 December 2019

The IFRS Interpretation Committee (‘the Committee’) update summarising the 26 November 2019 IFRIC meeting has been posted. At the meeting, the Committee presented two tentative agenda decisions:

  • Player transfer payment (IAS 38, Intangible Assets); and
  • Multiple tax consequences of recovering an asset (IAS 12, Income Taxes).

The Committee issued one final agenda decision:

  • Lease term and useful life of leasehold improvements (IFRS 16¸ Leases and IAS 16 Property, Plant and Equipment).

The final agenda decision was subsequently discussed by the Due Process Oversight Committee (‘DPOC’) meeting on 16 December 2019 as it resulted in two letters being written to DPOC, which expressed concern that the agenda decision violated the IFRIC’s due process requirements. The DPOC concluded that the agenda decision did not breach due process requirements.

The IFRIC update may be accessed here.