International Accounting Standards Board: Developments in IFRS

Michael Stewart, Gary Berchowitz and Denise Durant give an overview of the issues discussed in the March 2012 IFRS Interpretations Committee meeting, including IAS 37 Provisions, Contingent Liabilities and Contingent Assets—Determining when to recognise a liability for levies, IFRIC 12 Service Concession Arrangements—How to account for contractual payments made by operator under service concession arrangement, IAS 1 Presentation of Financial Statements—Presentation of expense for non-income taxes, IAS 12 Income Taxes—Accounting for the tax effects of market value uplifts allowed by new tax legislation for tax depreciation purposes, IAS 16 Property, Plant and Equipment/IAS 38 Intangible Assets—Revenue-based depreciation and amortisation, IFRS 11 Joint Arrangements—Purchase of an interest in a joint operation that contains a business, IAS 7 Statement of Cash Flows—Cash flow classification.

Impairment of Financial Assets, Insurance Contracts, Classification and Measurement of Financial Instruments, and Leases

IFRS 9 Impairment, Classification and Measurement, Macro Hedge Accounting, Insurance Contracts, Agenda Consultation, and effective dates

Michael Stewart, Gary Berchowitz and Patrick Le Flao give an overview of the issues discussed in the January 2012 IFRS Interpretations Committee meeting, including IAS 37 Provisions, Contingent Liabilities and Contingent Assets—Determining when to recognise a liability for levies, IAS 28 Investments in Associates and Joint Ventures—Accounting for associate’s changes in equity, IAS 32 Financial Instruments: Presentation—Accounting for put options written over shares held by non-controlling interests, IAS 2 Inventories—Long-term prepayments for inventory supply contracts and Annual Improvements—Deliberation of comments received on exposure draft.

IFRS 9 Impairment, Classification and Measurement, Leases, and Insurance Contracts

IFRS 9, Insurance, Leases, Macro Hedge Accounting, Offsetting, and Annual improvements

Michael Stewart and Gary Berchowitz give an overview of the issues discussed in the November 2011 IFRS Interpretations Committee meeting, including IAS 37 Provisions, Contingent Liabilities and Contingent Assets—Determining when to recognise a liability for levies, IAS 19 Employee Benefits—Applying the definition of termination benefits, IAS 38 Intangible Assets and IFRIC 12 Service Concession Arrangements—Selection of amortisation method, IFRIC 15 Agreements for the Construction of Real Estate—Clarification of the meaning of continuous transfer and IFRIC 12—Payments made by the operator in a service concession arrangement.

Financial Instruments, Revenue Recognition, Leases, and Insurance

Financial Instruments, Leases, and Insurance

Wayne Upton and Michael Stewart give an overview of the issues discussed during the September 2011 IFRS Interpretations Committee meeting, including IAS 37 Provisions, Contingent Liabilities and Contingent Assets—Determining when to recognise a liability for levies, IAS 12 Income Tax—Applying the rebuttable presumption to determine the manner of recovery of investment property, IFRS 10 Consolidated Financial Statements—Transitional requirements, meaning of 'the date of initial application', IFRS 3 Business Combinations—Definition of a business and IFRS 11 Joint Arrangements—Acquisition of an Interest in a Joint Operation.

Effective date of IFRS 9, Hedge Accounting, eg risk components and disclosures

Lease Accounting, Impairment, effective dates (IFRS 9 and Revenue Recognition), Agenda Consultation and other matters (Hedge Accounting, Insurance, Disclosure)

Robert Garnett and Michael Stewart give an overview of the issues discussed during the July 2011 IFRS Interpretations Committee meeting, including consideration of when to recognise a liability (and associated charge) for levies (IAS 37 Provisions, Contingent Liabilities and Contingent Assets), determining when the purchase of an investment property is a business combination (IFRS 3 Business Combinations and IAS 40 Investment Property), consideration of how to account for the acquisition of an interest in a joint operation where that joint operation carries on a business (IFRS 11 Joint Arrangements) and a discussion of concerns relating to the aggregation of operating segments and the identification of the Chief Operating Decision Maker in the context of segment disclosures (IFRS 8 Operating Segments).

Insurance, Leases, Impairment, Revenue Recognition, and Offsetting

Insurance, Hedge Accounting, education sessions on Leases and Revenue Recognition

Insurance, Leases, Revenue Recognition, Financial Instruments, and future activities

Insurance, Hedge Accounting, education sessions on Leases and Revenue Recognition

Robert Garnett and Michael Stewart give an overview of the issues discussed during the May 2011 IFRS Interpretations Committee meeting, including IAS 19 Employee Benefits—Defined contribution plans with vesting conditions, IAS 7 Statement of Cash Flows—Classification of interest paid that is capitalised as part of the cost of an asset, IAS 37 Provisions, Contingent Liabilities and Contingent Assets and IFRIC 6 Liabilities arising from Participating in a Specific Market—Waste Electrical and Electronic Equipment—Use of IFRIC 6 by analogy.

Insurance, Leases, Revenue Recognition, Hedge Accounting, Impairment, and future activities