When approved by the IASB, IFRIC Interpretations have equivalent status to standards issued by the IASB; that is, although IFRIC Interpretations are not accounting standards, they form part of IFRSs such that compliance with IFRSs means compliance with both accounting standards issued by the IASB and IFRIC Interpretations approved by the IASB. Brian O’Donovan, KPMG partner and IFRS Interpretations Committee member. By using this site you agree to our use of cookies. The objective of including explanatory material in Agenda Decisions is to improve consistency in the application of the Standards. Comparison of Authoritarian, Democratic and Laissez-faire Leadership. Article excerpt. Interpreting IFRS: Understanding the Role of the International Financial Reporting Interpretations Committee . Please consider supporting us by disabling your ad blocker. The IFRS Foundation Trustees are responsible for governance and fundraising, and … The Interpretations Committee is the interpretative body of the IASB. Agenda decisions are subject to due process. Although not authoritative guidance, in practice they are regarded as being highly persuasive, and all entities reporting under IFRS should be aware of these decisions because they could impact the way particular transactions and balances are accounted for. 1 of ; Subject matter experts . In supporting the application of existing Standards, the IFRS Interpretations Committee plays an important role. Under the IFRS Foundation Constitution, the IFRS Interpretations Committee (the 'Committee'), formerly called the International Financial Reporting Interpretations Committee (IFRIC), has the following roles: The Committee comprises fourteen voting members, appointed by the IFRS Foundation Trustees for renewable terms of three years. In supporting the application of existing Standards, the IFRS Interpretations Committee plays an important role. The Impact Of Democratic Leadership In The Organization, Situational Leadership Model: An Overview on Leadership Flexibility, The Core Leadership Skills You Need in Every Role You Play, Characteristics, Attributes and Traits of Charismatic Leadership, Accounting For Annual Leave Journal Entries. IFRS Interpretations Committee 30 Cannon Street London EC4M 6XH United Kingdom Tel: +44 (0)20 7246 6410 Fax: +44 (0)20 7246 6411 E-mail: ifric@ifrs.org Website: www.ifrs.org: Future IFRS Interpretations Committee meetings The next meetings are: 14 and 15 May 2013 16 and 17 July 2013 10 and 11 September 2013 12 and 13 November 2013 The update offers a summary of the tentative decisions of IFRIC, with key discussions focusing on the financial instruments (IFRS 9) standard and the leases (IFRS 16) standard. SaaS arrangements are prevalent across all sectors and are expected to contin… The Interpretations Committee works with the Board in supporting the application of IFRS Standards.The Interpretations Committee responds to questions about the application of the Standards and does other work at the request of the Board. - the International Accounting Standards Board (IASB), as well as the IFRS Advisory Council (IFRS AC) and the IFRS Interpretations Committee (IFRS IC). Our key areas of focus are recently issued Standards IFRS 9, IFRS 15, IFRS 16 and IFRS 17. IFRS Foundation opens Asia-Oceania regional office in Tokyo. The Interpretations Committee is the interpretative body of the IASB. compiles all agenda decisions published by the IFRS Interpretations Committee (Committee) in the period October 2019 to March 2020. Director, Accounting Standards & Special Projects at Vivendi, Vice President and Chief Financial Officer of China Life Insurance Company, This site uses cookies to provide you with a more responsive and personalised service. Interpretations are developed by the Committee, exposed for public comment (these are called Draft Interpretations and numbered D1, D2, etc. The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. The members of the IASB and staff of the IFRS Foundation have released condolences on the death of Robert (Bob) Garnett, former member of the IASB and Chair of the IFRS Interpretations Committee. The International Accounting Standards Board is the independent standard-setting body for IFRS. We provide an outline of the tentative and final agenda decisions issued by IFRS Interpretations Committee (Interpretations Committee). The IFRS Interpretations Committee has posted the agenda for its next meeting, which will be held by video conference on 1-2 December 2020. The Chair has no voting rights. The IFRS Interpretations Committee will meet via video conference on Tuesday 15 September 2020 to discuss two topics. The IFRS Interpretations Committee endeavours to reach a consensus on appropriate accounting treatment and provides authoritative guidance on the issue concerned. The role of the Interpretations Committee is to provide guidance on financial reporting issues which have been identified and which are not specifically addressed in IFRS, or where unsatisfactory or conflicting interpretations either have developed, or appear likely to develop. The committee assists the IASB by working with similar interpretative groups sponsored by national standard-setters. The Committee publishes an agenda decision to explain why it does not recommend standard-setting in response to a particular application question. A unanimous vote is not necessary in order for the publication of a Standard, exposure draft, or final "IFRIC" Interpretation. The Interpretations Committee is the interpretative body of the IASB. The role of the Interpretations Committee is to provide guidance on financial reporting issues which have been identified and which are not specifically addressed in IFRS, or where unsatisfactory or conflicting interpretations either have developed, or appear likely to develop. Therefore, financial statements may not be described as complying with International Financial Reporting Standards unless they comply with all the requirements of each applicable Standard and each applicable Interpretation. The deadline for applications has now been extended to 8 May 2020. This Bulletin summarises issues that the IFRS Interpretations Committee (the Interpretations Committee) decided not to take onto its agenda at its June 2017 meeting, which were reported in its public newsletter (the IFRIC Update). Reporting Interpretations Committee ( IFRIC) interpretations is reserved for the IASB and the IFRS Interpretations Committee. Accounting Standards & Advisory Forum (ASAF) and IFRS Advisory Council provides relevant advice and guidance to IASB and IFRS respectively. The Interpretations Committee comprises 14 voting members appointed by the Trustees and drawn from a variety of countries and professional backgrounds. Board and IFRS Interpretations Committee • Affects development of Standards • Standards are interpreted in the context of the revised Conceptual Framework • Effective immediately Preparers • Directly affects only those who develop accounting policies using the Conceptual Framework if no applicable Standard • Effective 1 January 2020 • Indirectly affects through future Standards Agend… Apart from these main advisory bodies there are several … Reviews the current IFRSs and the IASB Framework and accounting issues . The December 2020 IFRS Interpretations Committee Update is now available. Pan African Federation of Accountants resolution urging its 39 member bodies to adopt IFRS Standards and the IFRS for SMEs Standard . Click here for more information from IFRS. The IFRS Interpretations Committee has 15 members. The previous tentative conclusions reached have now been […] Before December 2001, the Standard Interpretations Committee … We have published our comment letter on the IFRS Interpretations Committee tentative decision not to take onto the Committee’s agenda the request for clarification on how to present liabilities to which reverse factoring arrangements relate and what information is required to be disclosed in relation to these arrangements in the financial statements. Background - Role of the IFRS Interpretations Committee - Composition - Development and approval of Interpretations - Authority of Interpretations - Annual improvements Current membership of the IFRS Interpretations Committee - Voting members - Non-voting Chair - Official observers. The Trustees select members of the Committee so that it comprises a group of people representing, within that group, the best available combination of technical expertise and diversity of international business and market experience in the practical application of IFRSs and analysis of financial statements prepared in accordance with IFRSs. IFRS Interpretations Committee (Committee) agenda decisions are those issues that the Committee decided not to take onto its agenda. Accounting Issues, Standards Development, IFRS Foundation/IASC Foundation, IASB, Policy Development, IFRS Interpretations Committee/IFRIC. The IASB is an independent group of financial reporting experts comprising preparers, auditors, users of financial reports, regulators and academics – selected by considering broad geographical diversity.The IFRS Interpretations Committee (IFRS IC; previously known as the International Financial Reporting Interpretations Committee or I… The IASB amended many of the standards, but then began to issue its own standards, which were known as International Financial Reporting Standards (IFRS). The IFRS Interpretations Committee has posted the agenda for its next meeting, which will be held by video conference on 16 June 2020. Its role is to provide guidance on financial reporting issues which have not specifically been addressed in IFRS, or where unsatisfactory or conflicting interpretations either have developed, or appear likely to develop. The interpretations issued by the committee are referred to as IFRIC Interpretations, … The IFRS Interpretations Committee interprets the application of IFRSs and provide timely … IASB premises │ 30 Cannon Street, London EC4M 6XH UK │ Tel: +44 (0)20 7246 6410 │Fax: +44 (0)20 7246 6411 │ info@ifrs.org│ www.ifrs.org The International Accounting Standards Committee (IASC) was established in June 1973 by accountancy bodies representing ten countries. 1 of ; Frequently asked questions . Agenda decisions often include information to help companies applying IFRS Standards. The Interpretations Committee works with the Board in supporting the application of IFRS Standards.The Interpretations Committee responds to questions about the application of the Standards and does … The infrastructure comprises a collection of hardware and software, including network, servers, operating systems and storage. The Foundation has now decided to continue with this process and all meetings will be held remotely until the end of 2020. hyphenated at the specified hyphenation points. The International Financial Reporting Interpretations Committee (IFRIC) has published draft interpretation D2, relating to alterations in decommissioning, restoration and similar liabilities. Following a process detailed in the Due Process Handbook/or theIFRIC, the committee develops authoritative interpretations of existingIFRS. The IFRS Foundation has published its annual report and audited financial statements for the year ended 31 December 2019. The Trustees of the IFRS Foundation have published the revised Due Process Handbook, which sets out the procedural requirements of the International Accounting Standards Board (Board) and the IFRS Interpretations Committee and related matters.. IFRS Interpretations Committee member Managing Partner of W Consulting International Bruce Mackenzie was appointed to the IFRS Interpretations Committee in July 2014 for a term of three years. He was re-appointed for a further three years in July 2017. The IFRS Foundation has issued, “Compilation of Agenda Decisions — Volume 2” which contains all the agenda decisions made by the IFRS Interpretations Committee from October 2019 to March 2020. International update: June 2019 IASB. The … You will also find any relevant IFRS Interpretations Committee Agenda Decisions, any related educational material and links to current active projects that relate to the Standard. The new members will serve a three-year term which took effect on 1 July 2020. The Board completes its first agenda consultation, introduces a research programme. The International Accounting Standards Board is the independent standard-setting body for IFRS. Since early March, all meetings of the IFRS Foundation, including the IASB, advisory and consultative groups were held remotely, with observers and participants alike videoconferencing in. We have posted Deloitte observer notes for the technical issues discussed during this meeting. In this episode, we take a closer look at them: The first agenda decision is about the definition of a lessee’s incremental borrowing rate in IFRS 16 finalized at the September 2019 meeting. Role of Interpretations Committee is enhanced following Trustee review . The role of the Interpretations Committee is to provide guidance on financial reporting issues which have been identified and which are not specifically addressed in IFRS, or where unsatisfactory or … Project planning and management - What plans , project governance, and management Table of contents; December 2020 IFRS Interpretations Committee Update available ; Link copied. Committee members review newly identified financial reporting issues not specifically addressed in IFRSs or issues where unsatisfactory or conflicting interpretations have developed or seem likely to develop in the absence of authoritative guidance. The IFRS IC plays an important role in the due process of creating or modifying IFRSs. The central authority, monitoring board is responsible for overseeing the IFRS Foundation trustees, participating in the trustee nomination process and approving appointments of new trustees. IFRIC refers its interpretations to the IASB for discussion andapproval, and once they are approved by the IASB, the IFRICinterpretations (IFRICs) become part of IFRS. The role of the Interpretations Committee is to interpret the application of IFRS ® Standards to ensure consistent accounting practices throughout the world and to provide timely guidance on financial reporting issues that are not specifically addressed in IFRS Standards, within the context of the Board’s Conceptual Framework. Transformational leadership: What’s next? ), approved by IFRIC, and then sent to the IASB Board for review and approval as Final Interpretations. Financial instruments - financial liabilities and equity (IFRS 9, IAS 32) First-time adoption of IFRS (IFRS 1) Financial instruments - hedge accounting (IFRS 9) Foreign currencies (IAS 21) Financial instruments - hedge accounting under IAS 39 ; Government grants (IAS 20) Financial instruments - impairment (IFRS 9) Hyper-inflation (IAS 29) The role of the Interpretations Committee is to provide guidance on financial reporting issues which have been identified and which are not specifically addressed in IFRS, or wher e unsatisfactory or conflicting interpretations either have developed, or appear likely to develop. The Trustees of the IFRS Foundation have announced the appointments of Renata Bandeira, Sophie Massol, Jon Nelson and Donné Sephton as IFRS Interpretations Committee members. This section contains matters for which the IFRS Interpretations Committee has not yet reached its final decision about whether to add the matter to its standard-setting agenda. Interpretations are part of IASB's authoritative literature (see IAS 1 Presentation of Financial Statements). The IFRS Advisory Council (IFRS AC) gives advice to the IASB on a range of issues which includes: Input on the IASB’s agenda and timetable priorities. They are accountable to a monitoring board of public authorities, the IFRS Foundation Monitoring Board. 1.1 Top ten questions that those charged with governance might ask management 1. (the strategy review), the recently completed review of the IFRS Interpretations Committee and the three-yearly consultation on the technical work programme. The interpretations issued by the committee are referred to as IFRIC Interpretations, taking their name from the previous name given to the committee, the International Financial Reporting Interpretations Committee (IFRIC). Role of the IFRS Advisory Council The IFRS Advisory Council provides a forum for the IASB to consult a wide range of in­ter­ested parties affected by the IASB's work, with the objective of: advising the Board on agenda decisions and pri­or­i­ties in the Board's work They are open for comment for 60 days and, before finalising, the Interpretations Committee considers comments. The Trustees of the IFRS Foundation have issued an updated IFRS Foundation Due Process Handbook. Although not authoritative guidance, in practice they are regarded as being highly persuasive, and all entities reporting under IFRS should be aware of these decisions because they could impact the way particular transactions and balances are accounted for. The role of the Interpretations Committee is to interpret the application of, and to support the consistent application of, IFRS Standards throughout the world and to provide timely guidance on financial reporting issues that are not specifically addressed in IFRS Standards, within the context of the Board's Conceptual Framework. We have commented on the IFRS Interpretations Committee's publication in the September 2020 'IFRIC Update' of the tentative decision not to take onto the Committee’s agenda the request for clarification on the applicability of the sale and leaseback requirements in IFRS 16 to a transaction in which an entity sells its equity interest in a subsidiary that holds one asset and leases that asset back. Role of the IFRS Interpretations Committee is essential to trustworthy financial reporting. Is Democratic Leadership Effective in All Situations? The IFRS Foundation has issued, “Compilation of Agenda Decisions — Volume 3” which contains all the agenda decisions made by the IFRS Interpretations Committee from April 2020 to September 2020. These were looked to by many national accounting standard-setters in developing national standards. The Interpretations Committee is the interpretative body of the International Accounting Standards Board. The Interpretations Committee is an interpretative body of the International Accounting Standards Board (the IASB® Board). The trustees' responsibilities include appointing members to and establishing the operating procedures of the IASB, Interpretations Committee and Advisory Council, and approving the Foundation's budget. Sue Lloyd, IFRS Interpretations Committee Chair and IASB Vice-Chair. IFRS Interpretations Committee (Committee) agenda decisions are those issues that the Committee decided not to take onto its agenda. Please read, International Accounting Standards Board (IASB), International Organization of Securities Commissions, IFRS Interpretations Committee holds December 2020 meeting, Pre-meeting summaries for the December 2020 IFRS Interpretations Committee meeting, We comment on the tentative agenda decision on sale and leaseback in a corporate wrapper, December 2020 IFRS Interpretations Committee meeting agenda posted, IFRS Foundation publishes third compilation of IFRS Interpretations Committee agenda decisions, Podcast on IFRS Interpretations Committee developments, We comment on IFRS Interpretation Committee tentative agenda decision on supply chain financing arrangements — reverse factoring, Death of Bob Garnett, former member of the IASB and chair of the IFRS Interpretations Committee, IFRS Interpretations Committee holds September 2020 meeting, Pre-meeting summaries for the September 2020 IFRS Interpretations Committee meeting, September 2020 IFRS Interpretations Committee meeting agenda posted, IFRS Foundation publishes revised Due Process Handbook, IFRS Foundation appoints four new IFRS Interpretations Committee members, Until the end of 2020, all IFRS Foundation meetings to be held remotely, Fourth and fifth podcast on IFRS Interpretations Committee developments, IFRS Foundation publishes its 2019 annual report, IFRS Interpretations Committee holds June 2020 meeting, Pre-meeting summaries for the June 2020 IFRS Interpretations Committee meeting, June 2020 IFRS Interpretations Committee meeting agenda posted, We comment on two IFRS Interpretations Committee tentative agenda decisions, IFRS Interpretations Committee holds April 2020 meeting, Pre-meeting summaries for the April 2020 IFRS Interpretations Committee meeting, April 2020 IFRS Interpretations Committee meeting agenda posted, IFRS Foundation publishes second compilation of IFRS Interpretations Committee agenda decisions, Applicants invited for IFRS Interpretations Committee membership — Deadline extended, Deloitte observer notes from IFRS Interpretation Committee meetings, IFRS Interpretations Committee agenda rejection decisions, Deloitte comment letter on the tentative agenda decision on sale and leaseback in a corporate wrapper, Deloitte comment letter on tentative agenda decision on supply chain financing arrangements — reverse factoring, Deloitte comment letter on tentative agenda decision on IAS 12 — Deferred tax related to an investment in a subsidiary, Deloitte comment letter on tentative agenda decision on IFRS 16 — Sale and leaseback with variable payments, Overview of the structure of the IFRS Foundation and IASB, Accounting and Tax Director, GOL Linhas Aéreas Inteligentes SA, Head of BDO Germany’s Accounting Advisory and Technical Accounting Groups, Senior Partner, Global Accounting Consulting Services, PwC, Board member of the Korea Accounting Standards Board (KASB) and Vice-President of the Korea Accounting Association, Partner in the Toronto office of EY’s Professional Practice Group and member of EY’s Global IFRS Policy Committee, Senior Fellow of the Markets Strategic Intelligence Department at Mizuho Securities Co. and Visiting Professor of the Graduate School of Management at Kyoto University, Vice President and Corporate Controller, Fiat Chrysler Automobiles, Head of Advisory Services, FirstRand Limited group, Partner and Leader of Deloitte's IFRS Centre of Excellence in the United States and member of the Deloitte IFRS Leadership Team, interpret the application of IFRSs and provide timely guidance on financial reporting issues not specifically addressed in IFRSs, in the context of the IASB’s Framework, and undertake other tasks at the request of the IASB, in carrying out its work above, have regard to the IASB‘s objective of working actively with national standard-setters to bring about convergence of national accounting standards and IFRSs to high quality solutions, publish after clearance by the IASB draft Interpretations for public comment and consider comments made within a reasonable period before finalising an Interpretation. 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