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  • IAS 12 — Recognition of deferred taxes for the effect of exchange rate changes
    submitter asked whether it was appropriate to recognise deferred taxes arising due to the effect of exchange rate changes on the tax base of a non current asset through profit or loss Based on analysis performed the IASB staff believed that paragraph 41 of IAS 12 provided sufficient guidance and that the Interpretations Committee should not take the issue onto its agenda The session was devoted to discussing any comments the Committee members had on the staff s analysis recommendation and proposed wording for the tentative agenda decision The Committee members all agreed with the staff recommendation that the issue should not be taken onto the Interpretations Committee s agenda The Committee members agreed that the guidance in paragraph 41 of IAS 12 was clear and it was noted that the submitter did not necessarily disagree with this but rather did not like the answer the guidance gave There were some wording suggestions with several Committee members suggesting that the last sentence in the second paragraph should be deleted as it was redundant Another Committee member suggested deleting the last two sentences of said paragraph noting that paragraph 41 answered the question that was asked and the agenda decision did not need to go into discussion on paragraphs 58 and 61A of IAS 12 Related Topics Projects IAS 12 Items not added to the agenda Standards IAS 12 Income Taxes Related news We comment on two IFRIC draft Interpretations 19 Jan 2016 IASB finalises amendments regarding the recognition of deferred tax assets for unrealised losses 19 Jan 2016 EFRAG draft comment letter on DI 2015 1 17 Nov 2015 IFRS Interpretations Committee publishes draft interpretation on accounting for uncertainties in income taxes 21 Oct 2015 Summary of the CMAC February 2015 meeting 09 Apr 2015 We comment on a number

    Original URL path: http://www.iasplus.com/en/meeting-notes/ifrs-ic/2015/july/ias-12 (2016-02-10)
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  • IFRIC 12 — Combined service concession and lease arrangements
    the public transport authority guaranteeing the lease payments The agenda paper described the particular fact patterns submitted and identified three issues to be analysed i whether the arrangement was in scope of IFRIC 12 ii whether the operator was required to recognise lease assets and lease liabilities and iii whether the recognised assets or liabilities should be presented on a gross or net basis and how they should be measured Staff recommendation The agenda paper discussed in detail the potential views of the staff for each question before concluding that the Interpretations Committee should not take the issue into its agenda because there was sufficient guidance on the matters submitted The proposed agenda decision was extensive and proposed the following conclusions which we summarised i Scope the assessment requires judgement and entities should consider all facts and circumstances to determine the scope of the transaction ii Recognition the accounting for payments made by the operator to the grantor including payments to a leasing company controlled by the same governmental body that controls the grantor should be considered as part of the separate project being considered by the Interpretation Committee and if the operator does not make payments the operator first needs to assess whether any part of the arrangement is executory if it is not the recognition of an asset and liability would be based on the nature of the consideration that the operator receives from the grantor iii Presentation and measurement the operator needs to assess whether it is operating as a principal or agent If the operator has an obligation to make payments to the leasing company and a right to receive payments from the grantor the operator would account the asset and liability separately Interpretations Committee discussion There was general agreement with the staff recommendation for not taking the issue into the agenda However there were several concerns expressed by the majority of the Interpretation Committee members regarding the rationale for the recognition analysis see below The staff will revise the analysis and bring back a revised agenda decision at a future meeting Scope There was general support for the staff analysis Particularly several Interpretation Committee members pointed out that the agenda decision would be an appropriate method to clarify that construction or upgrade services of the infrastructure were not necessary for the arrangement to fall in the scope of IFIC 12 as long as the scope requirements were met It was also suggested to make the fact patter more generic for example not focusing on transportation services and focus on the general principles of IFRIC 12 Recognition There were common concerns expressed by the Interpretation Committee members The concerns were focus on i the analysis was difficult to follow and it was not clear when the analysis was following case 1 or case 2 it was also not clear whether the analysis was made on the perspective of the grantor or the operator ii the analysis should focus on the right of use of the assets

    Original URL path: http://www.iasplus.com/en/meeting-notes/ifrs-ic/2015/november/ifric-12 (2016-02-10)
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  • We comment on two IFRIC draft Interpretations
    cover interest and penalties at least insofar as they arise directly from uncertain tax treatments already within its scope Please click to access the full comment letter In our comment letter on DI 2015 2 we recommend that the scope of the draft Interpretation be clarified in respect of 1 the transactions that are intended to be excluded due to a requirement to recognise the related asset expense or income at the fair value of consideration given measured at a date other than the date of initial recognition of a prepayment or deferred liability and 2 whether a refundable foreign currency deposit would be outside the scope of the draft Interpretation Please click to access the full comment letter Related Topics Resources IFRS Interpretations Committee Projects IAS 12 Accounting for uncertainties in income taxes IAS 21 Foreign currency transactions and advance consideration Standards IAS 21 The Effects of Changes in Foreign Exchange Rates IAS 37 Provisions Contingent Liabilities and Contingent Assets IAS 1 Presentation of Financial Statements IAS 12 Income Taxes Related news We comment on a number of tentative agenda decisions of the IFRS Interpretations Committee 19 Jan 2016 IASB finalises amendments regarding the recognition of deferred tax assets for unrealised losses 19 Jan 2016 January 2016 IFRS Interpretations Committee meeting notes posted 12 Jan 2016 Pre meeting summaries for the January IFRS Interpretations Committee meeting 08 Jan 2016 Three reappointments made to the IFRS Interpretations Committee 05 Jan 2016 Agenda for the January 2016 IFRS Interpretations Committee meeting 04 Jan 2016 All Related Related Publications IFRS in Focus IASB issues amendments to IAS 12 to clarify the recognition of deferred tax assets for unrealised losses related to debt instruments measured at fair value 20 Jan 2016 EFRAG endorsement status report 19 January 2016 20 Jan 2016 Deloitte comment

    Original URL path: http://www.iasplus.com/en/news/2016/01/comment-letters-ifrs-ic-interpretations (2016-02-10)
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  • January 2016 IFRS Interpretations Committee meeting notes posted
    2001 2000 Info January 2016 IFRS Interpretations Committee meeting notes posted 12 Jan 2016 The IFRS Interpretations Committee met in London on 12 January 2016 We ve posted Deloitte observer notes for all of the technical sessions Tuesday 12 January 2016 Agenda decisions to finalise IAS 39 IFRS 9 Embedded derivatives in negative interest rate environment IFRS 9 Transition issues relating to hedging IAS 32 Classification of liability for prepaid cards in the issuer s financial statements IFRS 11 Remeasurement of previously held interests IFRS 5 Non current assets held for sale and discontinued operations IAS 12 Recognition of deferred taxes Item for continuing consideration IFRIC 12 Payments made by an operator to a grantor in a service concession arrangement The preliminary and unofficial notes taken by Deloitte observers for the entire meeting are also available Related Topics Resources IFRS Interpretations Committee Related news We comment on two IFRIC draft Interpretations 19 Jan 2016 We comment on a number of tentative agenda decisions of the IFRS Interpretations Committee 19 Jan 2016 Pre meeting summaries for the January IFRS Interpretations Committee meeting 08 Jan 2016 Three reappointments made to the IFRS Interpretations Committee 05 Jan 2016 Agenda for the January 2016 IFRS Interpretations Committee meeting 04 Jan 2016 IASB publishes updated list of IFRS learning resources 04 Dec 2015 All Related Related Publications Deloitte comment letter on IFRIC draft Interpretation 2015 2 Foreign currency transactions and advance consideration 19 Jan 2016 Deloitte comment letter on IFRIC draft Interpretation 2015 1 Uncertainty over income tax treatments 19 Jan 2016 Deloitte comment letter on tentative agenda decision on IFRS 9 and IAS 39 Derecognition of financial assets 19 Jan 2016 Deloitte comment letter on tentative agenda decision on IAS 20 Recoverable cash payments 19 Jan 2016 All Related Related Discussions IFRS implementation issues

    Original URL path: http://www.iasplus.com/en/news/2016/01/ifric-meeting (2016-02-10)
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  • Pre-meeting summaries for the January IFRS Interpretations Committee meeting
    Committee will meet at the IASB s offices in London on 12 January 2016 We have posted our pre meeting summaries for the meeting that allow you to follow the Committee s decision making more closely For each topic to be discussed we summarise the agenda papers made available by the staff and point out the main issues to be discussed by the Committee and the staff recommendations Check out the summaries for the forthcoming discussions on embedded derivatives in a negative interest rate environment transition issues relating to hedging classification of a liability for prepaid cards in the issuer s financial statements remeasurement of previously held interests non current assets held for sale and discontinued operations recognition of deferred taxes and payments made by an operator to a grantor in a service concession arrangement We have added them to our meeting note page and will supplement them with our popular meeting notes after the meeting Related Topics Resources IFRS Interpretations Committee Related news We comment on two IFRIC draft Interpretations 19 Jan 2016 We comment on a number of tentative agenda decisions of the IFRS Interpretations Committee 19 Jan 2016 January 2016 IFRS Interpretations Committee meeting notes posted 12 Jan 2016 Three reappointments made to the IFRS Interpretations Committee 05 Jan 2016 Agenda for the January 2016 IFRS Interpretations Committee meeting 04 Jan 2016 IASB publishes updated list of IFRS learning resources 04 Dec 2015 All Related Related Publications Deloitte comment letter on IFRIC draft Interpretation 2015 2 Foreign currency transactions and advance consideration 19 Jan 2016 Deloitte comment letter on IFRIC draft Interpretation 2015 1 Uncertainty over income tax treatments 19 Jan 2016 Deloitte comment letter on tentative agenda decision on IFRS 9 and IAS 39 Derecognition of financial assets 19 Jan 2016 Deloitte comment letter on tentative

    Original URL path: http://www.iasplus.com/en/news/2016/01/ifric-pre-meeting-summaries (2016-02-10)
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  • Three reappointments made to the IFRS Interpretations Committee
    Jurisdictions Resources My IAS Plus Topics Communications Toggle navigation Search site Navigation News 2016 January February 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 Info Three reappointments made to the IFRS Interpretations Committee 05 Jan 2016 The IFRS Foundation has announced the reappointment of three members to the IFRS Interpretations Committee The Interpretations Committee is the interpretative body of the IFRS Foundation Current Committee members Tony de Bell Reinhard Dotzlaw and Martin Schloemer have been reappointed to second three year terms beginning 1 July 2016 For more information see the press release on the IASB s website Related Topics Resources IFRS Interpretations Committee Related news We comment on two IFRIC draft Interpretations 19 Jan 2016 We comment on a number of tentative agenda decisions of the IFRS Interpretations Committee 19 Jan 2016 January 2016 IFRS Interpretations Committee meeting notes posted 12 Jan 2016 Pre meeting summaries for the January IFRS Interpretations Committee meeting 08 Jan 2016 Agenda for the January 2016 IFRS Interpretations Committee meeting 04 Jan 2016 IASB publishes updated list of IFRS learning resources 04 Dec 2015 All Related Related Publications Deloitte comment letter on IFRIC draft Interpretation 2015 2 Foreign currency transactions and advance consideration 19 Jan 2016 Deloitte comment letter on IFRIC draft Interpretation 2015 1 Uncertainty over income tax treatments 19 Jan 2016 Deloitte comment letter on tentative agenda decision on IFRS 9 and IAS 39 Derecognition of financial assets 19 Jan 2016 Deloitte comment letter on tentative agenda decision on IAS 20 Recoverable cash payments 19 Jan 2016 All Related Related Discussions IFRS implementation issues 17 Feb 2016 IFRS implementation issues 22 Sep 2015 Administrative session 14 Jul 2015 Administrative session Work in progress 12 May 2015 All Related Related Dates March 2016 IFRS Interpretations Committee

    Original URL path: http://www.iasplus.com/en/news/2016/01/ifrsic-reappointments (2016-02-10)
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  • Agenda for the January 2016 IFRS Interpretations Committee meeting
    2002 2001 2000 Info Agenda for the January 2016 IFRS Interpretations Committee meeting 04 Jan 2016 The IFRS Interpretations Committee will meet at the IASB s offices in London on 12 January 2016 The agenda for the meeting was published today The Interpretations Committee will continue its discussions on IFRIC 12 Payments made by an operator to a grantor in a service concession arrangement The Interpretations Committee is also expected to finalise six agenda decisions all of which except for issues around IFRS 5 will only see very short discussions 15 20 minutes each The full agenda for the meeting can be found here We will update this page for our pre meeting summaries of the staff papers any changes to the agenda and our Deloitte observer notes from the meeting as they become available Related Topics Resources IFRS Interpretations Committee Related news We comment on two IFRIC draft Interpretations 19 Jan 2016 We comment on a number of tentative agenda decisions of the IFRS Interpretations Committee 19 Jan 2016 January 2016 IFRS Interpretations Committee meeting notes posted 12 Jan 2016 Pre meeting summaries for the January IFRS Interpretations Committee meeting 08 Jan 2016 Three reappointments made to the IFRS Interpretations Committee 05 Jan 2016 IASB publishes updated list of IFRS learning resources 04 Dec 2015 All Related Related Publications Deloitte comment letter on IFRIC draft Interpretation 2015 2 Foreign currency transactions and advance consideration 19 Jan 2016 Deloitte comment letter on IFRIC draft Interpretation 2015 1 Uncertainty over income tax treatments 19 Jan 2016 Deloitte comment letter on tentative agenda decision on IFRS 9 and IAS 39 Derecognition of financial assets 19 Jan 2016 Deloitte comment letter on tentative agenda decision on IAS 20 Recoverable cash payments 19 Jan 2016 All Related Related Discussions IFRS implementation issues 17 Feb

    Original URL path: http://www.iasplus.com/en/news/2016/01/ifrs-ic-agenda (2016-02-10)
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  • Deloitte comment letter on IFRIC draft Interpretation 2015/2 — Foreign currency transactions and advance consideration
    Foreign currency transactions and advance consideration Published on 19 Jan 2016 We have responded to the IFRS Interpretations Committee s request for comments on IFRIC draft Interpretation 2015 2 Foreign Currency Transactions and Advance Consideration issued in October 2015 We recommend that the scope of the draft Interpretation be clarified in respect of 1 the transactions that are intended to be excluded due to a requirement to recognise the related asset expense or income at the fair value of consideration given measured at a date other than the date of initial recognition of a prepayment or deferred liability and 2 whether a refundable foreign currency deposit would be outside the scope of the draft Interpretation Our letter provides detailed responses to the questions in the invitation to comment Download the full comment letter below Download Related Topics Publication series Deloitte comment letters IASB IFRIC IFRSF Resources IFRS Interpretations Committee Projects IAS 21 Foreign currency transactions and advance consideration Standards IAS 21 The Effects of Changes in Foreign Exchange Rates Related news We comment on two IFRIC draft Interpretations 19 Jan 2016 We comment on a number of tentative agenda decisions of the IFRS Interpretations Committee 19 Jan 2016 January 2016 IFRS Interpretations Committee meeting notes posted 12 Jan 2016 Pre meeting summaries for the January IFRS Interpretations Committee meeting 08 Jan 2016 Three reappointments made to the IFRS Interpretations Committee 05 Jan 2016 Agenda for the January 2016 IFRS Interpretations Committee meeting 04 Jan 2016 All Related Related Publications Deloitte comment letter on proposed amendments to IFRS 4 08 Feb 2016 Deloitte comment letter on the IASB s annual improvements to IFRSs 2014 2016 cycle ED 27 Jan 2016 Deloitte comment letter on IFRIC draft Interpretation 2015 1 Uncertainty over income tax treatments 19 Jan 2016 Deloitte comment letter on

    Original URL path: http://www.iasplus.com/en/publications/global/comment-letters/2016/di-2015-2 (2016-02-10)
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