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Setting the agenda

Proposed agenda items 

 

The IFRIC decides after debate in a public meeting whether to add an issue to its agenda.

Proposed agenda items are assessed against the following criteria (an issue does not have to satisfy all to qualify):

  • The issue is widespread and has practical relevance.
  • The issue indicates that there are significantly divergent interpretations (either emerging or already existing in practice).  The IFRIC will not add an item to its agenda if IFRSs are clear, with the result that divergent interpretations are not expected in practice.
  • Financial reporting would be improved through elimination of the diverse reporting methods.
  • The issue can be resolved efficiently within the confines of existing IFRSs and the Framework, and the demands of the interpretation process.
  • It is probable that the IFRIC will be able to reach a consensus on the issue on a timely basis.
  • If the issue relates to a current or planned IASB project, there is a pressing need to provide guidance sooner than would be expected from the IASB’s activities. The IFRIC will not add an item to its agenda if an IASB project is expected to resolve the issue in a shorter period than the IFRIC requires to complete its due process.

Consultative period


A consultative period applies to issues that are not added to the agenda.  The draft reason for not adding an item to the agenda is published in IFRIC Update and on this Website with a comment period of not less than 30 days.

The comments received are placed on the public record, unless confidentiality is specifically requested by the commentator (supported by a good reason such as commercial confidence), and form part of the deliberation that takes place at the next available IFRIC meeting. At that meeting the IFRIC decides whether to add the issue to its agenda.

A simple majority of IFRIC members present at the meeting can agree to add any issue to the IFRIC agenda. The reasons for not adding an item to the IFRIC agenda are posted on this Website as a historical record of decisions taken. That record is not updated as standards are amended and does not form part of IFRSs.

To ensure that the IFRIC considers only issues on which timely guidance can be provided, over the course of a project the IFRIC reassesses from time to time whether the issues can be appropriately addressed within the mandate. If an issue has been considered at three meetings and there is still no consensus in prospect for either a draft or final Interpretation, the IFRIC considers whether it should be removed from the agenda.

The IFRIC may extend consideration of the issue for an additional period, normally not more than one or two meetings. If the IFRIC has concluded that it will not be able to reach a consensus, it will discontinue work on the issue, inform the IASB and publish the fact that work has been discontinued. The IFRIC may recommend that the matter be taken up by the IASB.