IFRIC May 2008
08 May 2008
The IFRIC completed its redeliberations of draft Interpretation D21 at this meeting.
IFRIC March 2008
07 March 2008
At its meeting in January 2008 the IFRIC considered comments received on D21 Real Estate Sales and directed the staff to develop a flowchart to illustrate the accounting for real estate sale agreements in accordance with IAS 11 Construction Contracts and IAS 18 Revenue, with the starting point being to consider the nature of the sale (‘what has been sold?’).
IFRIC January 2008
10 January 2008
The IFRIC considered comments received on Draft Interpretation D21 that it published for comment in July 2007. Most respondents to D21 supported the IFRIC’s conclusion that it should develop an interpretation on this issue.
IASB June 2007
20 June 2007
The Board considered two IFRIC Interpretations. The first was IFRIC X IAS 19—The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction. The Board approved the Interpretation for issue. The second was IFRIC X Customer Loyalty Programmes.
IFRIC May 2007
03 May 2007
The IFRIC considered a revised version of a draft Interpretation on real estate sales. It approved the draft Interpretation for release for public comment, subject to drafting changes.
IFRIC March 2007
08 March 2007
The IFRIC continued its project to develop a draft Interpretation that would (a) interpret the definition of the term ‘construction contract’ in IAS 11 Construction Contracts and (b) supersede existing guidance on real estate sales in Example 9 of the Appendix to IAS 18.
IFRIC November 2006
02 November 2006
The IFRIC continued discussion of its project on recognising revenue from real estate sales. The project addresses situations in which an agreement for sale is reached before construction of the real estate is complete. At its September meeting the IFRIC had reached tentative conclusions about the applicable accounting standard (IAS 11 Construction Contracts or IAS 18 Revenue) and how IAS 18 should be applied to those contracts that were determined not to be ‘construction contracts’ within IAS 1
IFRIC September 2006
07 September 2006
The IFRIC discussed real estate sales in which an agreement for sale is reached before construction is complete. Diversity in practice has been reported primarily in the context of residential real estate developments in which buyers enter binding ‘pre-completion’ agreements to purchase a specific unit within the development once it has been built.