|
The IASB announced today that the meeting of the IFRIC scheduled for 8 and 9 January 2009 has been cancelled.
Reasons for cancellation
The IFRIC has made rapid progress recently on finalising draft interpretations issued in July 2007. The few new items added to the IFRIC’s agenda are at a relatively early stage of consideration, with most requiring the completion of further research requested by the IFRIC.
In addition, as of the November 2008 meeting the IFRIC had made tentative agenda decisions on all the issues submitted at that time. Items received thereafter will be ready to be considered at the March meeting. As a result, there were not sufficient agenda items for the IFRIC to consider to warrant a meeting.
Plans for items discussed in November
At its November 2008 meeting the IFRIC voted to approve a consensus on draft Interpretation D24 Transfers of Assets from Customers (formerly ‘Customer Contributions’). It also decided that the near-final draft of the final Interpretation should be posted on the Website for a longer than normal period to give those constituents who wished to do so time to comment on it. The staff expects to post the near-final draft by the end of the week commencing 8 December.
The IFRIC noted that it intended to consider any comments received at its January meeting so that the Interpretation could be presented for ratification at the Board’s January 2009 meeting. Based on its analysis of comments received, the staff will recommend to the IFRIC either that the draft Interpretation should be presented to the Board in January or that the IFRIC itself should consider the comments first.
In November the IFRIC also decided to add an issue to its agenda related to the treatment of voluntary prepaid contributions under a minimum finding requirement in accordance with IFRIC 14 IAS 19 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction.
As a result of this project the IFRIC expected to propose amendments to the wording of paragraph 22 of IFRIC 14. Because any change to IFRIC 14 will also require approval by the Board, the staff will present the proposed amendment to the Board at its January meeting.
The proposed amendment approved by the Board will also be discussed with the Pensions Working Group at its meeting in January. |