Responses to IASB Documents for Comment

IFRIC Interpretations

Draft IFRIC Interpretation – Uncertainty over Income Tax Treatments – October 2015

On January 19, 2016, the AcSB submitted a comment letter responding to the IFRS Interpretations Committee’s Draft Interpretation issued in October 2015.  The letter supports the proposals in the Draft Interpretation and includes several suggestions for the Committee to consider. In particular, the letter encourages clarifying how new developments on uncertain income tax treatments arising after the reporting date should be reflected at the reporting date. Read the AcSB letter posted by the IASB. 

Draft IFRIC Interpretation – Foreign Currency Transactions and Advance Consideration – October 2015

On January 18, 2016, the AcSB submitted a comment letter responding to the IFRS Interpretations Committee’s Draft Interpretation issued in October 2015. The letter supports the proposals in the Draft Interpretation. It suggests that the final Interpretation provide guidance on when a prepayment asset or deferred liability resulting from an advance receipt or payment would be monetary rather than non-monetary. Read the AcSB letter posted by the IASB. 

Exposure Draft – Remeasurement on a Plan Amendment, Curtailment or Settlement/Availability of a Refund from a Defined Benefit Plan (Proposed amendments to IAS 19 and IFRIC 14) – June 2015

On September 24, 2015, the AcSB submitted a comment letter responding to the IASB's Exposure Draft issued in June 2015. The letter supports the proposed narrow-scope amendments to IAS 19 Employee Benefits and IFRIC 14 IAS 19 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction with the exception of the transition requirements. The letter disagrees with requiring retrospective application because the cost of retrospective application exceeds the benefit. Entitles would incur time and expense to perform additional calculations that are not particularly meaningful. The letter suggests that the proposed amendments be applied prospectively. Read the AcSB letter posted by the IASB.

Draft IFRIC Interpretation – Put Options Written on Non-controlling Interests – May 2012

On October 1, 2012 the AcSB submitted a comment letter responding to the IFRS Draft Interpretations Committee's Draft Interpretation issued in May 2012. The letter agrees that the proposed Interpretation correctly reflects existing IFRSs. However, it expresses concern that the relevant guidance does not result in fair representation of transactions involving non-controlling interests. The letter suggests that the IASB should undertake a project to comprehensively revisit the treatment of transactions between shareholders. Read the AcSB letter posted by the IASB.

Draft IFRIC Interpretation – Levies Charged by Public Authorities on Entities that Operate in a Specific Market – May 2012

On August 29, 2012 the AcSB submitted a comment letter responding to the IFRS Interpretations Committee's Draft Interpretation issued in May 2012. The letter supports the proposed Interpretation. However, it expresses concern that levies that are due only if a minimum revenue threshold is achieved are not included in the scope of the draft Interpretation, given that levies that rely on a minimum threshold other than revenue are included in the scope. The letter suggests that a ‘levy’ be more precisely defined because it is unclear whether the broader scope of the draft Interpretation was intended. It also expresses concern that the requirement that any liability to pay a levy within the scope of the draft Interpretation gives rise to an expense, conflicts with current cost capitalization guidance. Read the AcSB letter posted by the IASB.

Draft IFRIC Interpretation – Stripping Costs in the Production Phase of a Surface Mine – August 2010

On November 29, 2010, the AcSB submitted a comment letter responding to the IFRS Interpretations Committee’s Draft Interpretation. The letter supports the proposals but suggests changes in the criteria for capitalizing stripping costs. The AcSB letter posted by the IASB is available here

Draft IFRIC Interpretation – Extinguishing Financial Liabilities with Equity Instruments – August 2009

On October 5, 2009, the AcSB staff submitted a comment letter responding to the IFRIC’s Draft Interpretation 25. The letter agrees with the consensus proposed in the Draft Interpretation, except that the letter raises concerns regarding the practicality of the measurement requirement. The AcSB staff letter posted by the IASB is available here.