Companies applying IFRS® Accounting Standards are required to reflect the explanatory material included in final agenda decisions made by the IFRS Interpretations Committee.

The issues discussed by the Committee are significant, so the potential impact of any resulting accounting policy changes on your company’s financial statements could be material – and any such changes may need to be made in your next financial statements.

Here we track some of the key issues discussed and provide more background on the role and authority of the Committee.

Video briefings

A video series with Brian O’Donovan, summarising key discussions at the IFRS Interpretations Committee

IFRIC meeting

Agenda item

Transcript

Status

November 2024Identifying hyperinflationary economiesTranscriptTentative – see IFRS – IFRIC Update March 2025
July 2024Segment reportingTranscriptFinal – see IFRS – IFRIC Update June 2024
March 2024Climate-related commitments | Accounting for net zero (part two)TranscriptFinal – see IFRS – IFRIC Update March 2024

December 2023

Climate-related commitments | Accounting for net zero (part one)

Transcript 

Final – see IFRS – IFRIC Update March 2024

November 2022

Definition of a lease and substitution rights

Transcript 

Final – see IFRS – IFRIC Update March 2023

June 2022

Electronic payments

Transcript 

Not finalised – IASB to explore narrow-scope standard setting – see  IFRS – IASB and joint IASB–FASB Update September 2022

March 2022

SPAC transactions

Transcript 

Final – see IFRS – IFRIC Update September 2022

February 2022

Does an emissions scheme create an obligation?

Transcript 

Final – see IFRS – IFRIC Update June 2022

June 2021

Wind farm energy

Transcript 

Final – see IFRS – IFRIC Update November 2021

April 2021

Classification of debt as current or non-current

Transcript 

Amendments to IAS 1 issued – see KPMG article

March 2021

Cloud computing

Transcript 

Final – see IFRS – IFRIC Update March 2021

February 2021

Going concern, inventory valuation and sale and leaseback

Transcript 

Going concern and inventory valuation: Final – see IFRS – IFRIC Update June 2021

Sale and leaseback: Referred to the IASB and did not proceed further

December 2020

Reverse factoring, cloud computing and classification of debt

Transcript 

Reverse factoring: Final – see IFRS – IFRIC Update December 2020

Cloud computing: Final – see IFRS – IFRIC Update March 2021

Classification of debt: Amendments to IAS 1 issued – see KPMG web article

About IFRIC agenda decisions

Companies need to engage with IFRIC discussions