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Latest Compilation of Agenda Decisions issued

Author: ICAEW Insights

Published: 04 Nov 2022

Making the already published work of the Interpretations Committee more accessible, this compilation includes decisions made in a variety of areas.

The IFRS Interpretations Committee has published its seventh Compilation of Agenda Decisions. The document accumulates all agenda decisions made by the Interpretations Committee from May 2022 to October 2022.

The compilation includes agenda decisions made on the accounting treatment of several areas including, among others: 

  • where a lessor forgives lease payments, referring to IFRS 9 Financial Instruments and IFRS 16 Leases
  • the assessment of Principal versus Agent with respect to a software reseller, referring to IFRS 15 Revenue from Contracts with Customers;
  • the transfer of insurance coverage under a group of annuity contracts, referring to IFRS 17 Insurance Contracts. 

The focus of the Interpretations Committee is to respond to questions it receives on how to apply IFRS. Following consultation, if it concludes that a standard-setting project is not required, it publishes an agenda decision explaining its rationale.

While agenda decisions don’t change accounting standards, they often include explanations of how the existing principles and requirements of IFRS Accounting Standards apply to the transaction or fact pattern as described in the question. Since agenda decisions don’t amend accounting standards, they are applicable immediately.

However, the International Accounting Standards Board expects companies to have sufficient time to implement any changes in accounting policy. ‘Sufficient’ is not specifically defined but will depend on the particular facts and circumstances of the reporting entity and the accounting policy change. The intention, however, is for the time taken to be a matter of months rather than years.

Interpretations Committee activities focus on narrow-scope, emerging application questions with specific fact patterns, meaning that not all agenda decisions will be applicable to all entities. However, it is important for entities to be aware of those decisions so that they can assess whether they are affected by them. 

You can read the full compilation and previous agenda compilations. The Financial Reporting Faculty has a range of resources on IFRS requirements available at icaew.com/frfifrs

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