IFR Bulletin 2018/03
01 August 2018
BDO Global - Audit & Assurance provides its clients and business partners with news on development in the field of international financial reporting through the IFR Bulletins - one of BDO's regular publications, focusing on the latest IFRIC interpretations, exposure drafts and amendments of existing standards. Another interesting topic of IFR Bulletins is the interpretations of The European Securities and Markets Authority (ESMA) reports focusing on accounting and financial reporting.
A recent IFR Bulletin (2018/03) summarises issues that the IFRS Interpretations Committee (also referred to as IFRIC) decided not to take onto its agenda at its June 2018 meeting, which were reported in its public newsletter (the IFRIC Update). Although these agenda decisions do not represent authoritative guidance issued by the International Accounting Standards Board (IASB), in practice they are regarded as being highly persuasive.
The main topics of the Committee meeting dealt with application of particular provisions of IAS 7 Statement of Cash Flows and IAS 23 Borrowing Costs. The final opinion was issued on proper classification of short-term loans and credit facilities under IAS 7. Tentative opinions were issued on proper application of the capitalisation rate under the IAS 23 and treatment of borrowing costs incurred on land purchased for development (also under the IAS 23).
Please speak to your BDO contact if you would like to discuss any aspects of the publication or contact the BDO Audit office for further information.
Archive of all published IFR Bulletins is available from BDO’s Global website: https://www.bdo.global/en-gb/services/audit-assurance/ifrs/ifr-bulletins