Ifric 12 service concession arrangements was developed by the international financial reporting interpretations committee and issued by the international accounting standards board in november 2006. Ifric update is the newsletter of the ifrs interpretations committee the. The companies already applying ifric 12 have diversified activities and types of service concession arrangements and have not experienced specific problems. Welcome to the ifric update ifric update is the newsletter of the ifrs interpretations committee the interpretations committee. Ias 8 accounting policies, changes in accounting estimates and errors. Ifric is applicable to annual periods beginning on or after 1 july 2008. Deloitte refers to one or more of deloitte touche tohmatsu limited dttl, its global. Ifric interpretation 22 foreign currency transactions and advance consideration the interpretation is issued by the international accounting standards board the board. Changes in existing decommissioning, restoration and similar liabilities. The interpretation clarifies application of recognition and measurement requirements in ias 12 income taxes when there is uncertainty over income tax treatments. All conclusions reported are tentative and may be changed or modified at future interpretations committee meetings. Entities 85310152 the guidance in this topic applies to the accounting by operating entities of a service concession arrangement under which a publicsector entity grantor enters into a contract with an operating entity to operate the grantors infrastructure.
The interpretation specifically addresses the following. Comments on adoption of ifric 12 service concession arrangements dear sirs, we are pleased to respond to your request for comments on the adoption of ifric 12 service concession arrangements. Ifric 12 does not define a service concession, but. The september 2014 guide helps you to prepare financial statements in accordance with ifrs, illustrating one possible format.
Ifric interpretation 21 levies is published by the international accounting standards board iasb. Straight away ifrs bulletin from pwc ifrs ic provides guidance on accounting for stripping costs in production phase of surface mine whats the issue. Ifric 22 foreign currency transactions and advance. For information, contact deloitte touche tohmatsu limited. Ifric 22 foreign currency transactions and advance consideration. When a company acquires certain types of longterm assets, it sometimes has an obligation to remove these assets after the end of their useful lives and restore the site.
Decisions become final only after the interpretations committee has taken a. Hkifric interpretation 22 foreign currency transactions and. Service concession arrangements a pocket practical guide, realizada por. Ifric update from the ifrs interpretations committee may 2014 welcome to the ifric update ifric update is the newsletter of the ifrs interpretations committee the interpretations committee. The ifrs foundations logo and the ifrs for smes logo, the iasb logo, the hexagon device, eifrs, ias, iasb, ifric, ifrs, ifrs for smes, ifrs foundation, international accounting standards, international financial reporting standards, niif and sic are registered trade marks of the ifrs foundation, further details of which are available from the ifrs. Ifric 2 pricewaterhousecoopers scope ifric applies to all entities that grant award credits as part of a sales transaction, including awards that can be redeemed for goods and services not supplied by the entity. Ifric 12 provides guidance on the recognition of revenues and expenses which is consistent with existing ifrs already endorsed by the european union. Ifric 20, stripping costs in the production phase of a surface mine, sets out the accounting for overburden waste removal stripping costs in the production phase of a mine. The limit on a defined benefit asset, minimum funding requirements and their interaction. A cofounder of alcoholics anonymous tells how members recover and how the society. In italy, these arrangements are referred to as public service concession agreements, which is the procedure through which the authority, or the administration the. The information in this guide is arranged in six sections. In depth a look at current financial reporting issues.
Ifric is listed in the worlds largest and most authoritative dictionary database of abbreviations and acronyms. Endorsement of ifric 12 service concession arrangements. Ifric 12 clarifies how certain aspects of existing iasb literature are to be applied to arrangements whereby a government or other public sector body contracts with a private operator to develop or upgrade, operate and maintain the grantors infrastructure assets such as roads, bridges, tunnels, airports, energy distribution networks, prisons or hospitals. The purpose of this publication is to help you understand the significant differences between ifrs and us gaap. The ifrs interpretations committee ifric has published a new interpretation ifric 23 uncertainty over income tax treatments, specifying how entities should reflect uncertainty in accounting for income taxes. Ifric interpretation 23 uncertainty over income tax treatments. It was developed by the ifrs interpretations committee the interpretations committee. Ifric 21 addresses the accounting for a liability to pay a levy recognised in accordance with ias 37 provisions and the liability to pay a levy whose timing andor amount is certain.
The list explains which year the publication was created, and also which version it is our red book or blue book. Looking for online definition of ifric or what ifric stands for. Ken wild, deloittes global ifrs leader and an ifric member says. On 7 june 2017, the iasb issued ifric 23 uncertainty over income tax treatments. This section also provides high level and nontechnical summaries for the interpretations. Its free spanish pdf magazines community, where dear users can familiarize and more to know about world magazines. Ifric 12 and its accompanying documents have been amended by the following ifrss. Ifric 1 applies where an entity has previously included decommissioning or restoration costs within the cost of an item of property, plant or equipment, and created a corresponding provision.
This view may, however, need to be adapted if they apply to. Accordingly, the scope, principle for recognition of an asset, and terminology are derived from ifric 12. Ifric 12 is the culmination of an unusually long ifric project. The interpretations committee received a question asking how to determine the date. Ifric interpretation 21 levies references ias 1 presentation of financial statements ias 8 accounting policies, changes in accounting estimates and errors ias 12 income taxes ias 20 accounting for governments grants and disclosures of government assistance ias 24 related party disclosures ias 34 interim financial reporting.
Interpretation, ifric explicitly prohibits the alternative treatment of recognising the full consideration received as revenue, with a separate liability for the cost of supplying the awards. The limit on a defined benefit asset, minimum funding requirements and their interaction effective date. Ifric 12 service concession arrangements springerlink. Ifric 1 existing decommissioning, restoration and similar. Such a provision should be discounted to present values using a current marketbased discount rate. One in which the operator has the right to charge for access to the service that it supplies. Ifric 12 does not define a service concession, but instead. One in which the operator has a contractual right to receive cash or another financial asset from the government. In italy, these arrangements are referred to as public service concession agreements, which is the procedure through which the authority, or the administration the grantor entrusts an individual or an. Ifric 12 service concession arrangements background 1 in the utilities industry, an entity may receive from its customers items of property, plant and equipment that must be used to connect those customers to a network and provide them with ongoing access to a supply of commodities such as electricity, gas or water. Ias 12 income taxes specifies how to account for current and deferred tax but not how to reflect the effects of uncertainty.
The ifric has dedicated significant time and resources to understanding the financial reporting issues associated with public infrastructure projects. In the meantime, ifric 12 can usefully provide such guidance and increase the quality of financial statements for companies involved in the service concessions field. All conclusions reported are tentative and may be changed or modified at future ifrs interpretations committee meetings. This includes schemes as diverse as those offered by supermarkets, airlines, telecommunications operators, hotels and credit. A service concession arrangement is an arrangement whereby a government or other public sector body contracts with a private operator to develop. This is a list of all the latest unaccompanied ifrs standards and ifric interpretations we have produced by language. Ifric 12 clarifies the accounting by private sector operators in such projects. Home read the big book and twelve steps and twelve traditions twelve steps and twelve traditions. Although it does not discuss every possible difference. Ifric 12, which gives guidance on the accounting by operators in service concession arrangements.
Ifric 12 identified two types of service concession arrangements. For arrangements within the scope of this standard, the. The ifrs foundation provides free access through basic registration to the pdf files of the current years ifric interpretations part a of the issued standardsthe red book, as well as available translations of interpretations this section also provides high level and nontechnical summaries for the interpretations. The ifrs foundation provides free access through basic registration to the pdf files of the current years ifric interpretations part a of the issued standardsthe red book, as well as available translations of interpretations. When refunds or reductions in future contributions should be regarded as available in accordance with paragraph 58 of ias 19employee benefits how a minimum funding requirement might affect the availability of reductions in future contributions.
Ifric interpretation 12 provides guidance on the accounting methods to be adopted by operators of infrastructure to deliver public services, or services operated as a concession. Ifric interpretation 22 foreign currency transactions and advance consideration references the conceptual framework for financial reporting ias 8 accounting policies, changes in accounting estimates and errors ias 21 the effects of changes in foreign exchange rates background 1 paragraph 21 of ias 21 the effects of changes in foreign exchange rates requires an. Guide to annual financial statements ifrs 12 supplement. Ifric 23 uncertainty over income tax treatments efrag. Hong kong ifric interpretation 22 foreign currency transactions and advance consideration hkifricint 22 is set out in paragraphs 19 and appendices a and b.
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