In November 2017, the IFRS Interpretations Committee (IFRS IC) decided to add a narrow-scope standard-setting project to its agenda, with the objective of clarifying the meaning of the term “unavoidable costs” in the definition of an onerous contract in IAS 37 – Provisions, Contingent Liabilities and Contingent Assets.
In recent months, the IFRS Interpretations Committee has received three referrals on the application of IFRS 15 to specific fact patterns in the real estate development sector.
On 29 March 2018, the IASB published its revised Conceptual Framework. As well as updating some concepts to reflect changes to the standards in recent years, such as the definitions of assets and liabilities, the revised version provides guidance on issues that were touched on only briefly or not at all in previous versions, notably measurement bases and the presentation of financial performance.
On 27 March, the IASB published proposed narrow-scope amendments to IAS 8 - Accounting Policies, Changes in Accounting Estimates and Errors.
The IASB has published a narrow-scope amendment to IAS 19 - Employee benefits on the impacts of a plan amendment, curtailment or settlement on the determination of service cost and net interest.