International Accounting Standards Board: Developments in IFRS

Michael Stewart, April Pitman, Hannah King and Koichiro Kuramochi give an overview of some of the issues discussed at the November 2014 IFRS Interpretations Committee meeting, including IAS 2 Inventories—Should interest be accreted on prepayments in long-term supply contracts? IAS 21 The Effects of Changes in Foreign Exchange Rates—Revenue transaction denominated in a foreign currency—What is the date of the transaction for the purpose of identifying the applicable exchange rate for revenue recognition? IAS 16 Property, Plant and Equipment—Accounting for net proceeds and costs of testing for property, plant and equipment.