We provide an outline of the tentative and final agenda decisions issued by IFRS Interpretations Committee (Interpretations Committee). The Interpretations Committee is an interpretative body of the International Accounting Standards Board (the IASB® Board). Final IFRIC® agenda decisions must be applied in Australia.

Agenda decisions are a way of making a statement about why a change of an IFRS® Standard requirement or an interpretation of that requirement is not necessary. They often include explanatory information that is intended to provide guidance for the consistent application of IFRS Standards. As a result, agenda decisions form part of their guidance. They must be followed in order to claim compliance with the Standards.

Our summary will assist preparers of financial reports to:

  • understand the issue being commented on by the Interpretations Committee, including providing links through to available detailed materials
  • determine whether an agenda decision will impact their entity
  • implement accounting policy changes resulting from final agenda decisions.

Any resulting changes would be accounted for as a change in accounting policy in accordance with AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors, i.e. it is to be applied retrospectively.

This publication is applicable to for-profit and not-for-profit entities.

If you would like to discuss any of these decisions and potential impacts on your business further, please contact your KPMG adviser.

Information in this publication is correct at 26 September 2023. It will be updated shortly after each meeting of the Interpretations Committee (every other month).

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