IFRS published the IFRS Interpretations Committee (IFRIC) update of its meeting in September 2018. The update offers a summary of the decisions reached by the IFRIC in its public meetings. Decisions on an IFRIC interpretation become final only after the IFRIC has taken a formal vote on the interpretation. IFRIC interpretations require ratification by IASB.
The key topics discussed at the September meeting include the following:
- Application of the highly probable requirement when a specific derivative is designated as a hedging instrument under the IFRS 9 on financial instruments and the IAS 39 on recognition and measurement of financial instruments
- Classification of a particular type of dual currency bond under IFRS 9
- The way an entity might apply existing IFRS standards in determining its accounting for holdings of cryptocurrencies and initial coin offerings.
Keywords: International, Accounting, Banking, IFRS 9, IAS 39, Financial Instruments, Cryptocurrencies, IFRIC, IFRS
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