As on 15 July 2019
IFRIC 1 Changes in Existing Decommissioning, Restoration and Similar Liabilities
IFRIC 2 Members’ Shares in Co-operative Entities and Similar Instruments
IFRIC 5 Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds
IFRIC 6 Liabilities arising from Participating in a Specific Market-Waste Electrical and Electronic Equipment
IFRIC 7 Applying the Restatement Approach under IAS 29 Financial Reporting in Hyperinflationary Economies
IFRIC 9 Reassessment of Embedded Derivatives
IFRIC 10 Interim Financial Reporting and Impairment
IFRIC 12 Service Concession Arrangements
IFRIC 14 IAS 19 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction
IFRIC 16 Hedges of a Net Investment in a Foreign Operation
IFRIC 17 Distribution of Non-cash Assets to Owners
IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments
IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine
IFRIC 21 Levies
IFRIC 22 Foreign Currency Transactions and Advance Consideration
IFRIC 23 Uncertainty over Income Tax Treatment
SIC 7 Introduction of the Euro
SIC 10 Government Assistance – No Specific Relation to Operating Activities
SIC 25 Income Taxes – Changes in the Tax Status of an Entity or its Shareholders
SIC 29 Service Concession Arrangements : Disclosures
SIC 32 Intangible Assets – Web Site Costs
Notes:
IFRIC/SIC are not required to be adopted separately. They are automatically adopted once the relavant IAS/IFRS, which they relates to, is adopted to which that IFRIC/SIC is related
Following IFRICs and SIC have been withdrawn by the IASB and are not applicable:
– IFRIC 3 ‘Emission Rights’
– IFRIC 4 ‘Determining whether an Arrangement contains a Lease’ (superseded by IFRS 16)
– IFRIC 8 ‘Scope of IFRS 2’
– IFRIC 11 ‘Group and Treasury Share Transactions’
– IFRIC 13 ‘Customer Loyalty Programs’ (superseded by IFRS 15)
– IFRIC 15 ‘Arrangements for the Construction of Real Estate’ (superseded by IFRS 15)
– IFRIC 18 ‘ Transfers of Assets from Customers’ (superseded by IFRS 15)
– SIC 12 ‘Consolidation – Special Purpose Entities’
– SIC 15 “Operating Lease – Incentives’ (superseded by IFRS 16)
– SIC 13 ‘Jointly Controlled Entities – Non Monetary Contributions by Venturers’
– SIC 21 ‘Income Taxes- Recovery of Revalued Non-Depreciable Assets’
– SIC 27 ‘Evaluating the Substance of Transactions Involving the Legal Form of a Lease’ (superseded by IFRS 16)
–SIC 31 ‘Revenue – Barter Transactions Involving Advertising Services’ (superseded by IFRS 15)
SECP had granted waiver to all companies from the requirements of IFRIC 4 and IFRIC 12 vide S.R.O. 24/ (1)/2012 dated January 16, 2012, however consequently with the adoption of IFRS 16 under the ‘grandfathering approach’ exemption from IFRIC 4 will no longer be available to new contracts of companies after January 1, 2019.