IFRIC Agenda Decisions

The IFRS Interpretations Committee (IFRS IC) works with the International Accounting Standards Board (IASB) in supporting the application of IFRS Standards.

IFRS IC projects typically begin as a submission. The IFRS IC then decides whether to recommend standard-setting to address the matter in the submission. When the IFRS IC concludes that standard-setting is unnecessary as IFRS Standards provide an adequate basis for a company to determine its accounting or there is no evidence that a widespread accounting problem exists, it publishes an agenda decision to report its decision.

The publication of agenda decision might often result in explanatory material that provides new information that was not otherwise available and could not otherwise reasonably have been expected to be obtained. Because of this, an entity might determine that it needs to change an accounting policy as a result of an agenda decision. The IASB expects that an entity would be entitled to sufficient time to make that determination and implement any change (for example, an entity may need to obtain new information or adapt its systems to implement a change).

The objective of including explanatory material in agenda decisions is to improve consistency in the application of the Standards. Agenda decisions do not have the authority of IFRS Standards and therefore, they are not mandatory requirements but they should be seen as helpful, informative and persuasive.

Agenda decisions can be accessed on the IFRS Foundation’s website.