Ifric interpretation 12 service concession arrangements ifric 12 is set out in paragraphs and appendices a and b. Ifric 12 service concession arragements linkedin slideshare. This standard is intended to apply to the same types of assets as those addressed in ifric 12. All conclusions reported are tentative and may be changed or modified at future. Ifric customer loyalty programmes published june 2007. Customer loyalty programmes will be superseded by ifrs 15 as of 1 january 2018. Future ifrs interpretations committee meetings the next meetings are.
Industry views telecommunications industry accounting group. A service concession arrangement is an arrangement where a government or other body grants a contract for the supply of public services to a private operator. A customer uses services throughout the initial 12 month contract term, paying. Ifric 10 is effective for annual periods beginning on or after 1. Ifric 12 clarifies how certain aspects of existing iasb literature are to be applied to arrangements whereby a government or other public sector body contracts with a private operator to develop or upgrade, operate and maintain the grantors infrastructure assets such as roads, bridges, tunnels, airports, energy distribution networks, prisons or hospitals. The ifric update is a summary of the decisions reached by the ifrs interpretations committee committee in its public meetings decisions on an ifric interpretation become final only after the committee has taken a formal vote on the interpretation. Ifric 12 service concession arrangements intangible asset income statement sample toll road limited presentation by. Ifric 12 clarifies the accounting by private sector operators in such projects. Ifric 12 applies, the interpretations committee observed that the grantor is no different from a customer in a revenue arrangement. Group and treasury share transactions withdrawn effective 1 january 2010. Ias 19 the limit on a defined benefit asset, minimum funding requirements and their.
Download ifric 12 service concession arrangements file. Ifric 2 pricewaterhousecoopers scope ifric applies to all entities that grant award credits as part of a sales transaction, including awards that can be redeemed for goods and services not supplied by the entity. Ifric 22 applies to foreign currency transactions that result in the recognition of a nonmonetary asset or liability arising from the payment or receipt of consideration before the entity recognises the related asset or expense or income, except for payments and receipts relating to income taxes. One in which the operator has a contractual right to receive cash or another financial asset from the government. Ifric 10 addresses an apparent conflict between the requirements of ias 34 interim financial reporting and those in other standards on the recognition and reversal in financial statements of impairment losses on goodwill and, for entities that have not yet applied ifrs 9, certain financial assets. Accordingly, the ifrs ic developed ifric 23 uncertainty over income tax treatments ifric 23 or the interpretation to address how to reflect uncertainty in the recognition and. The interpretation specifically addresses the following. Ifric 12 service concession arrangements was developed by the international financial reporting interpretations committee and issued by the international accounting standards board in november 2006. Information notes 1 accounting framework for publictoprivate service arrangements 2. This includes schemes as diverse as those offered by supermarkets, airlines, telecommunications operators, hotels and credit. Ifric is applicable to annual periods beginning on or after 1 july 2008. The ifric has dedicated significant time and resources to understanding the financial reporting issues associated with public infrastructure projects.
Ifric interpretation 22 foreign currency transactions and. Consequently, the contractual payments would be accounted for in accordance with the guidance on consideration payable to a customer in paragraphs 7072 of ifrs 15 revenue from contracts with customers. Ind as 115 lecture 1 of revenue from contract with customers by prof. An entity applies ias18 and accounts for award credits as a separately identifiable component of the sales transactions in which they are granted. Ifric 10 interim financial reporting and impairment. For information, contact deloitte touche tohmatsu limited. Ifric 12 helps them to better assess the nature, the performance and the related risk exposures of service concession arrangements. As global capital markets become increasingly integrated, many countries are moving to international financial reporting standards ifrs. The board has not undertaken any specific implementation support activities relating to this interpretation. Income tax calculator new scheme vs old scheme and consent letter for fy 202021. Interpretation, ifric explicitly prohibits the alternative treatment of recognising the full consideration received as revenue, with a separate liability for the cost of supplying the awards. Effective 1 july 2008 1 september 2009 for eu preparers. For example, in the european union, companies with publicly traded shares or debt on a european exchange must use ifrs for financial reporting for year ends.
Ifric interpretations require ratification by the international accounting standards board board. Nz ifric 12 iasb 1 jan 2018 download nz ifric 12 this version is effective for reporting periods beginning on or after. Ifric tumacenje 12 sporazumi o koncesijama za usluge. Ifric 12 refers to the assets used in a service concession arrangement as. On the horizon for ifrs 3 if the service concession arrangement results in the operator having only a contractual right to receive cash from the grantor i.
It consists of 12 members from different countries and different professional backgrounds. A read is counted each time someone views a publication summary such as the title, abstract, and list of authors, clicks on a figure, or views or downloads the fulltext. Technical accounting alert grant thornton australia. The fair value of the consideration received or receivable in respect of the initial. Industry views telecommunications industry accounting group making sense of a complex world ifric customer loyalty programmes. The interpretation clarifies application of recognition and measurement requirements in ias 12 income taxes when there is uncertainty over income tax treatments. Download the ios download the android app other related materials. Service concession arrangements are arrangements whereby a government or other body grants contracts for the supply of public services such as roads, energy distribution, prisons or hospitals to private operators. Informacion financiera intermedia y deterioro del valor. Iasb issues ifric 23 uncertainty over income tax treatments. Ifric 12 service concession arrangements september 2016 service concession arrangements with leased infrastructure the interpretations committee received a request to clarify how an operator accounts for a service concession arrangement in which the infrastructure is leased. Ias 12 income taxes does not specify how uncertainty in tax treatments is reflected in the measurement of current and deferred tax assets and liabilities. Iasb issues ifric 23 uncertainty over income tax treatments 1 issues a question has arisen in practice as to how uncertainty about the acceptability by a tax authority of a particular tax treatment used by an entity in its income tax filings uncertain tax treatment should be reflected in the financial statements.
As a result, this has led to diversity in practice. The arrangement is governed by a contract that sets out 1 in september 2010 the iasb replaced the framework with the conceptual framework for financial reporting. For example, single periodic payment by the grantor availability payment. Ias 20 accounting for government grants and disclosure of government assistance. Customer loyalty programmes references background 1 scope 3 issues 4 conclusions 5 effective date and transition 10 appendixapplication guidance illustrative examples basis for conclusions hong kong ifric interpretation customer loyalty programmes hkifricint is set out in paragraphs 1 11 and the appendix. In practice, the operator might estimate the relative fair value of. Ifric 12 gives guidance on the accounting by operators for publictoprivate s ervice concession arrangements ifric 12 applies to publictoprivate service concession arrangements if both. Ifric customer loyalty programmes its effects on the.
Ifric 12 clarifies how certain aspects of existing iasb literature are to be applied to arrangements whereby a government or other public sector body contracts. Hk ifric int 12 is accompanied by information notes, illustrative examples and a basis for conclusions. The companies already applying ifric 12 have diversified activities and types of service concession arrangements and have not experienced specific problems. Withdrawn for periods starting on or after 1 january 2018 when ifric is superseded by ifrs 15 revenue from contracts with customers. Deloitte refers to one or more of deloitte touche tohmatsu limited dttl, its global. May 26, 2016 ifric 12 service concession arragements 1. Endorsement of ifric 12 service concession arrangements. Ken wild, deloittes global ifrs leader and an ifric member says.
Hong kong ifric interpretation 12 service concession arrangements hk ifric int 12 is set out in paragraphs and appendices a, b and c. This part presents the following accompanying documents. Ca varun sethi income statement y1 y2 y3 y4 y5 y6 y7 y8 y9 y10 revenue 600 600 250 250 250 250 250 250 250 250 amortization of intangible asset 185 185 185 185 185 185 185 185 resurface expense 0 0 12 14 15 17. Ciniif 7 ciniif 7 interpretacin ciniif 7 aplicacin del. Ifrs download easily from the following links ifrs 1 ifrs 2 ifrs 3 ifrs 4 ifrs 5 ifrs 6 ifrs 7 ifrs 8 ifrs 9 ifric download from the following links easily ifric 1 ifric 2 ifric 4 ifric 5 ifric 6 ifric 7 ifric 9 ifric 10 ifric 12 ifric ifric 14 ifric 15 ifric 16 ifric 17 ifric 18 ifric. Ifric 12 is accompanied by information notes, illustrative examples and a basis for conclusions. Ifric also clarified that points are distinct from marketing expenses because. Ifric 12 and its accompanying documents have been amended by the following ifrss. Uncertainty over income tax treatments ifric 23 ey. This view may, however, need to be adapted if they apply to. Ifric 12 is the culmination of an unusually long ifric project.
1239 1290 50 370 1076 1149 969 528 869 324 554 320 268 1024 1086 1024 474 1174 423 1595 446 800 647 1279 562 1038 676 491 646 491 551 802