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The Interpretations Committee observed that the term ‘becomes receivable’ is sufficiently understood within IFRSs

 09 September 2011


The Interpretations Committee received a request to clarify the guidance in paragraph 65 of IAS 16 concerning when the compensation for property, plant and equipment that has been impaired, lost or given up (for example, as a result of a natural disaster) becomes receivable.

The Committee observed that the term ‘becomes receivable’ is sufficiently understood within IFRSs to enable an entity to identify when compensation from third parties for such items of property, plant and equipment should be recognised and therefore does not need to be clarified.

The Committee also noted that there is no significant diversity in practice, nor does it expect significant diversity in practice to emerge in the future. Consequently, the Committee decided to propose that the Board should not add this issue to the Annual Improvements project.

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