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Forum with Real Estate Housing Developers Association (REHDA) on IFRIC 15 Agreements for the Construction of Real Estate

17 August 2010

Given the controversy surrounding the introduction of IFRIC 15 Agreements for the Construction of Real Estate and also some of the issues in the IASB Exposure Draft on Revenue from Contracts with Customers (ED), the MASB invited Wayne Upton, IASB Director of International Activities, to explain the proposed requirements of IASB ED and in particular, to clarify the concept of “continuous transfer of control” found in IFRIC 15. The meeting provided a good opportunity for constituents to have access to the IASB’s views directly.

Present at the meeting was Mohammad Faiz, Chairman of MASB, several board members, MASB secretariat, representatives from MIA Financial Reporting Standard Interpretation Committee (FRSIC) and the Real Estate Housing Developers Association.