IFRS Talks - PwC's Global IFRS podcast March 2026: IFRS IC Update
Mar 30, 2026
Gary Berchowitz, PwC partner and IFRS Interpretations Committee member, provides expert commentary. He reviews the March 2026 meeting outcomes on IFRS 18 and IFRS 10. Topics include true and fair override, derivative gross-up, battery off-take vs wind farms, intergroup FX classification, control of single‑investor funds and SPV reassessments.
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Prepare For Board Ratification On Intergroup FX
- Expect the IFRS Foundation Board to ratify or comment on the Committee's dual-reading outcome for intergroup FX before IFRS 18 implementation.
- If unresolved, consider raising the issue in a post-implementation review rather than delaying implementation decisions.
Extra Judgment For Parent Main Business Activity
- On separate financial statements, a parent can have 'investing in subsidiaries' as its main business activity, but first you must determine whether the parent actually has a business activity.
- The final wording introduces an extra judgment step to assess existence of a business activity before assigning main activity.
Clarifying Tax Presentation Under IFRS 18
- The Committee clarified that IFRS 18 requires entities to present items for which IAS 12 has been applied, not merely items 'in scope' of IAS 12, widening what may be presented as tax.
- The Committee suggested the IASB consider a narrow IFRS 18 amendment to capture tax-like charges (e.g., zakat) where appropriate.