The International Financial Reporting Standards (IFRS) interpretations committee has proposed interpretations of two standards, in order to harmonise how the standards are applied in practice.

One of the standards related to income tax and the other to use of exchange rates for the reporting of foreign currency transactions. The two proposals are now open to public comment and comments should be received by 19 January 2016.

Uncertainty over income tax treatments relates to 'IAS 12 Income Taxes'. According to the IFRS's statement, it “provides requirements on the recognition and measurement of current or deferred tax liabilities or assets, but does not provide specific guidance for how uncertainty about a tax treatment should be reflected in the accounting for income tax. Consequently, the Interpretations Committee proposes an Interpretation to provide that guidance.” Public comments should be received by 19 January 2016.

Foreign currency transactions and advance consideration relates to 'IAS 21 The Effects of Changes in Foreign Exchange Rates'. It sets out requirements about which exchange rate to use when recording a foreign currency transaction on initial recognition in the entity’s functional currency. The committee's statement says it has “observed diversity in practice in circumstances in which consideration was received or paid in advance of the recognition of the related asset, expense or income”.