IFRIC’s May meeting (referred to above) included discussion of a request to clarify the meaning and interpretation of the phrase “significant or prolonged” as used in existing IFRS requirements regarding the impairment of available-for-sale equity instruments in accordance with IAS 39 Financial Instruments: Recognition and Measurement. 
 
While IFRIC expressed concern that some diversity in practice resulted from applications of the impairment requirements that are inconsistent with the standard, it tentatively decided not to add the issue to its agenda because of the IASB’s accelerated project to develop a replacement for IAS 39. However, due to the significance of this issue in the current economic environment, it has chosen to specifically publicise this tentative decision and seek constituent comment ahead of its next meeting in July, at which time a final decision will be made. 
 
The IFRIC has set out some of the inconsistencies and the IFRIC’s conclusions about their compliance with the requirements in its tentative decision in its May 2009 IFRIC Update (referred to above). The relevant excerpt of the update is also available on the AASB website. Public comments should be sent to ifric@iasb.org by 22 June 2009.