IAS 39 — Unit of account for forward contracts with volumetric optionality
The IFRIC rediscussed the issue, which was previously discussed at the November 2009 IFRIC meeting. The staff noted that based on the additional outreach performed there was a widespread diversity in practice that was not limited only to the energy sector.
Nonetheless, the staff noted that, when IFRS 9 Financial Instruments was being finalised, the IASB agreed to reconsider the scope of IAS 39 Financial Instruments: Recognition and Measurement at a later stage of the IAS 39 replacement project. The financial instruments team already considered that issue in connection the current project on Hedge Accounting. Since the Board will amend IFRS 9 and consider changes to scope of IAS 39 and hedge accounting soon (IFRS 9 is expected to be finalised in 2010), the staff asked the IFRIC not to add the item to its agenda as it would be addressed by the Board. The IFRIC agreed.
The IFRIC formally agreed with the staff proposal not to add the issue to the agenda.