EFRAG may not support IFRIC 3
Dec 15, 2004
At its meeting on 8-10 December 2004, the European Financial Reporting Advisory Group (EFRAG) agreed to recommend that the European Commission endorse a number of pronouncements for use in Europe, but noted "serious concerns" about IFRIC 3 'Emission Rights'.
The following were recommended for endorsement: IFRS 6; the IAS 39 amendment for transition; the amendments to IAS 19 Employee Benefits; and IFRIC Interpretations 2, 4, and 5.
However, with regard to IFRIC 3 Emission Rights, a majority of EFRAG members have "serious concerns about the information resulting from application of this IFRIC".
EFRAG's meeting notes indicate that those concerns "could result in a negative advice" to the Commission. The draft endorsement advice letter will be discussed again at EFRAG's January meeting.
- IAS 19 — Employee Benefits
- IAS 39 — Financial Instruments: Recognition and Measurement
- IFRS 6 — Exploration for and Evaluation of Mineral Resources
- IFRIC 2 — Members' Shares in Co-operative Entities and Similar Instruments
- IFRIC 3 — Emission Rights (withdrawn)
- IFRIC 4 — Determining Whether an Arrangement Contains a Lease
- IFRIC 5 - Rights to Interests Arising from Decommissioning, Restoration and Environmental Rehabilitation Funds