We have combined all of our notes from the IASB meeting on 15-17 December 2004 onto a Separate Page.

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.

• Remarks of Mr. Nicolaisen (PDF 99k)
• Remarks of Ms. Erhardt (PDF 52k)

The standard provides guidance on accounting for exploration and evaluation costs incurred by entities in the mining and oil and gas exploration industries.

IFRS 6 permits an entity to continue using, under IFRSs, the accounting policies applied in its most recent annual financial statements for exploration and evaluation expenditures, including the recognition and measurement of exploration and evaluation assets.

The standard requires an impairment test for such assets, but it varies the recognition of impairment from that in IAS 36 Impairment of Assets. However, if impairment is identified, measurement of impairment must be in accordance with IAS 36.

IFRS 6 is effective for annual periods beginning on or after 1 January 2006. However, earlier application is encouraged, and if an entity adopts IFRS 6 before 1 January 2006, transitional relief is available for some comparative disclosures. Click for IASB Press Release (PDF 28k).

The IASB has posted the agenda for its December 2004 Board meeting, which will be held at the IASB's offices in London on 15 to 17 December 2004. The agenda is as follows: