The two final Interpretations are:

• IFRIC 3 Emission Rights
• IFRIC 4 Determining Whether an Arrangement Contains a Lease.

The International Financial Reporting Interpretations Committee will meet at the IASB's offices in London on Thursday, 2 December 2004. The agenda for the meeting is as follows:

Members-shares in co-ops have some characteristics of equity.   They also give the holder the right to request redemption for cash, although that right may be subject to certain limitations.

IFRIC 2 gives guidance on how those redemption terms should be evaluated in determining whether the shares should be classified as financial liabilities or as equity. Under IFRIC 2, shares for which the member has the right to request redemption are normally liabilities. However, they are equity if:

• the entity has an unconditional right to refuse redemption, or
• local law, regulation, or the entity's governing charter imposes prohibitions on redemption. But the mere existence of law, regulation, or charter provisions that would prohibit redemption only if conditions (such as liquidity constraints) are met, or are not met, does not result in members' shares being equity.

Click for Press Release (PDF 23k).

D10 clarifies when original producers of electrical goods will need to recognise a liability for the cost of waste management relating to final disposal of waste electrical and electronic equipment by private households.

The IFRIC concluded that the event giving rise to the liability for costs of such waste is participation in the market in the period in which the original seller's market share is determined for the purposes of allocating ultimate waste management costs. It's not the original production or sale of the equipment that triggers liability recognition.

Comments are due by 11 February 2005.  Click for Press Release (PDF 24k).