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Rate-regulated activities — Interim IFRS

Date recorded:

The project manager introduced the project and expressed that all due process steps had been complied with and that there is no need to re-expose. The project manager advised that paper 9 – Research project which was originally included in the agenda will be discussed on Friday.

One board member referring to paragraph 7a of the paper requested clarification of the wording. The paper requires a separate regulator; however, there are instances in which a state owned company and prices are regulated by the state, this fact should not preclude that there is a separate regulator

In addition, the board member mentioned that if application is voluntary there is no need for an effective date – therefore, the interim IFRS should be effective upon issuance.

The project manager explained that the effective date was included in order to follow a normal process and to allow at least one year for implementation.

One board member expressed concern whether the standard can be endorsed if it does not have an effective date.  Consequently, it was recommended to include an effective date in the interim IFRS.

The board members approved that the due process procedures have been complied with and instructed staff to prepare the interim IFRS for balloting.

Finally, three board members expressed their intent to dissent.

Correction list for hyphenation

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