IFIRC Update

Date recorded:

As six Board members previously objected to the IFRIC's conclusions on Emission Rights, this issue was discussed again at this meeting. As a result of the discussions, some of the Board members who had previously disagreed with IFRIC's conclusions did not object to the revised draft based on the fact that the IFRIC has no other choice but to interpret current guidance.

Three members continue to object to the draft interpretation. Two members believe that emission rights are not assets to be recorded separately from the liability for emissions, unless those rights are sold. If by next Tuesday, 5 Board members still object to the current draft, this issue will be brought back to the May 2003 IASB meeting with the intention of providing specific guidance to the IFRIC.

Correction list for hyphenation

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