IFRIC Update
Date recorded:
The Board was given an update of the last IFRIC meeting. No decisions were made by the Board as a result of this update. It was noted that there had also been an EFRAG meeting and that there had been much debate about IFRIC 3 concerning emission rights at this meeting. It was thought that EFRAG did not believe that IFRIC was incorrect in its interpretation, but there were concerns whether a more management intent-driven model would be appropriate.