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EFRAG may not support IFRIC 3

  • EFRAG (European Financial Reporting Advisory Group) (dk green) Image

15 Dec 2004

At its meeting on 8-10 December 2004, the European Financial Reporting Advisory Group (EFRAG) agreed to recommend that the European Commission endorse a number of pronouncements for use in Europe, but noted "serious concerns" about IFRIC 3 'Emission Rights'.

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.

 

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