This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

EFRAG proposes not to endorse IFRIC 3

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

23 Feb 2005

The Technical Expert Group of the European Financial Reporting Advisory Group (EFRAG) has invited comments on its draft letter to the European Commission recommending that the Commission not adopt IFRIC 3 'Emission Rights' for use in Europe.

The letter states the following:

"EFRAG has concerns about the overall effect of the accounting requirements in IFRIC 3, particularly in circumstances where entities have not acquired or sold allowances.

EFRAG believes that applying IFRIC 3 will not always result in economic reality being reflected and relevant information being provided.... EFRAG has concluded that the disadvantages that would arise from endorsing an interpretation constrained by the interplay of the current IFRSs/IASs are not outweighed by the advantages that would be gained by having guidance on the accounting on the emission right schemes."

Click to Download the Draft Letter on IFRIC 3. Comments are due 22 March 2005.

 

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.