UK ASB comments on conceptual framework project

03 Sep 2005

The United Kingdom Accounting Standards Board has submitted comments to the joint project team from the IASB and the FASB that is working to update the two boards' conceptual frameworks.

Click to (PDF 48k).

IFRIC 6 on waste management costs

01 Sep 2005

The International Financial Reporting Interpretations Committee (IFRIC) has issued IFRIC Interpretation 6 'Liabilities Arising from Participating in a Specific Market - Waste Electrical and Electronic Equipment'.

The issue that IFRIC 6 addresses is if an entity has an obligation to contribute to the costs of disposing of waste equipment based on its share of the market in a measurement period, what is the event that gives rise to a liability:

  • the manufacture or sale of the equipment?
  • participation in the market during the measurement period?
  • the incurrence of costs in the performance of waste management activities?

IFRIC 6 concludes that the event that triggers liability recognition is participation in the market during the measurement period. The measurement period is a period in which market shares are determined for the purposes of allocating waste management costs.

IFRIC 6 is effective for financial periods beginning on or after 1 December 2005. Earlier application is encouraged. Click for:


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.