German interpretation on accounting for electronic waste
23 Jan 2006
The German Accounting Standards Board has issued AIC 2 Obligation to Dispose of Electrical and Electronic Equipment.
AIC 2 is immediately effective, with application for financial statements for periods ending on 31 December 2005 encouraged. AIC 2 covers those areas that were not addressed by the International Financial Reporting Interpretations Committee in IFRIC 6 Liabilities Arising from Participating in a Specific Market - Waste Electrical and Electronic Equipment. Broadly described, the issues addressed in AIC 2 involve what constitutes the obligating event under IAS 37.17 for recognition of provisions for:
- Historical waste from private households.
- Historical waste from commercial users.
- New waste from private households.
- New waste from commercial users.