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IAS 37 — Interests in decommissioning and environmental rehabilitation funds

Background

Some companies have obligations to decommission assets or for environmental rehabilitation that are recognised as provisions under IAS 37 Provisions, Contingent Liabilities and Contingent Assets. In some cases, the company contributes to a fund established to meet the costs of the decommissioning or environmental rehabilitation. The fund may be set up to meet the decommissioning costs of a single contributor or for several contributors.

IFRIC considered how interests in these funds should be accounted for.

 

Current status of the project

This project has been completed. IFRIC 5 Rights to Interests Arising from Decommissioning, Restoration and Environmental Funds was issued on 15 December 2004.

 

Project milestones

DateDevelopmentComments
15 January 2004 Draft Interpretation D4 Decommissioning, Restoration and Environmental Rehabilitation Funds published Comment deadline 19 March 2004
15 December 2004 IFRIC 5 Rights to Interests Arising from Decommissioning, Restoration and Environmental Funds issued Effective for annual periods beginning on or after 1 January 2006

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.