In December 2007 the Board activated work on its emissions trading schemes project. At this meeting, the Board discussed the scope of the project. It tentatively decided to address the accounting for all tradable emissions rights and obligations arising under emissions trading schemes. In addition, it will address the accounting for activities that an entity undertakes in contemplation of receiving tradable rights in future periods, eg certified emissions reductions (CERs).
The Board confirmed that in addressing the accounting issues the staff should not be constrained by existing IFRSs, but the Framework would still be relevant.