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IASB meeting summaries


 IASB Meeting December 2007


 

The Board decided to activate work on its Emissions Trading Schemes project. There has been a void in authoritative guidance in this area since the withdrawal of IFRIC 3 Emission Rights and it appears that considerable diversity in practice has arisen.

The Board observed that the topic is of international relevance, with many jurisdictions implementing or discussing emissions trading schemes. The Board has received requests from several national standard-setters to address the topic. In addition, the FASB has added an Emissions Allowances project to its agenda, providing the boards with an opportunity to co-ordinate their efforts in this area.

The Board decided to limit the scope of the project to the issues that arise in accounting for emissions trading schemes, rather than addressing broadly the accounting for all government grants (which would have involved activating the project to amend IAS 20 Accounting for Government Grants and Disclosure of Government Assistance).

 

Date: 12/12/2007