More NewsClarifications to IAS16, 37 Issued by IFRIC

Clarifications to IAS16, 37 Issued by IFRIC

The International Financial Reporting Interpretations Committee (IFRIC) has released IFRIC Draft Interpretation D2 Changes in Decommissioning, Restoration and Similar Liabilities. The proposed Interpretation contains guidance on accounting for certain changes in decommissioning, restoration and similar liabilities that are recognised both as part of the cost of an item of property, plant and equipment in accordance with IAS 16 Property, Plant and Equipment and as a liability in accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets. More specifically, the proposal addresses accounting for changes in (i) the estimated outflow of resources embodying economic benefits (eg cash flows); (ii) the current market-assessed discount rate; and (iii) an increase that reflects the passage of time (also referred to as the unwinding of the discount). The proposal is open for public comment until 3 November 2003.

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