IFRIC Issues Guidance on Liabilities for Waste Management Costs
Posted on: Tuesday, 18 October 2005, 03:01 CDT
By Anonymous
1 September 2005 saw the issue of IFRIC 6 Liabilities arising from Participating in a Specific Market - Waste Electrical and Electronic Equipment, giving guidance on the accounting for liabilities for waste management costs. It clarifies when certain producers of electrical goods will need to recognise a liability for the cost of waste management relating to the decommissioning of waste electrical and electronic equipment (historical waste) supplied to private households subsequent to the recent EU directive in this regard. IFRIC 6 concludes that the event giving rise to the liability for costs of such historical waste is participation in the market during a measurement period, i.e. a period in which market shares are determined for the purposes of allocating waste management costs. The Interpretation is effective for financial periods beginning on or after 1 December 2005. Earlier application is encouraged. IFRIC 6 will be available to ICAI members free of charge on CHARIOT online at www.icai.ie/members/membaudit.cfm from 1 November 2005; before then the Interpretation can be obtained from publications@iasb.org.
Copyright Institute of Chartered Accountants In Ireland Oct 2005
Source: Accountancy Ireland
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