IFRIC05 BV2009 - IFRIC 5 IFRIC Interpretation 5 Rights to...

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IFRIC 5 IFRIC Interpretation 5 Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds This version includes amendments resulting from IFRSs issued up to 31 December 2008. IFRIC 5 Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds was developed by the International Financial Reporting Interpretations Committee and issued by the International Accounting Standards Board in December 2004. The Basis for Conclusions was amended to reflect the revision of IAS 1 Presentation of Financial Statements in September 2007. © IASCF 1
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IFRIC 5 C ONTENTS paragraphs IFRIC INTERPRETATION 5 RIGHTS TO INTERESTS ARISING FROM DECOMMISSIONING, RESTORATION AND ENVIRONMENTAL REHABILITATION FUNDS REFERENCES BACKGROUND 1–3 SCOPE 4–5 ISSUES 6 CONSENSUS 7–13 Accounting for an interest in a fund 7–9 Accounting for obligations to make additional contributions 10 Disclosure 11–13 EFFECTIVE DATE 14 TRANSITION 15 APPENDIX Amendment to IAS 39 Financial Instruments: Recognition and Measurement BASIS FOR CONCLUSIONS 2 © IASCF
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IFRIC 5 IFRIC Interpretation 5 Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds (IFRIC 5) is set out in paragraphs 1–15 and the Appendix. IFRIC 5 is accompanied by a Basis for Conclusions. The scope and authority of Interpretations are set out in paragraphs 2 and 7–17 of the Preface to International Financial Reporting Standards . © IASCF 3
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IFRIC 5 IFRIC Interpretation 5 Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds References IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors IAS 27 Consolidated and Separate Financial Statements IAS 28 Investments in Associates IAS 31 Interests in Joint Ventures IAS 37 Provisions, Contingent Liabilities and Contingent Assets IAS 39 Financial Instruments: Recognition and Measurement (as revised in 2003) SIC-12 Consolidation—Special Purpose Entities (as revised in 2004) Background 1 The purpose of decommissioning, restoration and environmental rehabilitation funds, hereafter referred to as ‘decommissioning funds’ or ‘funds’, is to segregate assets to fund some or all of the costs of decommissioning plant (such as a nuclear plant) or certain equipment (such as cars), or in undertaking environmental rehabilitation (such as rectifying pollution of water or restoring mined land), together referred to as ‘decommissioning’. 2 Contributions to these funds may be voluntary or required by regulation or law. The funds may have one of the following structures: (a) funds that are established by a single contributor to fund its own decommissioning obligations, whether for a particular site, or for a number of geographically dispersed sites. (b)
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This note was uploaded on 02/22/2012 for the course ACCOUNTING 402 taught by Professor Sanaabadry during the Spring '12 term at DISD.

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IFRIC05 BV2009 - IFRIC 5 IFRIC Interpretation 5 Rights to...

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