US and international accounting rulemakers clarify scope of joint project on emissions

摘要

The Financial Accounting Standards Board and International Accounting Standards Board last week clarified the scope - and agreed to use the same name - of their joint project on "emissions trading schemes." FASB had called its project "emission allowances." Project updates were posted on both web sites June 5 summarizing decisions made by both boards last month. They agreed with the IASB staff that the project should cover all emissions trading schemes and tradable rights (i.e. emissions allowances), and that their staffs should not be limited to existing accounting rules and literature in developing possible accounting models. "The [IASB] staff plans to bring a comprehensive package of alternative accounting models to the Board in the third quarter of 2008. The timing of an initial due process document is yet to be determined," according to the "project update" on the IASB web site.