The International Financial Reporting Interpretations Committee (IFRIC) released for public comment three draft Interpretations for Service Concession Arrangements. Service concession arrangements are arrangements whereby a government or other body grants contracts for the supply of public services to private operators.
The proposed Interpretations have been developed in response to requests for guidance on how International Financial Reporting Standards (IFRSs) apply to service concession arrangements. The proposed Interpretations would not amend existing IFRSs. Instead, they would clarify how concession operators should apply existing IFRSs to account for the obligations they undertake and rights they receive in service concession arrangements.
The proposed Interpretations are proposed to be effective for annual periods beginning on or after 1 January 2006.
Press release
IFRIC Draft Interpretations
© IASB - International Accounting Standards Board
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