IFRIC 6 Liabilities arising from participating in a specific market - Waste electrical and electronic equipment was developed by the International Financial Reporting Interpretations Committee and issued by the International Accounting Standards Board in September 2005. | IFRIC 6 IFRIC Interpretation 6 Liabilities arising from Participating in a Specific Market—Waste Electrical and Electronic Equipment IFRIC 6 Liabilities arising from Participating in a Specific Market—Waste Electrical and Electronic Equipment was developed by the International Financial Reporting Interpretations Committee and issued by the International Accounting Standards Board in September 2005. © IASCF 2465 IFRIC 6 CONTENTS paragraphs IFRIC INTERPRETATION 6 LIABILITIES ARISING FROM PARTICIPATING IN A SPECIFIC MARKET— WASTE ELECTRICAL AND ELECTRONIC EQUIPMENT REFERENCES BACKGROUND 1–5 SCOPE 6–7 ISSUE 8 CONSENSUS 9 EFFECTIVE DATE 10 TRANSITION 11 BASIS FOR CONCLUSIONS 2466 © IASCF IFRIC 6 IFRIC Interpretation 6 Liabilities arising from Participating in a Specific Market—Waste Electrical and Electronic Equipment (IFRIC 6) is set out in paragraphs 1–11. IFRIC 6 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 2467 IFRIC 6 IFRIC Interpretation 6 Liabilities arising from Participating in a Specific Market— Waste Electrical and Electronic Equipment References • IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors • IAS 37 Provisions, Contingent Liabilities and Contingent Assets Background 1 Paragraph 17 of IAS 37 specifies that an obligating event is a past event that leads to a present obligation that an entity has no realistic alternative to settling. 2 Paragraph 19 of IAS 37 states that provisions are recognised only for ‘obligations arising from past events existing independently of an entity’s future actions’. 3 The European Union’s Directive on Waste Electrical and Electronic Equipment (WE&EE), which regulates the collection, treatment, recovery and environmentally sound disposal of waste equipment, has given rise to questions about when the liability for the .
