The International Accounting Standards Board (IASB) issued International Financial Reporting Standard (IFRS) 6, Exploration for and Evaluation of Mineral Resources, which provides the first guidance on accounting for expenditures in this area.

The International Accounting Standards Board (IASB) issued International Financial Reporting Standard (IFRS) 6, Exploration for and Evaluation of Mineral Resources, which provides the first guidance on accounting for expenditures in this area. The standard is effective for annual periods beginning on or after January 1, 2006. Meanwhile the board's International Financial Reporting Interpretations Committee (IFRIC) released three interpretations of international accounting standards (IAS). IFRIC 2, Members' Shares in Co-operative Entities and Similar Instruments, provides guidance on classifying such shares as either financial liabilities or equity. IFRIC 3, Emission Rights, specifies how companies should account for their participation in government programs to reduce greenhouse gas emissions. IFRIC 4, Determining whether an Arrangement contains a Lease, provides guidance on ascertaining whether arrangements not in the legal form of a lease, such as "take-or-pay" contracts, nevertheless should be accounted for according to IAS 17, Leases. The IFRIC also issued draft interpretation D10, Liabilities arising from Participating in a Specific Market--Waste Electrical and Electronic Equipment, which provides guidance on accounting for liabilities for waste management costs. Comments are due February 11, 2005.