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NZ IFRIC 6
Liabilities arising from Participation in a Specific Market—Waste Electrical and Electronic Equipment
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Statement of Authority
New Zealand Equivalent to IFRIC Interpretation 6
Liabilities arising from Participating in a Specific Market—Waste Electrical and Electronic Equipment(NZ IFRIC 6)
Issued October 2005 and incorporates amendments to 30 November 2012
This Interpretation was issued by the New Zealand Accounting Standards Board of the External Reporting Board pursuant to section 24(1)(a) of the Financial Reporting Act 1993.
This Interpretation is a Regulation for the purposes of the Regulations (Disallowance) Act 1989.
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How to read this standard
New Zealand Equivalent to IFRIC Interpretation 6 Liabilities arising from Participating in a Specific Market—Waste Electrical and Electronic Equipment (NZ IFRIC 6) is set out in paragraphs 1–11.
NZ IFRIC 6 is based on IFRIC 6 Liabilities arising from Participating in a Specific Market-Waste Electrical and Electronic Equipment (IFRIC 6). NZ IFRIC 6 should be read in the context of the IFRIC’s Basis for Conclusions on IFRIC 6.
Any New Zealand additional material is shown with either “NZ” or “RDR” preceding the paragraph number.
Reduced Disclosure Regime
Tier 2 for-profit entities must comply with all the provisions in NZ IFRIC 6.
New Zealand Equivalent to IFRIC Interpretation 6 - Liabilities arising from Participating in a Specific Market—Waste Electrical and Electronic Equipment (NZ IFRIC 6)
NZ IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
NZ IAS 37 Provisions, Contingent Liabilities and Contingent Assets
1 Paragraph 17 of NZ 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 NZ IAS 37 states that provisions are recognised only for ‘obligations arising from past events existing independently of an entity’s future actions’.
4 The Directive states that the cost of waste management for historical household equipment should be borne by producers of that type of equipment that are in the market during a period to be specified in the applicable legislation of each Member State (the measurement period). The Directive states that each Member State shall establish a mechanism to have producers contribute to costs proportionately ‘e.g. in proportion to their respective share of the market by type of equipment’.
5 Several terms used in the Interpretation such a ‘market share’ and ‘measurement period’ may be defined very differently in the applicable legislation of individual Member States. For example, the length of the measurement period might be a year or only one month. Similarly, the measurement of market share and the formulae for computing the obligation may differ in the various national legislations. However, all of these examples affect only the measurement of the liability, which is not within the scope of the Interpretation.
NZ5.1 This Interpretation applies to Tier 1 and Tier 2 for-profit entities.
7 The Interpretation addresses neither new waste nor historical waste from sources other than private households. The liability for such waste management is adequately covered in NZ IAS 37. However, if, in national legislation, new waste from private households is treated in a similar manner to historical waste from private households, the principles of the Interpretation apply by reference to the hierarchy in paragraphs 10– 12 of NZ IAS 8. The NZ IAS 8 hierarchy is also relevant for other regulations that impose obligations in a way that is similar to the cost attribution model specified in the EU Directive.
the manufacture or sale of the historical household equipment?
participation in the market during the measurement period?
the incurrence of costs in the performance of waste management activities?
9 Participation in the market during the measurement period is the obligating event in accordance with paragraph 14(a) of NZ IAS 37. As a consequence, a liability for waste management costs for historical household equipment does not arise as the products are manufactured or sold. Because the obligation for historical household equipment is linked to participation in the market during the measurement period, rather than to production or sale of the items to be disposed of, there is no obligation unless and until a market share exists during the measurement period. The timing of the obligating event may also be independent of the particular period in which the activities to perform the waste management are undertaken and the related costs incurred.
10 An entity shall apply this Interpretation for annual periods beginning on or after 1 January 2007. For entities which elect to comply with NZ IFRS 1 First-time Adoption of New Zealand Equivalents to International Financial Reporting Standards for an annual accounting period beginning on or after 1 January 2005 and before 1 January 2007, this Interpretation becomes operative for annual accounting periods beginning on or after 1 December 2005. Earlier application is encouraged. If an entity applies the Interpretation for a period beginning before 1 December 2005, it shall disclose that fact.
NZ10.1 Framework: Tier 1 and Tier 2 For-profit Entities, issued in November 2012, amended extant NZ IFRSs by deleting any public benefit entity paragraphs, deleting any differential reporting concessions, adding scope paragraphs for Tier 1 and Tier 2 for-profit entities and adding disclosure concessions for Tier 2 entities. It made no changes to the requirements for Tier 1 entities. A Tier 2 entity may elect to apply the disclosure concessions for annual periods beginning on or after 1 December 2012. Early application is permitted.
11 Changes in accounting policies shall be accounted for in accordance with NZ IAS 8.
Amendments to other Standards
The amendments in this appendix shall be applied for annual accounting periods beginning on or after 1 January 2007. In respect of entities which elect to comply with NZ IFRS 1 First-time Adoption of New Zealand Equivalents to International Financial Reporting Standards for an annual accounting period beginning on or after 1 January 2005 or before 1 January 2007, the amendments shall be applied for annual accounting periods beginning on or after 1 December 2005. If an entity applies the Interpretation for an earlier period, these amendments shall be applied for that earlier period.
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Table of Pronouncements – NZ IFRIC 6 Liabilities Arising from Participating in a Specific Market—Waste Electrical and Electronic Equipment
This table lists the pronouncements establishing and substantially amending NZ IFRIC 6. The table is based on amendments approved as at 30 November 2012.
Pronouncements | Date approved | Early operative date | Effective date (annual reporting periods… on or after …) |
NZ IFRIC 6 Liabilities Arising from Participating in a Specific Market—Waste Electrical and Electronic Equipment | Oct 2005 | 1 Jan 2006 | 1 Jan 2007 |
Framework: Tier 1 and Tier 2 For-profit Entities1 | Nov 2012 | Early application permitted | 1 Dec 2012 |
Table of Amended Paragraphs in NZ IFRIC 1
Paragraph affected | How affected | By … [date] |
Paragraph NZ 10.1 | Added | Framework: Tier 1 and Tier 2 For-profit Entities [Nov 2012] |