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Our Standards are developed by our two standard-setting boards, the International Accounting Standards Board (IASB) and International Sustainability Standards Board (ISSB).
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On 3 November 2021, at COP26, the IFRS Foundation Trustees announced the creation of the International Sustainability Standards Board (ISSB).
The ISSB will deliver a global baseline of sustainability disclosures to meet capital market needs.
IFRS Standards require an entity initially to recognise its obligations to decommission assets or to perform environmental restoration or rehabilitation both as part of the cost of the asset and as a liability. IFRIC 1 mainly addresses how an entity accounts for any subsequent changes to the amount of the liability that may arise from (a) a revision in the timing or amount of the estimated decommissioning, restoration and rehabilitation costs or from (b) a change in the current market-based discount rate.
In May 2004 the International Accounting Standards Board issued IFRIC 1 Changes in Existing Decommissioning, Restoration and Similar Liabilities. It was developed by the Interpretations Committee.
Other Standards have made minor consequential amendments to IFRIC 1, including IFRS 16 Leases (issued January 2016).
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