Chapter

Accounting for Emissions: From Costless Activity to Market Operations*

Allan Cook

in Legal Aspects of Carbon Trading

Published in print October 2009 | ISBN: 9780199565931
Published online February 2010 | e-ISBN: 9780191722028 | DOI: https://dx.doi.org/10.1093/acprof:oso/9780199565931.003.0003
 Accounting for Emissions: From Costless Activity to Market Operations*

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This chapter examines, in the context of the European Union's new Emissions Trading Scheme under the Kyoto Protocol, the issues surrounding the aborted attempt by the International Accounting Standards Board (IASB) in early 2005 to regulate the accounting for ‘cap-and-trade’ schemes. It argues that the features that made this model attractive to governments were precisely the ones that accountants found difficult to capture under existing standards. After showing why the challenge has to be faced, the chapter suggests a possible way forward that the IASB might consider when it revisits the subject, as it is now doing.

Keywords: European Union; emissions trading; Kyoto Protocol; International Accounting Standards Board; cap-and-trade schemes; accounting standards

Chapter.  7288 words.  Illustrated.

Subjects: Environment and Energy Law

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