The International Accounting Standards Board (IASB) has today published an Exposure Draft proposing narrow-scope amendments to ensure that financial statements more faithfully reflect the effects that renewable electricity contracts have on a company. The proposals amend IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures. The IASB’s swift action responds to the rapidly growing global market for these contracts.

Renewable electricity contracts¹ aim to secure the stability of and access to renewable electricity sources. However, renewable electricity markets have unique characteristics. Renewable electricity sources depend on nature and its supply cannot be guaranteed. The contracts often require buyers to take and pay for whatever amount of electricity is produced, even if that amount does not match the buyer’s needs at the time of production. These distinct market characteristics have created accounting challenges in applying the current accounting requirements, especially for long-term contracts.

To address these challenges, the IASB is proposing some targeted changes to the accounting for contracts with specified characteristics. The proposals would:

• address how the ‘own-use’ requirements would apply;
• permit hedge accounting if these contracts are used as hedging instruments; and
• add disclosure requirements to enable investors to understand the effects of these contracts on a company’s financial performance and future cash flows.

Andreas Barckow, Chair of the IASB, said:

These targeted amendments aim to improve the relevance of financial statements when reporting on renewable electricity contracts. As more and more companies transition to renewable electricity sources, we want to make sure that our Accounting Standards keep pace and provide investors with useful information.

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なお、本公開草案についてのコメントの提出期限は、2024年8月7日です。

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IASB proposes amendments for renewable electricity contracts (IASB)