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Legal Aspects of Carbon TradingKyoto, Copenhagen, and beyond$
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David Freestone and Charlotte Streck

Print publication date: 2009

Print ISBN-13: 9780199565931

Published to Oxford Scholarship Online: February 2010

DOI: 10.1093/acprof:oso/9780199565931.001.0001

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Accounting for Emissions: From Costless Activity to Market Operations *

Accounting for Emissions: From Costless Activity to Market Operations *

(p.59) 3 Accounting for Emissions: From Costless Activity to Market Operations*
Legal Aspects of Carbon Trading

Allan Cook

Oxford University Press

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

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