If a company acts as a commodity broker-trader and measures its inventories at fair value less costs to sell, then the measurement requirements of IAS 2 do not apply.
In our view, carbon credits and emissions allowances may be classified as commodities. ‘Commodities’ are not defined in IFRS® Accounting Standards and a carbon credit or an emissions allowance is not a financial asset. This means that there is no definitional restriction on classifying carbon credits or emissions allowances as commodities. We believe that if such assets are held as a commodity for resale and measured at fair value less costs to sell, then the measurement requirements of IAS 2 do not apply. [IAS 38.3(a), 2.3(b), 5]