Financial reporting in the oil and gas industry
Financial reporting in the oil and gas industry
describes the financial reporting implications of International Financial Reporting Standards (IFRS) across a number of areas selected for their particular relevance to oil and gas companies. It provides insights into how companies are responding to the various challenges and includes examples of accounting policies and other disclosures from published financial statements. It examines key developments in the evolution of IFRS in the industry.
The International Accounting Standards Board (IASB), for example, has formed an Extractive Activities working group. However, formal guidance on many issues facing companies is unlikely to be available for some years. Another key development, of course, is convergence with US GAAP and the implications of the latest signals from the SEC for the oil and gas industry.
'Financial reporting in the oil and gas industry' considers the major accounting practices adopted by the oil and gas industry under International Financial Reporting Standards (IFRS). The need for this publication has arisen due to:
the absence of an extractive industries standard under IFRS;
the adoption of IFRS by oil and gas entities across a number of jurisdictions, with overwhelming acceptance that applying IFRS in this industry will be a continual challenge;
ongoing transition projects in a number of other jurisdictions, for which companies can draw on the existing interpretations of the industry.
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