Migrating to the International Financial Reporting Standards (IFRS) holds unique challenges for Canada's oil and gas companies. While Canadian GAAP contains very detailed guidance for the extractive industries, IFRS does not. It provides companies with more choices when it comes to accounting policies. This leaves organizations in unfamiliar territory such as having to closely consider their accounting standards and policies and prepare to justify their choices, as opposed to merely sticking to the guidance.
Read this publication to learn the impact of IFRS on the sector and PwC's three-phased approach for implementation.