The mining industry is one of the world’s most
global industries. Many countries now require
companies to prepare their financial statements in
accordance with International Financial Reporting
Standards (IFRS). Regulatory bodies in many other
countries are converging national standards with
IFRS. The move to adopt or harmonise with IFRS
has advanced the transparency and comparability
of financial statements around the world.
This edition of ‘Financial reporting in the mining
industry’ describes the financial reporting
implications of IFRS across a number of areas
selected for their particular relevance to the
mining industry.
The International Accounting Standards Board
(IASB) has formed an Extractive Activities working
group; however, formal guidance on many issues
facing mining companies is unlikely to be available
for some years.
Other developments taking place are the ongoing
convergence with US GAAP and interest from
the Securities and Exchange Commission (SEC)
in how US GAAP should be applied to the
mining industry.
This publication does not describe all IFRSs
applicable to mining entities. The ever-changing
landscape means management should conduct
further research and seek specific advice before
acting on any of the more complex matters raised.
PricewaterhouseCoopers remains committed
to the mining industry. For more information or
assistance, please do not hesitate to contact
your local office or one of our specialist mining
partners.
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