Need to know* The future of IFRS for the extractive industries

Download Need to know* The future of IFRS for the extractive industries (1215kb)

The growing use of IFRS around the world means that all companies in the industry – whether in the oil & gas sector or the mining sector – should take notice of these developments. The information in this leaflet may also be of interest to those gas and power utilities that have oil and gas wells or coal and uranium mines among their assets.

In summary:

• Accounting for reserves and resources
• All models are being considered – including fair value of reserves on balance sheet
• The primary direction of the project is expected to be clear in the next 24 months
• First indications – IASB is keen on some use of fair values
• A new standard could be published as early as 2011, effective 2013
• Participation now is the best opportunity to influence the outcome