We’ve found a useful resource on the oil and gas industry. This publication 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 continuing absence of an extractive industries standard under IRFS;
- the adoption of IRFS by oil and gas entities accross a number of jurisdictions with overwhelming acceptance that applying IFRS in this industry will be a continual challenge; and
- ongoing transition projects in a number of other jurisdictions, for which companies can draw on the existing interpretations of the industry.