文档介绍：08PwC0290_IFRS O&G final edit 12:01 Uhr Seite 1
Energy, Utilities & Mining
Financial reporting in the
oil and gas industry*
International Financial Reporting Standards
April 2008
*connectedthinking
08PwC0290_IFRS O&G final edit 12:01 Uhr Seite 2
08PwC0290_IFRS O&G final edit 12:01 Uhr Seite 3
Financial reporting in the oil and gas industry 1
Foreword
The move to International Financial Reporting This edition of ‘Financial reporting in the oil & gas Foreword
Standards (IFRS) is advancing the transparency industry’ describes the financial reporting
parability of financial statements around implications of IFRS across a number of areas
the world. Many countries now require selected for their particular relevance to oil & gas
companies to prepare their financial panies. It provides insights into how
in accordance with IFRS. National standards panies are responding to the various
other countries are being converged with IFRS. challenges and includes examples of accounting
The global trend towards IFRS has gained policies and other disclosures from published
significant further momentum with the US financial statements. It examines key
Securities and mission’s (SEC) developments in the evolution of IFRS in the
commitment to the standards, beginning with its industry. The International Accounting Standards
decision to drop the requirement for foreign- Board (IASB), for example, has formed an
panies in the US to reconcile to US Extractive Activities working group. However,
GAAP. formal guidance on many issues facing
companies is unlikely to be available for some
The development of IFRS offers considerable
years. Another key development, of course, is
long-term advantages for panies but,
convergence with US GAAP and the implications
along the way, it brings considerable challenges.
of the latest signals from the SEC for the oil &
The oil & gas industry is one of the world’s most