Current Developments in Environmental Issues
Recently the International Accounting Standards Board (IASB) issued International Financial Reporting Standard (IFRS) 6, “Exploration for and Evaluation of Mineral Resources.” While there is currently no timetable for doing so, the IASB intends to comprehensively address the issue of accounting and reporting for companies in the extractive industries, including upstream oil and gas exploration and production. Meanwhile, IFRS 6 is intended to add clarity and guidance, especially for those companies that are transitioning to IASB standards in 2005.
Current Developments in Environmental Issues. Wright, Charlotte, Spring 2005, pp. 93‑95.