Extracting Transparency: The need for an International Financial Reporting Standard for the extractive industries

Over the last five years there has been much debate about how to properly account for the Extractive Industries (oil, gas and mining).

In this report we argue the case for an International Financial Reporting Standard (IFRS) for the upstream Extractive Industries.

We suggest that country-by-country reporting on commercial performance, taxes and other benefits paid to governments, and reserves is essential information for making useful decisions about companies engaged in the extractive sector.

This information is vital to shareholders and other stakeholders, including governments and citizens who have an interest in this important industry.

That is why we are engaged in this debate on an IFRS for the Extractive Industries and why we have published this report.