Ann Tarca, Member of the International Accounting Standards Board (IASB), would like to meet with users and analysts of entities engaged in extractive activities, to understand whether the IASB should undertake a project that would amend or replace the current accounting standard for extractive activities.
Extractive activities consist of exploring for, evaluating, developing and producing natural resources such as minerals, oil and gas. Such activities are important globally and are particularly significant in Australia. Companies use various accounting models to report the resources and expenditures associated with these activities, which results in diversity in financial information and hinders investors from understanding the financial position and financial performance of those companies.
Given that extractives is a major industry in Australia, this is a fantastic opportunity for you to engage, influence and shape future international accounting requirements and ensure the information provided to you is consistent, reliable and enables high quality decision making.
For additional information about Ann you can find her bio here.