August 04, 2009
IFRS Update: Extractive Industries Discussion Paper is Delayed
With everything that the IASB is trying to accomplish this year, it seems that some items had to fall off the table. The IASB published its July newsletter today and indicated that:
"The Board also decided to defer publication of the Extractive Activities discussion paper. The paper prepared for the IASB by the staff of national standard-setters will be made available on the IASB website but an invitation to comment on the paper will not be published until early in 2010. The Board also decided not to consider earnings per share until at least the second quarter of 2010. The Plan will be available soon under Current Projects.
Project Summaries are available on the IASB website."
This may be fortunate since the IFRS 6 standard needs a tremendous amount of work for completion. In view of Canadian filers, this means one less thing that will possibly change sooner rather than later. The oil and gas industry did get some relief earlier this month when IFRS 1 was modified to allow full cost for oil and gas assets. This practice is similar to Canadian GAAP now.
If your company is moving to IFRS and needs a cost effective solution, and wants to do it in a sensible and cost effective way, contact http://www.ifrspartner.com/ for more information on IFRS Partner® for companies beginning their conversion efforts. To find out more about events demonstrating these solutions, see http://ifrspartner.com/pages/events.htm. If your company has to certify internal controls under NI 52-109 or SOX 404 and needs the integration of IFRS and ICFR from one provider, see http://www.compliancepartner.ca/ for more information.
"The Board also decided to defer publication of the Extractive Activities discussion paper. The paper prepared for the IASB by the staff of national standard-setters will be made available on the IASB website but an invitation to comment on the paper will not be published until early in 2010. The Board also decided not to consider earnings per share until at least the second quarter of 2010. The Plan will be available soon under Current Projects.
Project Summaries are available on the IASB website."
This may be fortunate since the IFRS 6 standard needs a tremendous amount of work for completion. In view of Canadian filers, this means one less thing that will possibly change sooner rather than later. The oil and gas industry did get some relief earlier this month when IFRS 1 was modified to allow full cost for oil and gas assets. This practice is similar to Canadian GAAP now.
If your company is moving to IFRS and needs a cost effective solution, and wants to do it in a sensible and cost effective way, contact http://www.ifrspartner.com/ for more information on IFRS Partner® for companies beginning their conversion efforts. To find out more about events demonstrating these solutions, see http://ifrspartner.com/pages/events.htm. If your company has to certify internal controls under NI 52-109 or SOX 404 and needs the integration of IFRS and ICFR from one provider, see http://www.compliancepartner.ca/ for more information.
