INCREASING IMPACT OF IFRS ON THE GLOBAL ENERGY INDUSTRY: A PRIMER

摘要

This article presents an overview of international accounting and related issues facing energy companies, particularly those having multinational operations. In addition, a brief overview is presented regarding current events in the US energy industry. International Financial Reporting Standards (IFRS) are now required or accepted for financial reporting by publicly traded companies in most advance countries. Accounting standards are generally developed to fit the specific political, legal, economic, and cultural aspects of each country. In recent times, IFRS have replaced numerous individual country standards, thereby making standards uniform across many countries of the world. This uniformity has benefited the accounting process in multinational companies, which includes many energy companies.