International harmonization of accounting standards now seems to be moving forward at a rapid pace, as many recent developments attest. With most companies having operations or interests of some kind in multiple countries, the oil and gas industry is by far one of the most international industries. This article will examine several aspects of the effect of international accounting standards and global harmonization on the oil and gas industry: 1.The history of international standards for the industry and the current project undertaken by the International Accounting Standards Board (IASB) to formulate comprehensive standards for the industry.; 2. The global debate over reserves definitions and the SEC's recent invitation to comment regarding disclosures for oil and gas producing companies; 3. The overall "roadmap" to accounting convergence; 4. Canada's approach in its adoption of international standards, as well as the industry effects on Europe's adoption of international standards for consolidated accounts; and 5. Some basic accounting differences found internationally.
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