Reflections on the Attempt to Set a Comprehensive International Accounting Standard for the Oil and Gas Industry

摘要

This paper reviews the current state of the development of an international accounting standard for the oil and gas industry and the working draft discussion paper (WDDP) issued by the International Accounting Standards Board (ISAB) in 2009. Nichols (2007) outlined a history of international accounting standards in the oil and gas industry and it may be helpful to view this paper as a sequel to Nichols' paper. Repetition will be kept to the minimum level necessary for comprehension.