International Financial Reporting Standards Update for the Energy Industry

摘要

The International Accounting Standards Board (IASB) has issued Exposure Drafts and has ongoing projects in several areas that impact the energy industry. This paper looks at the IASB's work regarding activities related to rate-regulated industries, acquisition of interests in joint operations, the impairment of non-financial assets, methods of depreciation and amortization, and the extractive industries project. Also included is a brief discussion on where the United States (U.S.) stands on the adoption of international financial reporting standards (IFRS).