Task forces on IFRS: Oil and gas, and mining industries

Find out how we are partnering with industry to raise awareness of the application issues of IFRS in the mining and oil and gas industries.

The Mining Industry Task Force on IFRS and the Oil and Gas Industry Task Force on IFRS have been instrumental in raising awareness of application issues of International Financial Reporting Standards (IFRS) in two of Canada’s most prominent industries.

Activities

The Prospectors & Developers Association of Canada (PDAC) partnered with us to create the Mining Industry Task Force on IFRS to share non‐authoritative views on IFRS application issues relevant to mineral resource companies.

We also partnered with the Canadian Association of Petroleum Producers (CAPP) and the Explorers and Producers Association of Canada (EPAC) to create the Oil and Gas Industry Task Force on IFRS to share non-authoritative views on IFRS application issues relevant to junior oil and gas companies.

Members of both committees are financial statement preparers and auditors who have practical experience in applying the standards and are very knowledgeable about their practical application.

The task forces have each created a Viewpoint series which provides guidance for each industry and is available as a free download.

International recognition

The work of both task forces has been recognized internationally by the IFRS Foundation (which has included it in their IFRS Learning Resources) and has included the task forces among a group of highly reputable firms and organizations. The staff of the International Accounting Standards Board (IASB) has also referenced the work of the task forces in various agenda papers and PowerPoint presentations. The work of our committees has achieved this recognition because these industries are very relevant in Canada as they comprise a majority of the market share.

Chief financial officers, controllers and auditors working in these industries are particularly thankful to the task forces for disseminating and sharing knowledge and views on IFRS from a Canadian perspective.

Highlights

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