More NewsInstitute warns against industry specific accounting standards

Institute warns against industry specific accounting standards

Institute urges IASB to reconsider accounting rules for oil and gas companies

One of the UK’s most prominent accounting bodies has warned against creating
industry-specific rules, in response to international efforts to create
reporting rules for oil and gas companies.

The ICAEW, believe if new accounting rules are brought in for the mining and
oil companies, it might pave the way for other industry specific accounting
rules.

The International Accounting Standards Board (IASB) is considering whether to
create new accounting standards for extractive industries, which may force oil
and gas companies to report revenue and costs on a country-by-country basis.

Nigel Sleigh-Johnson, Head of the ICAEW Financial Reporting Faculty said
other industries might also feel they should have reporting standards “tailored
to them specifically”.

“Individual International Financial Reporting Standards should not be limited
in scope to a specific industry,” he said.

Further Reading:

World
Bank lends support for country-by-country reporting

IASB
accused of being soft on country-by-country reporting

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