Project history
Stage 1: Setting the agenda
The IASB’s predecessor organisation, the International Accounting Standards Committee (IASC), established a Steering Committee in 1998 to carry out work on accounting and financial reporting by entities engaged in extractive activities. The Steering Committee published an Issues Paper Extractive Industries in November 2000.
In July 2001, the Board announced that it would restart the project when agenda time permitted. In September 2002, the Board decided it was not feasible to complete a comprehensive project addressing accounting for extractive activities generally in time for the many entities that will adopt IFRSs in 2005. However, the Board decided it was necessary to provide guidance on the treatment of exploration and evaluation costs for entities applying IFRSs in 2005 and, consequently in December 2004, it released IFRS 6 Exploration for and Evaluation of Mineral Resources as an interim measure pending completion of the comprehensive project.
The research stage of the comprehensive project commenced in April 2004, after the Board and liaison national standard setters agreed on the research project plan.
Stage 2: Project planning
At the Board’s request, a project team comprising representatives from the national standard setters of Australia, Canada, Norway and South Africa are undertaking the research project. An advisory panel has also been established to provide advice to the project team and the Board throughout the research project. The advisory panel consists of analysts and other users of financial reports, individuals from entities engaged in extractive activities (both mining and oil & gas), auditors, and securities regulators. The advisory panel is also geographically diverse with members drawn from Africa, Asia-Pacific, Europe and North America.
Click here for a list of advisory panel members.
The extractive activities project is a ‘modified joint’ project. Under this approach, the Board will initially publish a request for views on the project team’s discussion paper. The US Financial Accounting Standard Board (FASB) will decide subsequently whether to add to its agenda a joint project with the IASB to develop a comprehensive standard on accounting for extractive activities.