International Accounting Standards Board (IASB) seeks feedback on extractive industries discussion paper

image Chapter 6 of the paper discusses proposals from PWYP to increase transparency by presenting key company financial information on a country-by-country basis, rather than the current practice of aggregating information by region or business activity. The discussion paper reflects the views of the project team – it does not represent the views of the International Accounting Standards Board. After considering the responses received to the discussion paper, the Board will decide whether or not to add the project to its active agenda. The discussion paper is open for comments until 30th July 2010. A project group comprising members of the Australian, Canadian, Norwegian and South African accounting standard setters has discussed and analysed accounting for extractive activities. Commenting on the publication of the discussion paper, Robert Garnett, Member of the IASB, said: 'Mining and oil and gas companies are among the largest public companies in the world and it is important for users and preparers alike that the accounting in this area is transparent and comparable. This discussion paper is the result of intensive work of an international research team and has benefited a lot from extensive industry input. I thank all of those involved in the development of the discussion paper. We welcome feedback on whether the Board should add this project to its active agenda'. The discussion paper on Extractive Industries can be accessed via "": For PWYP views on how the discussion paper addresses the PWYP proposals, please see our "press release":/sites/ (in Norwegian only):