The Impact of International Financial Reporting Standards on Oil and Gas Exploration and Production Companies: The Canadian First-Year Experience

Published in March 2014 by Matthew Bender & Co., Inc., Volume 62, No. 3, p.p. 457-472.

Introduction

Robert B. Matthews
Ronald J. Daigle
Paul Anthony Vanek

“No accounting system is a replacement for management integrity.”— Keith Schafer, “How IFRS Accounting Rules Effect Oil Investors,” Oil and Gas Investments Bulletin, January 3, 2012

A topic of intense discussion and significance in accounting circles during recent years has been the potential change in the United States of America (US) to adopting a set of global accounting standards.....This paper briefly reviews the current status of—and prospects for—ongoing conversion efforts in the US; identifies key differences between US GAAP, as promulgated by the FASB, and IFRS, as promulgated by the International Accounting Standards Board [IASB]); discusses the potential impact of adoption on the oil and gas exploration and production (E&P) industry; and analyzes the Canadian experience for the oil and gas E&P industry fromconverting to IFRS for 2011 as an indicator or what the actual impact might be for their US counterparts when adoption occurs...

> Read more

---