International Financial Reporting Standards (IFRS) provide the basis for financial reporting for the natural resources sector. One of the key challenges of any reporting framework is how best to implement it in the context of a specific company or industry.
IFRS is a principles based framework, short on industry specific guidance. That and the increasing levels of regulation can make it difficult for management to be clear about what it needs to provide to auditors to support their decision making, and also to provide stakeholders with the clarity they require to make informed decisions.
Our Natural Resources Guide to Financial Reporting aims to simplify the complex and provide you with an understanding of the key sector-related accounting issues we see on a daily basis. We look at how these issues should be addressed, what your auditor will require, and what management will need to consider to ensure an effective audit.
