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Japan has permitted the early adoption of ifrs by

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Unformatted text preview: xico in 2012. Japan has permitted the early adoption of IFRS by listed companies from years ending on or after 31 March 2010 and is expected to announce a final decision on whether to mandate adoption in 2012. The US will likely announce later in 2011 or 2012 its plan as to how IFRS might be incorporated into the financial reporting requirements for US domestic issuers. As countries adopt a single set of high quality, global accounting and financial reporting standards, there should be greater global consistency and transparency. However, it is recognised that extractive activities is an area in which there is little IFRS guidance. There is also variation in practice between companies applying IFRS, which was highlighted in KPMG's survey The Application of IFRS: Oil and Gas published in October 2008. This publication looks at some of the main accounting issues across oil and gas companies. It considers currently effective standards and notes future developments that could impact accounting in the sector. The long-term future of accounting for extractive activities is as yet unclear. The IASB issued the discussion paper Extractive Activities in April 2010, and the main proposals of the project team and the responses to this discussion paper are discussed in this publication. A decision on whether the Extractive Activities project should be added to the IASB's active agenda is expected when the IASB considers responses to its Agenda Consultation 2011, which are due by 30 November 2011. This publication also discusses the IFRS conversion project as a whole, including the importance of the conversion management process, and considers the impact of IFRS conversion across an organisation. Any conversion project will be significantly more detailed than merely addressing the issues discussed in this publication. However, making a head start in identifying the accounting and business related issues on conversion can avoid accounting challenges in the years to come. While the main audience of this publication are those contemplating IFRS conversion, we hope that there is something stimulating and thought provoking for all those already dealing with IFRS in the oil an...
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