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Unformatted text preview: d gas sector. Jimmy Daboo Global Energy & Natural Resources Auditing and Accounting Leader KPMG in the UK 2011 KPMG International Cooperative ("KPMG International"). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated. 2011 KPMG IFRG Limited, a UK company, limited by guarantee. All rights reserved. 2 Impact of IFRS: Oil and Gas Overview of the IFRS conversion process
Addressing challenges and opportunities of conversion for all aspects of your business
All IFRS conversions have consistent themes and milestones to them. The key is to tailor the conversion specifically to your own issues, your internal policies and procedures, the structure of your group reporting, the engagement of your stakeholders and the requirements of your corporate governance. Oil and gas companies can be broadly grouped into the `majors' and the `juniors', and there may be similarities among these organisations, particularly within each group. However, there always will be differences in the corporate DNA that makes one conversion project different from the next. The IFRS Conversion Management Overview diagram below presents a holistic approach to planning and implementing an IFRS conversion by helping ensure that all linkages and dependencies are established between accounting and reporting, systems and processes, people and the business. The conversion should address proactively the challenges and opportunities of adopting IFRS for all aspects of your business. This includes, for example, consideration of the impact of IFRS transition on the regulatory aspect of your operations, which may vary depending on state, federal, international, product, reporting and competitive requirements. 2011 KPMG International Cooperative ("KPMG International"). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated. 2011 KPMG IFRG Limited, a UK comp...
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