Accounting Standards

International Financial Reporting Standards (IFRS) as set by the International Accounting Standards Board in London, are the accounting rules that govern and influence much of the financial disclosure by the world's oil, gas and mining industry. Several key countries – including Australia, the UK, France, Germany and South Africa, as well as Hong Kong – allow or use these standards or similar ones in their rules for how listed companies report financial information.

However, to date there has been very limited reporting from companies in key areas such as payments to governments. Rule changes in these standards could offer a powerful tool to secure disclosure of essential company information.

Revenue Watch is working with Publish What You Pay, the Tax Justice Network and Eurodad to promote an international accounting standard that requires extractive companies to report payments to governments and other key financial information on a country-by-country basis.