IASB_background_briefing.pdf
Development is underway for a new International Financial Reporting Standard for the extractive industry that could make oil, gas and mining companies publish what they pay to the government of each country in which they operate as well as publish what they extract, the costs of production, the production revenues and the reserves for each country in which they operate.
Disclosure of this information would be an enormous breakthrough for the Publish What You Pay coalition, providing citizens with critical information to hold their governments accountable for using natural resource revenues for the public good. Transparency of revenue and resource management is necessary for equitable tax collection from extractive companies.
You can take action to help secure important reporting reforms this June and July. The International Accounting Standards Board (IASB) needs to hear from as many stakeholders as possible that country-by-country reporting is crucial to resource rich countries' economic development, and a key means for investors assessing risk in the volatile extractive sectors.
The deadline for comments to the IASB is July 30th.
Read more and find out how to get involved ... (Publish What You Pay)
Read a background briefing on the Summer 2010 stakeholder consultations ... (pdf)
We have also written a template letter that you can share with investors to make it easy for them to make submissions. Download the template letter ... (pdf)
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