Financial Transparency Coalition

Source: PWYP International The International Accounting Standards Board (IASB) took important steps today to improve reporting and disclosure by the oil, gas and mining industries. But extractive industry experts said the proposals have been weakened by pressure from companies and have yet to clearly recommend reporting of the full information that investors and citizens need. In its formal “Discussion Paper” for a new extractive activities standard, the world’s leading rule-setter for accounting explores several new reporting requirements for reserves, production and costs. The Discussion Paper, which represents an important step in the...

Standing at the pump, watching the numbers tick away, do you ever wonder where the money goes? You're not alone: People on the other end of the pipeline are wondering too. While we feel the pinch in our pockets, citizens of oil-producing countries are often not seeing the profits.