Pushing for a new International Financial Reporting Standard for the oil, gas and mining industries
A new global standard for extractive company reporting is under development right now. It has the potential to make companies publish what they pay for oil, gas and minerals and provide information which is essential to fighting tax evasion and corruption.
Having companies publish this information would be an enormous breakthrough for the Publish What You Pay campaign and Tax Justic Network. It would create a global standard of disclosure which would provide citizens with critical information required to hold their governments accountable. Effective mobilization of domestic natural resources is central to financing development in resource-rich countries and fiscal transparency is crucial if tax revenues from extractive companies are to be collected in an equitable way.
The time for action is June and July 2010!
We are currently in the middle of a consultation being conducted by the International Accounting Standards Board (IASB). The IASB needs to hear from as many stakeholders as possible that country by country reporting is essential to bringing about economic development in resource rich countries. Investors have also said they support these measures as essential to assessing risk in the volatile oil, gas and mining sectors.
This opportunity cannot be missed. The deadline for comments to the IASB is July 30th.