Financial reporting in the mining industry
The mining industry is one o the world’s mostglobal industries. Many countries now requirecompanies to prepare their nancial statements inaccordance with International Financial ReportingStandards (IFRS). Regulatory bodies in many othercountries are converging national standards withIFRS. The move to adopt or harmonise with IFRShas advanced the transparency and comparabilityo nancial statements around the world.This edition o ‘Financial reporting in the miningindustry’ describes the nancial reportingimplications o IFRS across a number o areasselected or their particular relevance to themining industry.The International Accounting Standards Board(IASB) has ormed an Extractive Activities workinggroup; however, ormal guidance on many issuesacing mining companies is unlikely to be availableor some years.Other developments taking place are the ongoingconvergence with US GAAP and interest romthe Securities and Exchange Commission (SEC)in how US GAAP should be applied to themining industry.This publication does not describe all IFRSsapplicable to mining entities. The ever-changinglandscape means management should conducturther research and seek specic advice beoreacting on any o the more complex matters raised.PricewaterhouseCoopers remains committedto the mining industry. For more inormation orassistance, please do not hesitate to contactyour local oce or one o our specialist miningpartners.
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