Financial Accounting Research Committee (FARC)
The Financial Accounting Research Committee studies and researches financial accounting issues affecting the oil and gas industry. It recently conducted research on full cost accounting issues.
Committee Mandate
- To liase with the Canadian Association of Petroleum Producers (CAPP) on issues affecting financial reporting
- To respond and reflect on proposed rule changes to the Accounting Standards Board in regards to financial reporting
Current Issues
- Greenhouse Gas reporting
- The change from Canadian GAAP to IASB, and proposed change from full-cost accounting to successful efforts, and its impact on Canadian oil and gas reporting
- International Accounting Standards Board (IASB) Joint Venture Exposure Draft ED #9 - December 17, 2007
Conversion to International Financial Reporting Standards ( IFRS ) will occur on January 1, 2011 in Canada. However, there are several intermediate deadlines that are fast approaching. By the end of 2008, companies will have to report on their conversion plans. By the end of 2009, they will have to update the plans and present an estimate of the impact that conversion will have on their financial statements. In order to present a comparison year in 2011, companies will have to implement IFRS in parallel with Canadian GAAP in 2010.A multi-stakeholder effort is underway to provide guidance to the oil and gas industry regarding IFRS conversion. If you are interested in contributing to this work contact Bruce Watson at bruce.watson@jacos.com.
If you are interested in joining, or would like more information about this committee, please feel free to contact us either through our Discussion Forum, or by contacting the PASC office directly.
