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Extractive industries accounting and economic consequences: Past, present and future

Cortese, Corinne, Irvine, Helen J., & Kaidonis, Mary (2009) Extractive industries accounting and economic consequences: Past, present and future. Accounting Forum, 33(1), pp. 27-37.

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Abstract

Accounting for the extractive industries has been a contested issue for decades as a result of a choice of different methods of costing available and the economic impacts of these methods on companies’ financial results. When the International Accounting Standards Board (IASB) embarked on its extractive industries project in 1998, it attempted to create uniform accounting practices. An archival study of constituent responses to the IASB’s Issues Paper revealed that the economic consequences argument was relied upon again to argue for retaining choice. The IASB’s international accounting standard, IFRS 6, issued in 2004, once again permitted choice between methods, illustrating the effectiveness of the economic consequences argument in perpetuating past practice.

Impact and interest:

3 citations in Scopus
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ID Code: 16769
Item Type: Journal Article
Keywords: Economic consequences, extractive industries, international accounting standards, financial reporting
DOI: 10.1016/j.accfor.2008.07.005
ISSN: 0155-9982
Subjects: Australian and New Zealand Standard Research Classification > COMMERCE MANAGEMENT TOURISM AND SERVICES (150000) > ACCOUNTING AUDITING AND ACCOUNTABILITY (150100) > Financial Accounting (150103)
Australian and New Zealand Standard Research Classification > COMMERCE MANAGEMENT TOURISM AND SERVICES (150000) > ACCOUNTING AUDITING AND ACCOUNTABILITY (150100) > International Accounting (150104)
Divisions: Current > QUT Faculties and Divisions > QUT Business School
Current > Schools > School of Accountancy
Copyright Owner: Copyright 2009 Elsevier
Copyright Statement: Reproduced in accordance with the copyright policy of the publisher.
Deposited On: 08 Dec 2008 15:31
Last Modified: 29 Feb 2012 23:42

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