The Publish What You Pay coalition is lobbying the International Accounting Standards Board to set a new rule requiring countries to keep better tabs on the management of revenues from the oil, gas and mining industries.
According to the coalition, the board has already initiated a process that could lead to the definition of new International Financial Reporting Standard for the industries. The coalition, based in the United Kingdom and including more than 275 mostly nonprofit organizations, aims to help citizens of resource-rich developing countries hold their governments accountable for where those funds are directed.
A statement from the coalition said, "When properly managed, these revenues should serve as a basis for poverty reduction, economic growth and development rather than exacerbating corruption, conflict and social divisiveness."
The group wants to see revenue disclosures paid by oil, gas and mining companies for every country they operate within. In a report on the Publish What You Pay Web site, titled "Extracting Transparency: The need for an International Financial Reporting Standard for the Extractive Industries," the group makes its case for why such standards should be required on a country-by-country basis.
The report includes a questionnaire that interested readers can fill out to share their observations on the ideas and proposals put forward by Publish What You Pay. They are available at www.publishwhatyoupay.org/ifrs.
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