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Rebalancing the financials; Oil & Gas

Canada’s current set of GAAP accounting rules is a well-established regime when it comes to oil and gas. The rules dictate how certain values, such as reserves, must be accounted for. Under IFRS, there are no established standards for oil and gas accounting. Sippy Chhina [CA], a partner at Deloitte & Touche in Calgary, explains some of the holes in the new system, and how Canada’s oil and gas industry successfully won an exemption that will save resource companies around the world both time and money.
http://www.financialpost.com/related/links/story.html?id=2026222

National Post