The purpose of the event was to gather useful input on significant accounting issues currently experienced in the oil and gas industry, and developments since the 2010 IASB Discussion Paper on Extractive Activities.

Background

In April 2010, the IASB issued a Discussion Paper Extractive Activities (https://www.ifrs.org/-/media/project/extractive-activities/dp-extractive-activities-april-2010.pdf) containing the research findings of a team of national standard-setters from Australia, Canada, Norway and South Africa (NSS).

In February 2018, the IASB decided to start work on the extractive activities research project (https://www.ifrs.org/projects/work-plan/extractive-activities/). The Board’s first step in the extractive activities research project was to request those NSS that undertook the research for the April 2010 Discussion Paper to inform the Board of any significant developments since 2010 that those NSS thought the Board should be aware of as it started its research. The outreach was held to help the Norwegian standard setter to provide input to the IASB. Please also see the questions in the appendix to the staff paper dated September 2018: https://www.ifrs.org/-/media/feature/meetings/2018/september/iasb/ap19-ea.pdf.

A summary report was sent to the IASB after the event:

Outreach on Extractive Activities – Norway (November 2018)