The development of accounting regulation in the extractive industries: An international review
Year: 1996
Type: article
Abstract: In view of the economic significance of extractive industries, the special accounting issues raised, the wide range of accounting data that can be obtained, and the numerous calls over many years for standardization, there has been less regulation of their accounting than might have been expected. The development of accounting regulations and practices in the extractive industries in five countries is reviewed and salient issues are explored. The continuing international diversity is the result of the vested interests of large companies, technical accounting complications, and a view that, given the limitations of historical cost accounting, the cost of regulation and standardization would not be justified. As a result of the conceptual framework programs, rising commodity prices, and increased environmental accountability, extractive industry accounting has recently returned to various agenda. This review shows that the debate is likely to be more related to politics than accounting and may not be altogether rational or conclusive.
Author: Robert Luther
Institution: University of Exeter
Language: English
Subfield: Accounting
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W1990545896