Extracting transparency: the need for an International Financial Reporting Standard for the Extractive Industries
In the light of an emerging International Financial Reporting Standard (IFRS) for the extractive industries - which could give a significant boost to global efforts to better account for revenues from the extractive industries - this report argues that such standards should require upstream extractive industry operators to disclose revenue payments on a country-by-country basis.Country-by-country reporting, this report argues, are crucial in achieving greater transparency, and will allow for better informed decisions about companies engaged in the extractive sector.