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Charities press IASB to issue transparency standard.

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PositionFIRST IN... - International Accounting Standards Board - Brief article

A global coalition of not-for-profit organisations has persuaded the International Accounting Standards Board (IASB) to consider introducing measures that could help to improve social and economic conditions in resource-rich developing nations.

The Publish What You Pay campaign is seeking a new accounting standard that would require oil, gas and mining companies to disclose details of taxes and other payments made to foreign governments. Current IASB standards don't require individual country-by-country reporting in these industries.

Greater financial transparency is needed to ensure that revenues received from natural resources are used for legitimate purposes in countries such as Angola, Nigeria and Indonesia, according to Henry Parham, a campaign co-ordinator. "This is essential to confirm that governments use the cash received from mineral...

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