Oil and Gas issues

The Board reviewed its proposed amendments to IFRS 1 with respect to certain exemptions for oil and gas assets in light of comments received on the Exposure Draft issued in September 2008. The staff noted that 95 responses were received and the vast majority of those responses had been favourable towards the proposed amendments.

The Board confirmed the proposals. In doing so, they agreed to amend the proposed paragraph 19A to describe the attributes of 'full cost accounting' rather than refer to the method by name. Other minor amendments were made with little debate. The Board will discuss the proposed exemptions related to rate-regulated activities at a subsequent meeting.