This publication provides practical industry insights on IFRS and includes useful sections on:

• Understanding the implications of IFRS for the oil and gas industry for accounting and finance, systems and tax
• Key differences between IFRS and US Generally Accepted Accounting Principles (GAAP) for the oil and gas industry
• Evaluating approaches to IFRS conversion
• Developing an IFRS road map
• IFRS lessons from the European experience

As we have learned, illiquid markets bring new challenges to the measurement of fair value that may not have been fully appreciated in past years. These challenges have brought into focus the need for further work on improving the tools that companies have at their disposal to achieve transparent, decision-useful financial reporting.

Transparency is the cornerstone of world class financial reporting. Transparent and unbiased financial reporting allows investors to make informed decisions based upon a company's financial performance and disclosures. A clear, concise, and balanced view into the companies that participate in our capital markets is fundamentally important to those who choose to invest in our markets. Informed decision making results in efficient capital allocation.

Recent developments raise broader issues related to the role of fair value accounting for financial instruments which we intend to explore further with all stakeholders as a matter of urgency. This issue should also be comprehensively addressed in the context of ongoing IASB projects. There may be a need to adjust the timetable of ongoing projects to reflect the immediate needs of the current crisis.

IFRS Matters

• FASB and IASB Update The MOU
• IASB Proposes Amendments to IFRS 1
• IASB Issues Draft Document on Fair Valuation of Financial Instruments in Inactive Markets
• IASB Proposes Amendments to Discontinued Operations Standard
• IFAC Issues Exposure Draft of IPSAS 5 on Borrowing Costs
• Tips on Applying IFRS Share Based Payments

• SEC Approves PCAOB's New Rules on Evaluating Financial Statement Consistency
• SEC Advises Registrants to Further Explain Fair Value in MD&A
• SEC Updates EDGAR

• FASB Issues Exposure Documents on Amendments to Statement 140 and Interpretation No. 46(R)
• FASB Issues Final FSP on Disclosures About Credit Derivatives and Certain Guarantees
• Clarification on Fair Value Accounting
• FASB Issues Proposed FSP on Discontinued Operations
• FASB Delays Contingencies Project
• FASB Issues Exposure Drafts on Going Concern and Subsequent Events
• FASB Updates Codification for Insurance Industry
• EITF Meeting Highlights
• The Impact of the New Economic Stabilization Act on Investments' Impairment
• SEC Clarifies Accounting for Bank Support of Money Market Funds