The IASB published the results of an international research project on a possible future International Financial Reporting Standard (IFRS) for extractive activities in the form of a discussion paper – Extractive Activities.
A research team comprising members of the Australian, Canadian, Norwegian and South African accounting standard-setters analysed and discussed accounting for extractive activities with a wide range of stakeholders in order to identify a possible approach for a standard on the accounting for extractive activities. The discussion paper only contains the views of the project team – it does not represent the views of the Board. After considering the responses received on the discussion paper, the Board will decide whether to add the project to its active agenda.
The discussion paper – Extractive Activities is open for comment until 30 July 2010.

The document is available on the IASB website.

Please find the press release herewith attached.