Delivery Challenges Faced by the Oil, Gas and Utilities Sectors
Implementation of International Financial Reporting Standards (IFRS) poses unique challenges for companies in the oil, gas and utilities industries. Many companies have already produced their first set of annual IFRS financial statements and all eyes are now on the regulators and investors for their verdict on how well companies have performed. A new report from PricewaterhouseCoopers, ‘Real Time’, highlights the specific dilemmas that these sectors have faced, examines how companies have responded, and what they need to do next. The challenges are far from over, even for existing IFRS reporters.
Manfred Wiegand, Global Utilities Leader, PricewaterhouseCoopers said:
“Delivery of IFRS reporting has coincided with record energy prices, supply uncertainty and new regulation for these companies. The challenge is accentuated by difficult issues such as emissions trading, reporting treatment of long-term contracts, environmental reparation and decommissioning.”
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