Europe’s oil and gas CFOs braced for accounting change

It is being labelled as the biggest accounting shake-up in 25 years. And oil and gas utilities throughout Europe must take note. International Financial Reporting Standards will soon replace national accounting standards, and according to PricewaterhouseCoopers, CFOs are asking for the necessary investment to implement the changes.

Utilities must be able to analyse the impact of IFRS on corporate performance, create systems to report to regulatory bodies, and educate investors and shareholders about the changes. This must take place before IFRS implementation in 2005.