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IASB'S Recent Update on the Extractive Activities Project: A Comment

Abdo, Hafez; Owusu, Freeman Brobbey

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Associate Professor

Freeman Brobbey Owusu


In January 2022, the IASB published an article on the Extractive Activities project where Tadeu Cendon explains the IASB's decision on the project. Although the IASB acknowledges the existence of the problem of diversity in accounting practices in the EI, they have decided to tentatively remove the temporary status of IFRS 6 and also limit the scope of the extractive project to exclude some aspects stakeholders find important. This comment is a reaction to the Board's decision and personal reflections of the author. We find that the IASB's decision may not be based on available empirical evidence but other unexplained factors. Based on existing literature we are tempted to believe; the Board might be subject to significant political pressure which is influencing their decision, or they have decided to choose an easier route to avoid fierce opposition or lobbying that is likely to come from powerful players in the industry. We recommend the Board rescinds its decision and address the issue of diversity of accounting practices in the EI in a more holistic fashion.


Abdo, H., & Owusu, F. B. (2023). IASB'S Recent Update on the Extractive Activities Project: A Comment. Oil, Gas and Energy Quarterly, 71(3), 443-452

Journal Article Type Article
Acceptance Date Nov 24, 2022
Publication Date 2023
Deposit Date Nov 28, 2022
Publicly Available Date Dec 31, 2023
Journal Oil, Gas and Energy Quarterly
Print ISSN 1096-9195
Peer Reviewed Peer Reviewed
Volume 71
Issue 3
Pages 443-452
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