KARAPINAR, Aydın Gazi Üniversitesi - İktisadi İdari Bilimler Fakültesi - İşletme Bölümü , ZAİF, Figen Gazi Üniversitesi - İktisadi İdari Bilimler Fakültesi - İşletme Bölümü , TORUN, Salih Gazi Üniversitesi - İktisadi İdari Bilimler Fakültesi - İşletme Bölümü

ACCOUNTING POLICIES APPLIED IN THE EXTRACTIVE INDUSTRIES AND ACCOUNTING POLICIES SET IN INTERNATIONAL FINANCIAL REPORTING STANDARDS -6

36248

The accurate, reliable and comparable financial information in extractive industry come into prominence because of the position of extractive industry in global and domestic economy, the characteristic and multinational structure of the industry. However until 2000 there has been no International Accounting Standard (IAS/IFRS) that specifically addresses the accounting for this industry and the accounting policies for this sector had been set in IAS 38 Intangible Assets and IAS 16 Property, Plant and Equipment. International Financial Reporting Standard- 6(IFRS-6) which has been published in 2004 effective in 2006 is the accounting standard included the principles for this sector. In this study the accounting policies for extractive industry is explained initially. Then the accounting policies set in IFRS-6 is examined. The purpose of the study is to discuss the accounting policies set in IFRS-6 comparatively with general accepted accounting principles. When we scrutinized the accounting policies set in IFRS-6, it is ascertained that IFRS-6 is far from establishing an accounting policy and includes embedded policies. Setting flexible and embedded choices in IAS/IFRS, used by nearly 120 countries may cause significant problems in comparability and disclosure.

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IFRS , 6 , Accounting For Extractive Activities , Area , of , Interest Method , Full Cost Method , Successful Effort Method.

Journal Of Economics an‎d Administrative Sciences

68