Sea Change: Transitioning to IFRS

As the world transitions to a single, unified global accounting standard with the implementation of international financial reporting standards (IFRS), oil and natural gas exploration and production (E&P) companies in particular face daunting challenges with the transition.

Even in countries that have already adopted or set out a path for adoption of the new standard, many questions still linger about how to interpret what amounts to largely broad statements of accounting principles under IFRS.