Supporting International Standards

IFAC Response to International Monetary Fund Consultation: Draft Resource Revenue Management Pillar

IFAC
Feb 15, 2015 | Comment Letters
English

Pillar IV – Resource Revenue Management, will complete the IMF Fiscal Transparency Code by stating principles and practices for each stage of the resource revenue management process for resource-rich countries. It recognizes the need to account for differences in the institutional and legal systems which govern natural resource activity in individual countries, and follows the structure and approach of the first three pillars in measuring the transparency and quality of output rather than processes, and in placing greater emphasis on fiscal risk disclosure and management. It also reflects the importance of changes in commodity markets and the structure of the extractive industries in recent years, and takes into account the development of new natural resource transparency standards and initiatives.

IFAC welcomes the proposals in Pillar IV to strengthen obligations on governments to improve transparency for the natural resources they control and the rights and obligations that stem from their exploitation.  In its response, IFAC has highlighted a number of areas where the principles could be strengthened to improve the quality of information reporting by governments on the exploitation of natural resources and the role the accounting profession can play in helping to achieve that end.

 

Copyright © 2023 The International Federation of Accountants (IFAC). All rights reserved.

 

Related Resources

 
 

Get the latest updates delivered to your inbox

Subscribe now

 
 

LOOKING FOR BOARD STANDARDS?

View Boards Site

 

Translations & Permissions

Looking to reproduce the standards for your members? Want to include IFAC's publications in your training materials or university course? Learn how we can help.

IP permissions and policies

Primary tabs

Thank you for your interest in our publications. These valuable works are the product of substantial time, effort and resources, which you acknowledge by accepting the following terms of use. You may not reproduce, store, transmit in any form or by any means, with the exception of non-commercial use (e.g., professional and personal reference and research work), translate, modify or create derivative works or adaptations based on such publications, or any part thereof, without the prior written permission of IFAC.

Our reproduction and translation policies, as well as our online permission request and inquiry system, are accessible on the Permissions Information web page.

For additional information, please read our website Terms of Use. ALL RIGHTS RESERVED.

Agree