Premium
Corporate Reporting and Urgent Issues Group Abstracts: The Impact of UIG 4 ON THE Australian Extractive Industries
Author(s) -
Hardy Martine,
Frost Geoffrey R.
Publication year - 2001
Publication title -
australian accounting review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.551
H-Index - 36
eISSN - 1835-2561
pISSN - 1035-6908
DOI - 10.1111/j.1835-2561.2001.tb00176.x
Subject(s) - comparability , accounting , business , mathematics , combinatorics
The Urgent Issues Group (UIG) was established in 1994 to overcome the inability of Australian standard‐setters to deal promptly with significant reporting issues. One of its first issues was accounting for restoration obligations, with the subsequent issue in August 1995 of UIG Abstract 4 Disclosure of Accounting Policies for Restoration Obligations in the Extractive Industries. This study reports on the effect of the introduction of UIG 4 on the reporting practices of companies in the extractive industries. Despite an increase in the number of companies disclosing their accounting policy and the level of information provided, the comparability, and therefore usefulness, of disclosure after the introduction of UIG 4 is still questionable.