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Investors say extractives accounting proposals “insufficient”

Investors such as Norway’s KLP and Storebrand and asset managers Boston Common and Calvert have expressed mixed responses to draft proposals on the development of a new accounting standard for extractives activities. While broadly welcoming the initiative, they say some of the plans are not adequate in key areas...The International Accounting Standards Board issued a discussion paper on extractives last April…The IASB recognises that a lack of guidance has meant that the accounting and disclosure of mining firms “often vary by industry, by jurisdiction, and by the size of the company”…The IASB will now decide whether to add the project to its agenda…[also refers to Norges Bank Investment Management, Northwest & Ethical Investments]