IASB April 2005

The Board held educational sessions for the extractive activities research project. The focus of these sessions was on minerals and oil and gas reserves and resources, including an overview of the estimation of reserves and resources and of some of the major reserve/resource reporting codes used in the industries. The sessions were led by a representative from the Australasian Joint Ore Reserves Committee (assisted by a representative from the Combined Reserves International Reporting Standards Committee) and a representative from the Society of Petroleum Engineers Oil and Gas Reserves Committee. No decisions were made.

Another educational session is planned for an upcoming meeting to identify the various options available for defining reserves and resources for financial reporting purposes.