The Board held an education session for the extractive activities research project. This session continued from the presentations on minerals and oil and gas reserves and resources in April 2005 and provided the Board with a further opportunity to ask questions about the key components of the definitions of reserves and resources that are used in each industry.
Representatives from the Society of Petroleum Engineers Oil & Gas Reserves Committee, the Australasian Joint Ore Reserves Committee, and the Combined Reserves International Reporting Standards Committee who are providing technical advice to the project team were present. In this session, some of the possible approaches for defining reserves and resources for financial reporting purposes were discussed.
Some initial support was indicated for exploring the use of a generic definition of �resources� for recognition purposes (on either a historical cost or a current value basis) that encompasses minerals and oil and gas reserves and resources. Under that approach, disclosures supporting the recognition and measurement of 'resources' (as generically defined) could be based on or be similar to the existing industry-developed reserves and resources definitions. No decisions were made.