Hedging is an integral part of the activities of oil and gas, mining and metallurgical companies. The article covers to problems of hedging according to International Financial Reporting Standard IFRS 6 «Financial instruments»: object of the hedge accounting (Hedged Item and Hedged Instrument), types of hedging relationships (Fair value hedge, Cash flow hedge, Hedge of a net investment in a foreign operation).
The International Accounting Standards Board issued International Financial Reporting Standard (IFRS) 6 «Exploration for and Evaluation of Mineral Resources». The standard applied to companies engaged in exploration for and evaluation of oil and gas and mineral resources. The article covers to problems of impairment of these assets. How ever for oil and gas industry is the most popular are USA and Britain standards of financial accounting (GAAP USA and GAAP UK). The article concerns questions of capitalization of expenses for exploration and evaluation of mineral resources of comparison according to the IFRS and GAAP USA.
