The role of OIAC shall encompass:
Act as a focal point for the UK-based oil and gas industry, with particular emphasis on the upstream segment of the industry’s activities, in relation to financial reporting and disclosure issues, and as a conduit for the industry to IASB and any of its sub-committees or working groups on such issues.
Make specialist oil and gas industry knowledge available to IASB and the IFRS Interpretations Committee for the purposes of developing new IFRS and updating or interpreting existing IFRS, or as otherwise requested.
Comment to IASB on discussion papers and exposure drafts for new or updated IFRS with respect to issues of special relevance to UK upstream oil and gas companies and provide guidance to the industry on the possible implications for such new or updated IFRS in relation to industry-specific matters.
Promote best practice in external financial reporting in the UK oil and gas industry and identify and seek to narrow areas of difference of financial reporting in the sector.
Advance understanding of financial reporting best practice in the UK oil and gas industry and amongst the wider business community.
Given that the more specific guidance on upstream oil and gas accounting and disclosures in US GAAP often provides the basis for global reporting, OIAC will give special cognisance to areas where IFRS and US Financial Accounting Standards currently or could in future diverge.