INFORMATION PRESENTATION AND DISCLOSURE OF VERTICALLY INTEGRATED OIL AND GAS COMPANIES ACTIVITIES IN THE FINANCIAL STATEMENTS IN ACCORDANCE WITH IFRS
The article is devoted to the presentation and disclosure of information on the activities of vertically-integrated oil companies (VIOC) in the financial statements prepared within International financial reporting standards (IFRS).The aim is to study the issues of presentation and disclosure of information about the activities of vertically integrated companies in Russia in the financial statements prepared under IFRS and to justify the proposals for improving the information disclosure in such statements.In the article we used modern scientific researches in the field of consolidated financial statements preparation in accordance with IFRS. Methods of analysis and synthesis, induction and deduction, observation, grouping, and comparison were used.Features of the consolidated financial statements preparation of the group companies are systemized. Measures improving the transparency and usefulness of the information disclosed in the consolidated financial statements of vertically integrated oil companies are proposed.The results of the study have theoretical and practical importance and can be recommended for the consolidated financial statements preparation in vertically integrated companies in accordance with IFRS.The results of the study on the issue showed that the international financial reporting standards do not providerecommendations on its application in the oil and gas industry and require the professional judgment of an expert in the field of accounting. Many vertically integrated companies use industry accepted methods, and the American accounting standards. It is concluded that for making reasoned economic decisions on the statements the users require additional information disclosed in the financial statements of vertically integrated oil and gas companies.