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Mining: A Survey of Global Reporting Trends
KPMG is pleased to present the results of its 2003 survey of reporting trends in the global mining industry. This survey builds on the previous KPMG mining surveys and has been expanded to include analysis of mining companies located in countries outside the traditional mining bases of Australia, Canada, South Africa, the United Kingdom and the United States.
The survey shows that while the industry's reporting as a whole sets a good example to other industry sectors, problems still arise over accurately benchmarking company performance. Lee Hodgkinson, Global Head of Mining, KPMG's Global Energy & Natural Resources practice, explained: "Our survey highlights how there are often inconsistencies between the ways in which companies disclose financial and non-financial measures, most notably in the case of the emerging mining centers. In some ways, this is perfectly understandable as information is often presented to provide a balanced picture of the company's performance - however it also means stakeholders can be missing out on valuable information."
KPMG's survey shows the mining industry is taking serious steps in improving the quantity and quality of information that is presented to stakeholders. Hodgkinson comments that: "Audited financial statements are no longer the primary reporting tool but are now complemented by other forms of reporting such as investor presentations, quarterly reporting and non-financial statements such as sustainability reports."
The improvements demonstrated by global mining companies has prompted Michael Bray, Executive Partner of KPMG's Global Energy & Natural Resources practice to state that: "Best practice financial reporting in the industry is as good today as in any other industry". Bray adds "It is essential that the International Accounting Standard Board's project on the extractive industries is accelerated so that a standard for these industries can be quickly put in place, or other standards can be adjusted, to meet the unique circumstances of the industries."
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