The Oil Industry Accounting Committee (OIAC) is a focal point for UK upstream oil and gas companies in relation to all financial reporting matters.

Originally established as a sub-committee of the Accounting Standards Committee (ASC), OIAC took its present form in 1984 when it was recognised by ASC as the appropriate body to develop Statements of Recommended Practice (SORPs) for the upstream oil and gas industry. Over the period 1986 to 1991, OIAC published a number of SORPs relating to specific oil and gas industry accounting topics, which were consolidated into a single Oil and Gas SORP in 2000 (updated in 2001), which still serves as the basis of oil and gas industry accounting in the UK today.

As International Financial Reporting Standards (IFRS) have progressively become the source of UK GAAP for larger companies, OIAC has again reinvented itself. In future it will devote its efforts to helping UK upstream oil and gas companies interpret and apply IFRS, as well as UK GAAP. In particular, it will act on behalf of the industry to ensure that, should the IASB develop proposals for a new Extractive Activities accounting standard, it will provide a suitable reporting framework within which companies can operate (see most recent comment letter).