Oil and gas revenue accounting basics
You may have heard the term Accounting is Accounting, and thats true. Next well cover revenue and how it is paid out and accounted for and then well cover well expenses, amounts held in suspense. Lastly well cover reporting. This includes profit and loss financials as well as yearend reporting.
Accounting for the oil, gas and mining industries
Book Description Oil and gas operations have some of the most unique accounting issues found in any industry. Topics covered include the successful efforts method, full cost method, reserve reporting, the unit of production method, severance taxes, take-or-pay arrangements, transfers of mineral interests, and joint interest accounting, as well as industry-specific controls that should be installed.
In short, this book is the essential oil and gas desk reference for the accountant. Chapter 1. Overview of Oil and Gas Operations Chapter 2. Overview of Oil and Gas Accounting Chapter 3.
Successful Efforts Method Chapter 4. Full Cost Method Chapter 5. Depreciation, Depletion, and Amortization Chapter 6. Accounting for Production Costs Chapter 7. Revenue Accounting Chapter 8. Reserve Reporting Chapter 9. Transfers of Mineral Interests Chapter Joint Interest Accounting Chapter Interest Capitalization Chapter Asset Retirement and Environmental Obligations Chapter Asset Impairment Chapter Oil and Gas Disclosures Chapter Auditor Inquiries Chapter Accounting Controls.
Books Listed by Title. Articles Topics Index Site Archive. About Contact Environmental Commitment. Oil and Gas Accounting Book.
Buy Softcover at Amazon. Buy CPE Course. Table of Contents Chapter 1. Copyright
Income from hedging transactions. Hedge accounting. Revenue recognition – IFRS How does it impact the oil and gas sector? Scope.
Book Description Oil and gas operations have some of the most unique accounting issues found in any industry. Topics covered include the successful efforts method, full cost method, reserve reporting, the unit of production method, severance taxes, take-or-pay arrangements, transfers of mineral interests, and joint interest accounting, as well as industry-specific controls that should be installed. In short, this book is the essential oil and gas desk reference for the accountant.
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A half-day overview of revenue accounting basics that provides a general understanding of the various functions performed in the revenue department of an exploration and production company, an overview of the physical layout of oil and gas producing properties, how to account for oil and natural gas production and settlement, and revenue distribution. Each participant will receive a workbook with the discussion materials, problems and solutions for future reference.
Oil and Gas Revenue Accounting - The Basics
Companies involved in the exploration and development of crude oil and natural gas can choose between two accounting approaches: the successful-efforts SE method and the full-cost FC method. These approaches differ in how they treat specific operating expenses related to the industry. The accounting method that a company chooses affects how its net income and cash flow numbers are reported. Therefore, the accounting method is an important consideration when analyzing companies involved in the exploration and development of oil and natural gas. Companies record exploration costs capitalized under either method on the balance sheet as part of their long-term assets.
