by Charlotte J. Wright and Rebecca A. Gallun
A companion text to PennWell's popular Fundamentals of Oil & Gas Accounting, this book illustrates various aspects of accounting in international petroleum operations. The authors discuss and illustrate international petroleum contracts and related contract accounting issues that arise and contrast U.S. accounting standards with those of other countries which are likely to be applicable to companies operating in international settings. Also included are discussions of petroleum tax regimes encountered around the world.
Key Features and Benefits:
- Understand the complexities of international petroleum contacts as they relate to accounting practices.
- Gain insight into the financial accounting standards in place in the U.S., UK and international standards as they relate to upstream petroleum operations.
- Detailed discussion and guidance in complying with various contract requirements and the latest financial accounting standards.
- Upstream petroleum operations
- Industry accounting practices
- Contracts that influence accounting decisions
- Accounting for pre-license prospecting, nondrilling exploration, and license acquisition costs-successful efforts
- Accounting for exploratory drilling and appraisal costs-successful efforts
- Accounting for the cost of development-successful efforts
- Depreciation, depletion and amortization-successful efforts
- Full cost accounting in international operations
- Accounting for production costs and company evaluation
- Recognition of revenue
- Impairment of proved property, wells, equipment and facilities
- Accounting for future decommissioning and environmental costs
- Accounting for international joint operations
- Disclosure of cost and reserve information
- Appendix A: AIPN 2002 Model Form International Operating Agreement
- Appendix B: AIPN Model Form International Accounting Procedure
- Appendix C: SEC Reg. SX, Rule 4-10
- Appendix D: Acronyms commonly used in the international petroleum industry