International Petroleum Accounting, 2nd Edition

International Petroleum Accounting 2nd edition is a comprehensive, cover-to-cover revision of the International Petroleum Accounting 1st edition. This book uniquely presents a comprehensive guide to both U.S. accounting standards and the International Accounting Standards Board (IFRS). The 2nd edition focuses on accounting standards and guidance issued by the IFRS, the U.S. Financial Accounting Standards Board, and the U.S. Securities Exchange Commission as they relate to accounting and reporting for global petroleum-related operations. The new edition also includes a detailed, point-by-point comparison of U.S. and IFRS standards spanning all significant accounting topics from initial exploration and evaluation of potential oil and gas prospects through production and final abandonment, also including the latest standards relating to revenue recognition, leases, and joint operations. The 2nd edition is updated to include detailed discussion and analyses of current issues related to global economic and political policies impacting the petroleum industry in addition to various petroleum fiscal policies, tax issues, various petroleum contracts, and joint operating agreements. This new edition also includes a new chapter on oil and gas reserves which encompasses a detailed discussion of the latest reserves reporting requirements issued by the U.S. Securities Exchange Commission along with the reserves reporting guidance from the Petroleum Reserve Management System (which is utilized by many companies accounting under IFRS).

Audience

• Students
• Accounting & Finance professionals
• Management
• Anyone who seeks to understand international oil & gas accounting.

Chapter 1 : Overview of International Upstream Operations
Chapter 2 : International Petroleum Contracts
Chapter 3 : Reserves and Resources
Chapter 4 : Accounting for Non-Drilling Exploration and License Acquisition Costs - Successful Efforts
Chapter 5 : Accounting for Exploratory Drilling and Appraisal Costs - Successful Efforts
Chapter 6 : Accounting for the Costs of Development - Successful Efforts
Chapter 7 : Depreciation, Depletion, and Amortization - Successful Efforts
Chapter 8 : Full Cost Accounting
Chapter 9 : Recognition of Revenue
Chapter 10 : Production Activities and Performance Evaluation
Chapter 11 : Impairment
Chapter 12 : Accounting for Asset Retirement Obligations and Environmental Obligations
Chapter 13 : Accounting for Joint Interest Operations
Chapter 14 : Disclosures Regarding Oil and Gas Producing Activities

Appendix A : AIPN 2012 Model Form International Joint Operating Agreement
Appendix B : AIPN 2012 Model Form International Accounting Procedure
Appendix C : SEC Reg. S-X Rule 4-10
Appendix D : Acronyms Commonly Used in the International Petroleum Industry
Index