This long-awaited text explains, examines, and discusses 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.
Introduction to International Petroleum Industry Accounting
International Contracts That Influence Accounting Decisions
Accounting Decisions and the Phases Encountered in Upstream International Operations
Accounting For Prospecting and License Acquisition Costs
Accounting for Exploratory Drilling and Appraisal Costs
Accounting for the Cost of Development Operations
Accounting for Petroleum Production Activities
Revenue Recognition in International Operations
Accounting for Future Decommissioning Obligations
Depreciation, Depletion and Amortization
Accounting for Joint Ventures and Other Contracts
Oil and Gas Reserve Disclosures
Full Cost Accounting