Entities With Oil and Gas Producing Activities — AICPA Audit and Accounting Guide

Ensure you have the most current authoritative guidance when auditing an entity with oil and gas producing activities.

The AICPA Entities with Oil and Gas Producing Activities Audit & Accounting Guide is developed by leading experts from industry and public practice.  It summarizes new standards, guidance, and practices, and delivers "how-to" advice for handling audit and accounting issues common to entities with oil and gas producing activities.

This AICPA Audit and Accounting Guide has been fully updated to reflect the new standards resulting from the Clarity Project. Fully incorporating the clarified auditing standards into this edition of the guide enables auditors to further their understanding of these recently issued auditing standards, as well as begin updating their audit methodologies, resources, and tools prior to the clarified auditing standards’ effective date. Additionally, this approach gives auditors the opportunity to review and understand the changes made by their third-party audit methodology and resource providers, if applicable. The clarified auditing standards are effective for audits of financial statements for periods ending on or after December 15, 2012 (calendar year 2012 audits).

This guide includes relevant guidance contained in applicable standards and other technical sources. The guide offers clear and practical guidance on recent developments in accounting and financial reporting and disclosure of oil and gas producing activities under the full cost and successful efforts methods, ownership interests and operations, classification of oil and gas reserves, unique tax considerations, sources of capital, and the business activities of the oil and gas producing industry All content is reviewed by industry experts and the appropriate AICPA senior committee. A subject index has been added to the audit and accounting guide for ease of use.
Updates significant to this edition include technical guidance contained in:

• ASU 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs
• Statement on Auditing Standards Nos. 122–126for the Codification of Statements on Auditing Standards (contained in AICPA  Professional Standards)

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