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This audit and accounting guide has been significantly revised to incorporate the provisions related to the SEC’s modernization of oil and gas reporting disclosures to align oil and gas disclosure requirements with current practices and changes in technology, as well as the FASB’s resulting changes to its reserve calculation and disclosure requirements.
This audit and accounting guide summarizes new standards, practices, relevant guidance contained in applicable standards and other technical sources, and guidance for auditors and management, and delivers "how-to" advice for handling audit and accounting issues common to entities with oil and gas producing activities. Whether you are a financial statement preparer or auditor, it is critical to understand the complexities of entities with oil and gas producing activities. This audit and accounting 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 approved by the appropriate AICPA senior technical committee(s). A subject index has been added to the audit and accounting guide for ease of use.
Updates significant to this edition also include technical guidance contained in:
For a topical listing of subject matter by chapter, click on the Table of Contents tab.
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