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Entities with Oil and Gas Producing Activities - Audit and Accounting Guide

Publisher: AICPA
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First update in 2 years! This publication includes over 200 pages of invaluable guidance to help you improve your industry knowledge, fine-tune your strategies, and provide high-quality services to your clients.

This 2014 edition provides important technical guidance, summarizes new standards and practices, and delivers "how-to" advice for handling audit and accounting issues that will be critical to your success.

As fluctuating oil prices, off-shore drilling, and other energy-related issues impact the way your clients conduct business, it’s essential to have a keen understanding of the domestic and international topics and trends facing the oil and gas industry today.

Key Benefits Include:

  • An updated illustrative representation letter that contains industry-specific representations.
  • A new appendix which identifies PCAOB standards that broadly correspond with the Clarified Auditing Standards.
  • Discussion and interpretive guidance associated with FASB ASU 2011-04, ASU 2013-03, and ASU 2013-04.
  • Coverage of offsetting of derivatives, financial assets, and financial liabilities.

Updates:

  • FASB ASU No. 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs
  • FASB ASU No. 2012-04, Technical Corrections and Improvements
  • FASB ASU No. 2013-03, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.
  • FASB ASU No. 2013-04. Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date

Audience

Whether you are a financial statement preparer or auditor, it is critical to understand the complexities of the specialized accounting and auditing needed for the oil and gas industry. This comprehensive guide has been designed to be beneficial for a wide range professionals, including those within the oil and gas industry, as well as those practicing in small, regional, and large accounting and auditing firms.

Your subscription includes the corresponding Audit Risk Alert, content updates and unlimited online access for 1 year. AICPA Online Professional Library – your source for the latest guidance, information, and standards on a variety of accounting & auditing, industry-specific, and practice management topics. Subscribe to the product, bundle, or library that best meets your organization's needs. Click here for more information.
Paperback , 2014
Product# AAGOGP14P
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