Entities with Oil and Gas Producing Activities Revenue Recognition Task Force 


AICPA Revenue Recognition Task Forces are charged with developing revenue recognition implementation issues that will provide helpful hints and illustrative examples for how to apply the new Revenue Recognition Standard.

Task Force Members:

  • Herb Listen, Ernst & Young LLP (Chair)
  • Jim Boessenecker, Chevron
  • Dustin Hatley, Noble Energy
  • Rocky Horvath, BDO
  • Brian Matlock, BKD
  • Katie McKnight, Ernst & Young LLC
  • Sandi Melocik, Exxonmobil
  • Brandon Sear, Grant Thornton
  • Jeff Slate, Ernst & Young LLP
  • Kevin Snyder, ConocoPhillips
  • John Vickers, Deloitte
  • Kevin Wilcox, Hess
  • Gary Wilson, Marathon Oil
  • Mark Zajac, KPMG LLP
Staff Contact: Fred Gill, fgill@aicpa.org

IDENTIFIED REVENUE RECOGNITION IMPLEMENTATION ISSUES

Below will appear a list of potential revenue recognition implementation issues identified by the Entities with Oil and Gas Producing Activities Revenue Recognition Task Force. The list will be updated as the task force continues it discussions. Full revenue recognition implementation issues will be posted below for informal comments after review by the AICPA Financial Reporting Executive Committee (FinREC).

 

Issue # Description of Implementation Issue Status
1 Revenue Recognition of Sales of Oil and Gas Out for Exposure until December 1, 2017
2 Inventories  Out for Exposure until December 1, 2017
3 Joint Operating Agreements Out for Exposure until December 1, 2017
4 Derivative Commodity Contracts
Out for Exposure until December 1, 2017
5 Disclosures Out for Exposure until December 1, 2017


FEEDBACK REQUESTED

Draft Revenue Recognition Implementation Issues included for informal comment, when available, will be listed below.

Respondents should submit any comments including the implementation issue number to frederick.gill@aicpa-cima.com by the dates noted below:
 

Issue #   Comment Due Date 
 12-1 - Revenue Recognition of Sales of Oil and Gas   December 1, 2017
 12-2 - Inventories  December 1, 2017
 12-3 - Joint Operating Agreements  December 1, 2017
 12-4 - Derivative Commodity Contracts  December 1, 2017
 12-5 - Disclosures  December 1, 2017



The Entities with Oil and Gas Producing Activities Revenue Recognition Task Force recommends the following AICPA products for current revenue recognition issues:



A A A


 
© 2017 Association of International Certified Professional Accountants. All rights reserved.