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:

    • Kenneth Miller, PricewaterhouseCoopers LLP (Co-Chair)
    • Jim Boessenecker, Chevron
    • James Bowie, Ernst & Young LLP
    • Rocky Horvath, BDO
    • Jamie McCoy, Eagle Energy Exploration LLC
    • Sandi Melocik, Exxonmobil
    • Brandon Sear, Grant Thornton
    • Jeff Slate, Ernst & Young LLP
    • Kevin Snyder, ConocoPhillips
    • John Vickers, Deloitte
    • Mark Zajac, KPMG LLP
    Staff Contact: Fred Gill, fgill@aicpa.org


    Below is 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
    1 Scope clarification regarding tariff sales to regulated customers –If in scope, what is term of contract?
    2 Accounting for contracts with price and/or volume variability –Include strip, step and index pricing as well as considerations around the revenue constraint
    3 Accounting for contract modifications –Including blend-and-extend modifications (whether they include a financing element) as well as treatment of partial terminations.
    4 Accounting for bundled arrangements – Focusing on identifying the performance obligations within a bundled sale contract.
    5 Accounting for sales of non-financial assets – Accounting for dispositions of PP&E as well as partial sales of PP&E (specifically, what is the appropriate unit of account when assessing whether control has transferred in a partial sale).


    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 revreccomments@aicpa.org by the dates noted below:

    Issue # Comment Due Date

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

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