Oil and Gas Producing Entities
Published November 30, 2012
Whether you are a financial statement preparer or auditor, it is critical to understand the complexities of entities with oil and gas producing activities. AICPA publications provide information on recent developments, guidance, and illustrative examples for common accounting and audit practices you may encounter in the oil and gas producing industry including
- 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.
Find comprehensive examples of financial statements, notes, and supplementary schedules.
AICPA Audit and Accounting Guide Entities With Oil and Gas Producing Activities
- This AICPA Audit and Accounting Guide has been fully conformed to reflect the new standards resulting from the Clarity Project. This year’s edition of the guide fully incorporates the clarified auditing standards into all guide content, so that auditors can further their understanding of the clarified auditing standards. The clarified auditing standards are effective for audits of financial statements for periods ending on or after December 15, 2012 (calendar year 2012 audits). Auditors should continue to use the 2011 edition of this guide until the clarified auditing standards become effective for the auditors’ engagements.