Entities with Oil and Gas Producing Activities - Audit and Accounting Guide
Invaluable guidance on financial reporting, risk assessment, internal controls, and industry-specific issues to help you deliver high-quality services.
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WOGXX12
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First update in 7 years!
The oil and gas industry is constantly evolving with shifting pricing, new drilling techniques, global expansion, heightened regulatory expectations, and fast-moving accounting and auditing standards. This publication 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.
Accounting guidance
Explore comprehensive guidance on full cost and successful efforts methods, reserve estimation, asset retirement obligations, depreciation and depletion, ceiling tests, business combinations, and revenue recognition. Recent updates are included for:
- FASB ASU No. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments
- FASB ASU No. 2017-04, Intangibles — Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment
- FASB ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement
Audit guidance
Strengthen your audits with fully updated risk assessment guidance. Learn how inherent risk factors, IT environments, and identified controls influence audit procedures in an industry built on high-judgment estimates and complex arrangements. This edition has been updated to reflect:
- SAS No. 142, Audit Evidence
- SAS No. 143, Auditing Accounting Estimates and Related Disclosures
- SAS No. 144, Amendments to AU-C Sections 501, 540, and 620 Related to the Use of Specialists and the Use of Pricing Information Obtained From External Information Sources
- SAS No. 145, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement
- SAS No. 146, Quality Management for an Engagement Conducted in Accordance With Generally Accepted Auditing Standards
Key Topics
- Successful efforts and full cost accounting; reserve determination and impairment
- Asset retirement obligations and environmental liabilities
- Revenue recognition (FASB ASC 606) for oil, gas, and natural gas liquid activities
- Production sharing contracts, concessions, and international fiscal systems
- Joint interest arrangements, farm-ins, carried interests, and nontraditional financing
- Risk assessment procedures and internal control considerations under SAS No. 145
- Audit procedures for derivatives, income taxes, asset retirement obligations, and reserve-related estimates
Who Will Benefit
Auditors and accountants working in the oil and gas industry.
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