Accountants' Handbook, 2 Volume Set

Accountants' Handbook, 2 Volume Set

by D. R. Carmichael, Lynford Graham
     
 

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This highly regarded reference is relied on by a considerable part of the accounting profession in their day-to-day work. This comprehensive resource is widely recognized and relied on as a single reference source that provides answers to all reasonable questions on accounting and financial reporting asked by accountants, auditors, bankers, lawyers, financial

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Overview

This highly regarded reference is relied on by a considerable part of the accounting profession in their day-to-day work. This comprehensive resource is widely recognized and relied on as a single reference source that provides answers to all reasonable questions on accounting and financial reporting asked by accountants, auditors, bankers, lawyers, financial analysts, and other preparers and users of accounting information. The new edition reflects the new FASB Codification, and includes expanded coverage of fair value and guidance on developing fair value estimates, fraud risk and exposure, healthcare, and IFRS.

Product Details

ISBN-13:
9781118171806
Publisher:
Wiley
Publication date:
06/05/2012
Edition description:
New Edition
Pages:
1920
Product dimensions:
7.00(w) x 10.00(h) x 2.50(d)

Read an Excerpt

Accountants' Handbook, Ninth Edition
Volume Two: Special Industries and Special Topics
D. R. Carmichael
0-471-29595-7

Oil, Gas, And Other Natural Resources

Introduction
Accounting for oil and gas activities can be extremely complex because it encompasses a wide variety of business strategies and vehicles. The industry's diversity developed in response to the risk involved in the exploration process, the volatility of prices, and the fluctuations in supply and demand for oil and gas. In addition to having a working knowledge of accounting procedures, the oil and gas accountant should be familiar with the operating characteristics of companies involved in oil and gas activities and understand the impact of individual transactions.
Oil and gas activities cover a wide spectrum-ranging from exploration and production activities to the refining, transportation, and marketing of products to consumers. Special accounting rules exist for exploration and production activities. Accounting for refining activities is similar in many ways to other process manufacturing businesses. Likewise, transportation and marketing do not differ significantly from one end product to another. This chapter focuses on the special accounting rules for petroleum exploration and production.
The same may be said for the mining and processing of minerals except that the accounting rules for mineral exploration and production are not so formalized as for petroleum.

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