Accountants' Handbook / Edition 11

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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 handbook is the first place many accountants look to find answers to practice questions. Its comprehensive scope is widely recognized and relied on. It is designed 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.

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Product Details

  • ISBN-13: 9780471790419
  • Publisher: Wiley, John & Sons, Incorporated
  • Publication date: 4/20/2007
  • Edition description: 2 Volume Set
  • Edition number: 11
  • Pages: 1944
  • Product dimensions: 7.09 (w) x 9.98 (h) x 1.15 (d)

Meet the Author

Ray Whittington, PhD, CPA, CMA, CIA, is the Dean of the College of Commerce at DePaul University. Prior to joining the faculty at DePaul, Professor Whittington was the Director of Accountancy at San Diego State University. From 1989 through 1991, he was the Director of Auditing Research for the American Institute of Certified Public Accountants (AICPA), and he previously was on the audit staff of KPMG. He was a member of the Auditing Standards Board of the AICPA and has previously served as a member of the Accounting and Review Services Committee and the Board of Regents of the Institute of International Auditors. Professor Whittington has published numerous textbooks, articles, monographs, and continuing education courses.

Lynford Graham, CPA, PhD, CFE is a Certified Public Accountant with more than 25 years of public accounting experience in audit practice and national policy development groups. He was a Partner and the Director of Audit Policy for BDO Seidman, LLP, and was a National Accounting & SEC Consulting Partner for Coopers & Lybrand, responsible for the technical issues research function and database, auditing research, audit automation and audit sampling techniques. Prior to joining BDO Seidman LLP, Dr. Graham was an Associate Professor of Accounting and Information Systems and a Graduate Faculty Fellow at Rutgers University in Newark, New Jersey, where he taught primarily financial accounting courses. Dr. Graham is a member of the American Institute of Certified Public Accountants, and a recent past member of the AICPA Auditing Standards Board. He is a Certified Fraud Examiner and a member of the Association of Certified Fraud Examiners. Throughout his career he has maintained an active profile in the academic as well as the business community. In 2002 he received the Distinguished Service Award of the Auditing Section of the AAA. His numerous academic and business publications span a variety of topical areas including information systems, internal controls, expert systems, audit risk, audit planning, fraud, sampling, analytical procedures, audit judgment, and international accounting and auditing. Dr. Graham holds an MBA in Industrial Management and PhD in Business and Applied Economics from the University of Pennsylvania (Wharton School).

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Table of Contents


1 Financial Accounting Regulations and Organizations (Joseph V. Carcello, PhD, CPA, CIA, CMA, University of Tennessee).

2 The Framework of Financial Accounting Concepts and Standards (Reed K. Storey, PhD, CPA, Financial Accounting Standards Board).

3 Securities and Exchange Commission Reporting Requirements (Debra J. MacLaughlin, CPA, BDO Seidman LLP; Wendy Hambleton, CPA, BDO Seidman LLP).

4 Introduction to Internal Control Assessment and Reporting (Michael J. Ramos).

5 Public Company Accounting Oversight Board, Don Pallais, CPA).

6 Earnings Management (Paul Rosenfield, CPA).

7 Forgetting Our Duties to the Users of Financial Reports: The Lesson of Enron (Paul Rosenfield, CPA).

8 Management Discussion and Analysis (Sydney Garmong, CPA, Crowe Chizek and Company LLC).

9 Global Accounting and Auditing (Richard C. Jones, PhD, CPA, Hofstra University).

10 Financial Statements: Form and Content (Jan R. Williams, PhD, CPA, College of Business Administration University of Tennessee).

11 Income Statement Presentation and Earnings per Share (Juan Aguerrebere, Jr., CPA, Perez Abreu, Aguerrebere, Sueiro LLC).

12 Accounting for Business Combinations (Paul Pacter, PhD, CPA, Director IAS Global Office Deloitte Touche Tohmatsu).

13 Consolidation, Translation, and the Equity Method (Steven Rubin, CPA, Deloitte & Touche LLP).

14 Statement of Cash Flows (Judith Weiss, CPA).

15 Interim Financial Statements (Anthony J. Mottola, CPA, Mottola & Associates, Inc.).

16 Analyzing Financial Statements (Gerald I. White, CFA, Grace & White, Inc.; Ashwinpaul C. Sondhi, PhD, A. C. Sondhi and Associates, LLC).

17 Price-Change Reporting (Paul Rosenfield, CPA).

18 Cash, Transfers of Financial Assets, Loans, and Investments (Luis E. Cabrera, CPA, American Institute of Certified Public Accountants).

19 Revenues and Receivables (Alan S. Glazer, PhD, CPA, Franklin & Marshall College; Henry R. Jaenicke, PhD, CPA, Drexel University).

20 Inventory (Richard R. Jones, CPA, Ernst & Young LLP; Gary L. Smith, CPA, Ernst & Young LLP).

21 Property, Plant, Equipment, and Depreciation (Richard H. Moseley, American Express Tax and Business Services, Inc.).

22 Goodwill and Other Intangible Assets (Lailani Moody, CPA, MBA, Grant Thornton LLP).

23 Leases (James R. Adler, CPA, CFE, PhD, Adler Consulting, Ltd.).

24 Accounting for Income Taxes (E. Raymond Simpson, CPA, Financial Accounting Standards Board).

25 Liabilities (Frederick Gill, CPA, American Institute of Certified Public Accountants Accounting Standards Team Senior Technical Manager).

26 Derivatives and Hedge Accounting (Robert L. Royall II, CPA, CFA, MBA, Ernst & Young LLP; Francine Mellors, CPA, Ernst & Young LLP).

27 Shareholders’ Equity (Martin Benis, PhD, CPA, The Stan Ross Department of Accountancy Zicklin School of Business Bernard M. Baruch College, CUNY).

28 Auditing Standards and Audit Reports for Nonpublic Companies (Dan M. Guy, PhD, CPA, Clemson University; Alan J. Winters, PhD, CPA, Clemson University).


29 Oil, Gas, and Other Natural Resources (Richard P. Graff, CPA, The Graff Consulting Group; Joseph B. Feiten, CPA).

30 Real Estate and Construction (Clifford H. Schwartz, CPA, PricewaterhouseCoopers LLP; Suzanne McElyea, CPA, PricewaterhouseCoopers LLP).

31 Financial Institutions (Laura J. Phillips CPA, Ernst & Young LLP; Mark R. Rouchard, CPA, Ernst & Young LLP; Dale K. Thompson, CPA, Ernst & Young LLP; Alan M. Kall, CPA, Ernst & Young LLP; Keith M. Housum, CPA, Ernst & Young LLP).

32 Producers or Distributors of Films (Paul Rosenfield, CPA).

33 Regulated Utilities (Benjamin A. McKnight III, CPA, Arthur Andersen LLP, Retired).

34 State and Local Government Accounting (Andrew J. Blossom, CPA, KPMG Peat Marwick LLP; Andrew Gottschalk, CPA, KPMG Peat Marwick LLP; John R. Miller, CPA, CGFM, KPMG Peat Marwick LLP; Warren Ruppel, CPA, DiTomasso & Ruppel, CPAs).

35 Not-for-Profit Organizations (Ronald F. Ries, CPA, American Express Tax and Business Services, Inc.; Ian J. Benjamin, CPA, American Express Tax and Business Services, Inc.).

36 Providers of Health Care Services (Martha Garner, CPA, PricewaterhouseCoopers LLP).

37 Accounting for Government Contracts (Margaret M. Worthington, CPA).

38 Pension Plans and Other Postretirement and Postemployment Benefits (Vincent Amoroso, FSA, Deloitte Consulting LLP; Jason Flynn, FSA, Deloitte Consulting LLP; Timothy Geddes, FSA, Deloitte Consulting LLP).

39 Stock-Based Compensation (Peter T. Chingos, CPA, Mercer Human Resources Consulting; Walton T. Conn, Jr., CPA, KPMG Peat Marwick LLP; John R. Deming, CPA, KPMG Peat Marwick LLP).

40 Prospective Financial Statements (Don M. Pallais, CPA).

41 Personal Financial Statements (Boles Metzger Brosius & Ritter PC; William B. Boles, CPA/ABV, ASA, CFP; Lisa A. Ritter, CPA, CFE; Brent W. Emrick, CPA/ABV, MBA, CFP; Michael W. Zelko, CPA/ABV).

42 Partnerships and Joint Ventures (Gerard L. Yarnall, CPA, Deloitte & Touche, LLP; Ronald J. Patten, PhD, CPA, DePaul University).

43 Estates and Trusts (Philip M. Herr, JD, CPA, Kingsbridge Financial Group, Inc.).

44 Valuation of Nonpublic Companies (Allyn A. Joyce, Allyn A. Joyce & Co., Inc.; Jacob P. Roosma, CPA, Willamette Management Associates).

45 Bankruptcy (Grant W. Newton, PhD, CPA, CIRA, Pepperdine University).

46 Forensic Accounting and Litigation Consulting Services (Dennis S. Neier, CPA, American Express Tax and Business Services, Inc.; Margaret R. Kolb, CPA, American Express Tax and Business Services, Inc.).

47 Financial Expert Witness Challenges and Exclusions: Results and Trends in Federal and State Cases Since Kumho Tire (Lawrence F. Ranallo, CPA, PricewaterhouseCoopers LLP; Keith R. Ugone, PhD, Analysis Group, Inc).

48 Introduction to E-Discovery (Jack Moorman, PricewaterhouseCoopers LLP; Greg Schaffer, PricewaterhouseCoopers LLP).

49 Detecting Fraud (W. Steve Albrecht, Brigham Young University; Conan C. Albrecht, Brigham Young University).


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First Chapter

Accountants' Handbook, Ninth Edition
Volume Two: Special Industries and Special Topics
D. R. Carmichael

Oil, Gas, And Other Natural Resources

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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