The book provides comprehensive coverage of the field to both accounting professionals and professionals in other fields who have a need or desire to obtain a quick, understandable, and thorough exposure to a complex accounting-related subject. It is designed as a single reference source that provides an answer to all reasonable questions on accounting and financial reporting asked by accountants, auditors, bankers, lawyers, financial analysts, and other users and preparers of accounting information. Chapters are prepared by partners in major accounting firms, financial executives, financial analysts, or other relevant business professionals. Every major international accounting firm is represented among the authors. The specialized expertise of the individual authors remains the critical distinguishing characteristic of the Accountant's Handbook.
This book is supplemented annually.
About the Author
D.R. Carmichael, PhD, CPA, CFE, (Lumberton, PA) is professor of accounting at Baruch College in the City of New York. Carmichael held the distinguished position, Chief Auditor and Director of Professional Standards of the Private Company Accounting Oversight Board (PCAOB). He is the author of numerous books and articles on accounting and auditing. Most prominent among his consulting clients were the Securities and Exchange Commission, the Government Accountability Office, the Federal Deposit Insurance Corporation.
Lynford Graham, PhD, CPA, CFE (Short Hills, NJ) is a Certified Public Accountant with more than 30 years of public accounting experience in audit practice and in various National Firm policy development groups. He is a Visiting Professor of Accountancy at Bentley University in Waltham MA, a consultant on professional accounting and auditing matters. 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.
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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.
Table of ContentsPARTIAL TABLE OF CONTENTS: Oil, Gas, and Other Natural Resources (R. Graff & J. Feiten)
Financial Institutions (W. Lewis, et al.)
Regulated Utilities (B. McKnight)
Not-For-Profit Organizations (R. Bruttomesso & R. Larkin)
Accounting for Government Contracts (M. Worthington)
Stock-Based Compensation (P. Chingos, et al.)
Personal Financial Statements (T. Hubbard & D. Neier)
Estates and Trusts (P. Herr)
Bankruptcy (G. Newton)
Forensic Accounting and Litigation Consulting Services (J. Kinrich, et al.)