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Journal of accountancy, 1985-06, Vol.159 (6), p.116
Ort / Verlag
New York: American Institute of Certified Public Accountants
Erscheinungsjahr
1985
Link zum Volltext
Quelle
EBSCOhost Business Source Ultimate
Beschreibungen/Notizen
Financial reporting for the oil and gas industry lacks uniformity as a result of the political clout of the producers and dissension among accounting standard setters. Both the full-cost and successful-efforts methods are acceptable means of accounting for industry costs. In 1977, the Financial Accounting Standards Board (FASB) issued its Statement 19, which required the use of the successful-efforts method. The Securities & Exchange Commission's withdrawal of its support of the FASB's requirements opened the way for the dual system. The fundamental difference between the 2 methods is the treatment of unsuccessful exploration and acquisition costs. The political and economic considerations of the dilemma are significant. Four proposed compromises to the basic successful-efforts statute involve: 1. an increase in cost center size, 2. modification of treatment of geological and geophysical costs, 3. a basing of amortization of exploration costs under the unit-of-production method on total proved reserves, and 4. treatment of production stage costs as product costs.