Accountants' Handbook, Special Industries and Special Topics by D. R. Carmichael, O. Ray Whittington, Lynford Graham

By D. R. Carmichael, O. Ray Whittington, Lynford Graham

This very hot reference is depended on through a substantial a part of the accounting occupation of their daily paintings. This instruction manual is the 1st position many accountants glance to discover solutions to perform questions. Its accomplished scope is well known and depended on. it's designed as a unmarried reference resource that gives solutions to all moderate questions about accounting and fiscal reporting requested by way of accountants, auditors, bankers, legal professionals, monetary analysts, and different preparers and clients of accounting details.

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The timing of production varies with the geologic characteristics of the reservoir and the marketability of the product. Reservoirs may contain the same gross producible reserves, yet the timing of production causes significant differences in the present value of the future revenue stream. • Acreage and Drilling Costs. S. companies are focusing on exploration outside the United States. The United States is a mature exploration area producing 10 percent of the world’s oil production from 63 percent of the world’s oil wells.

Capitalized costs within a cost center shall be amortized on the unit-of-production basis using proved oil and gas reserves, as follows: ◦ Costs to be amortized shall include (A) all capitalized costs, less accumulated amortization, excluding the cost of certain unevaluated properties not being amortized; (B) the estimated future expenditures (based on current costs) to be incurred in developing proved reserves; and (C) estimated dismantlement and abandonment costs, net of estimated salvage values.

In a subsequent month, if Company A sells no gas (and the other owners “make up” the imbalance), Company A would recognize zero revenue. Company A would reduce its estimate of proved reserves for any future production that it must give up to meet a gas imbalance obligation and increase proved reserves for any additional future production it has a right to receive from other joint venture participants to eliminate an existing gas imbalance. 29 · 12 OIL, GAS, AND OTHER NATURAL RESOURCES Although this method is rather simple from a revenue accounting standpoint, it presents other problems.

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