GLOBAL ACCOUNTING & ADVISORY SERVICES

Agenda

 

• Introduction to Oil & Gas Industry

• Accounting principles for oil and gas producing activities

• Full cost accounting method

• Successful efforts accounting method

• Exploration costs

• Unproved property acquisition, retention, and surrender

• Costs incurred in drilling and equipping oil and gas properties

• Development stage

• Production stage

• Depreciation, depletion and amortization

• Impairment and disposal of Oil and Gas long lived assets

• Asset retirement obligations

• Accounting for Oil, Gas, NGL sales and gas imbalances

• Accounting for partnership interest (joint arrangements and production sharing arrangements)

• Oil and Gas reserves

• Business combinations in the upstream oil and gas industry

• Accounting for conveyance

• Production payments and net profit interests

• Farm-outs, carried interest, and unitization

• Accounting for income taxes

• Disclosure requirements