Oil, gas and mining | Accounting by industry | Library | ICAEW

17/04/12 21:20

Accounting for the oil, gas and mining industries

Accounting for the extractive industries is a specialist area that requires expertise and an understanding of the business. On this page you can access a range of articles, books and online resources providing quick links to practical guidance and background information, including the Statement of Recommended Practice: Accounting for Oil and Gas Exploration, Development, Production and Decommissioning Activities. See our separate page on IFRS 6: Exploration for and Evaluation of Mineral Resources and Business & Industry Guide on oil and gas.

Online articles
The library provides access to a range of articles in full text from leading business, finance and management journals. You will need to be logged-in to the website to gain full access to the range of articles available online.

Statements of Recommended Practice

Full text sources for the SORP and associated guidance
Accounting for Oil and Gas Exploration, Development, Production and Decommissioning Activities (PDF 374.34kb/50 pages) The full text of the June 2001 SORP as issued by the Oil Industry Accounting Committee.

Useful links
Publications
Impact of the new joint arrangements and consolidation standards (Oil & Gas) (PDF 724.19kb/14 pages) Guide published in August 2011 by Ernst & Young describing the impact of IFRS 10, IFRS 11 and IFRS 12 on the oil and gas industry. Impact of the new joint arrangements and consolidation standards (Mining & Metals) (PDF
http://www.icaew.com/en/library/subject-gateways/accounting/accounting-by-industry/oil-gas-and-mining Pgina 1 de 4

Oil, gas and mining | Accounting by industry | Library | ICAEW

17/04/12 21:20

952.25kb/14 pages) Guide published in August 2011 by Ernst & Young describing the impact of IFRS 10, IFRS 11 and IFRS 12 on mining and metals entities. 2011 global oil and gas tax guide Annual guide produced by Ernst & Young covering local oil and gas tax regimes in over 60 countries. New on the Horizon: Extractive activities (PDF 2.33mb/19 pages) Report from KPMG, published April 2010, discussing key elements of the proposed IFRS for extractive activities and examining potential changes of practice. Extractive Activities: Discussion Paper DP/2010/1 (PDF 1.3mb/184 pages) Paper published by the IASB on 6 April 2010 describing the results of its study into a potential IFRS for extractive activities. The deadline for comments was 30 July 2010. Junior Mine: Trends in junior mining 2009 review of trends in the AIM mining industry from PwC. Previous editions are also available. Mastering the challenge: Practical IFRS guidance for power and utilities (PDF 3.45mb) Guide from Ernst & Young published in December 2009 analysing industry-specific issues for businesses reporting under IFRS. Refining IFRS: Accounting for stripping costs draft interpretation (PDF 257.62kb/5 pages) Refining IFRS - Update: Accounting for stripping costs draft interpretation . The Application of IFRS: Mining KPMG survey published September 2009 of 29 mining companies in 10 countries that have applied IFRS in their latest annual reports Financial reporting in the utilities industry PwC report published in April 2008 focusing on the financial reporting implications of IFRS in the utilities industry (including gas, power and water utilities). Financial reporting in the oil and gas industry PwC report published in April 2008 focusing on the financial reporting implications of IFRS in the oil and gas industry. Financial reporting in the mining industry PwC report published in June 2007 focusing on the financial reporting implications of IFRS in the mining industry. Sample Letter Sent to Oil and Gas Producers Text of a letter sent to oil and gas producers by the SEC in February 2004 with a list of points
http://www.icaew.com/en/library/subject-gateways/accounting/accounting-by-industry/oil-gas-and-mining Pgina 2 de 4

Oil, gas and mining | Accounting by industry | Library | ICAEW

17/04/12 21:20

(including reserves) to be considered in filing accounts with the SEC. Financial reporting in the global mining industry Deloitte report published in October 2003 that surveys 21 leading mining companies in nine different countries utilising seven different accounting frameworks. Changing Oil: Emerging environmental risks and shareholder value in the oil and gas industry Publication from the World Resources Institute in 2002, which looks at the potential impact of climate change and constrained access to oil and gas reserves on shareholder value in a selection of leading oil and gas companies. Oil and Gas Producing Activities Codification of SEC Staff Accounting Bulletins on oil and gas industry accounting, which includes the accounting and reporting requirements relating to estimates of quantities of proved reserves, estimates of future net revenues and disclosure of reserve information. Oil Industry Accounting Section of the HMRC Oil Taxation Manual looking at accounting issues for the oil and gas industry, including the SORP, SOAPS and accounting standards. This section of the manual also covers the overlifting and underlifting that oil companies are entitled to produce, which quotes from the SORP and comments on the Oil Taxation Office view of its application. Oil Taxation Manual HMRC manual which sets out the law and practice for the oil fiscal regime. Although the guidance is primarily for inspectors it has been recognised that the manual will be widely consulted by the oil industry and tax practitioners.

Organisations
Council of Petroleum Accountants Societies (COPAS) US body created in 1961 to provide a forum for discussing and solving the more difficult problems related to accounting for oil & gas in the US and Canada. COPAS issues a range of accounting guidelines and manuals. Financial Accounting Standards Board (FASB) Website of the FASB includes the full text of standards and interpretations of relevance to the extractive industries, including Statement No. 69 Disclosures about Oil and Gas Producing Activities. Institute of Petroleum Accounting US-based institute that publishes a range of books and surveys on accounting practices in the oil and gas industries. It also publishes Petroleum Accounting and Financial Management Journal. Oil and Gas UK
http://www.icaew.com/en/library/subject-gateways/accounting/accounting-by-industry/oil-gas-and-mining Pgina 3 de 4

Oil, gas and mining | Accounting by industry | Library | ICAEW

17/04/12 21:20

Body which represents oil and gas companies with upstream interests in the United Kingdom Continental Shelf (UKCS). It publishes the Standard Oil Accounting Procedures (SOAPs), which are issued by the Oil Industry Finance Association (OIFA) committee. Oil Industry Accounting Committee (OIAC) Organisation established in 1984 representing the views of the oil and gas industry in various accounting forums and to give guidance on the interpretation and application of accounting standards to the industry. The OIAC is the issuing body for the SORP covering the oil and gas industry.

Articles and books in the Library collection

View a list of articles and books in our collection on oil and gas industry accounting View a list of articles and books in our collection on other aspects of the oil and gas industries To find out how you can borrow books from the Library please see our guide to book loans. You can obtain copies of articles or extracts of books and reports by post, fax or email through our document delivery service.

Can't find what you're looking for?

If you have any difficulty in finding the material you are looking for please contact the enquiry team by phone on +44 (0)20 7920 8620, by fax on +44 (0)20 7920 8621 or by email at library@icaew.com. The ICAEW accepts no responsibility for the content on any site to which a hypertext link from this site exists. The links are provided 'as is' with no warranty, express or implied, for the information provided within them. Please see the full copyright and disclaimer notice.

BUSINESS WITH CONFIDENCE

Copyright 2012 ICAEW

http://www.icaew.com/en/library/subject-gateways/accounting/accounting-by-industry/oil-gas-and-mining

Pgina 4 de 4