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About Oil and Gas Accounting Issues


Abstract oil and gas accounting course is the core of professional accounting and oil and gas production activities in the design of accounting information reveals. This paper analyzes the oil and gas accounting in the accounting recognition, measurement, asset value compensation and financial accounting reports and other characteristics, and as a basis, the division of oil and gas production activities in various stages of the costs and re-define the premise of oil and gas assets put forward the design idea of ​​accounts and proposed oil and gas production activities, the disclosure of accounting information should be within the existing format of financial statements to make proper adjustments at the same time, in the notes to financial statements on important projects and reserves supplement information. Chinese papers League finishing. Key words oil and gas assets of Oil and Gas Accounting Oil and Gas Oil and Gas Accounting Course Accounting Information national oil and gas industry to provide strategic materials for the fluid ore mining industry, its production targets and production business process have a significant specificity, which in turn determines the specificity of reflection and supervision of the production activities of oil and gas accounting course content and general industrial and commercial enterprises is different from that oil and gas production business accounting recognition, measurement, the whole process of recording and reporting has its own characteristics, which objectively requires research and oil and gas production operations and establishing oil and gas accounting theory and methods to regulate the oil and gas production business accounting process. This article will analyze the characteristics of oil and gas accounting, based on the subjects of oil and gas accounting system and set the issue of disclosure of information to be explored. First, the characteristics of oil and gas accounting as an industry analysis characteristics reflected in the accounting, oil and gas accounting in the recognition, measurement and disclosure aspects of financial reporting and other industry than have their own characteristics. 1, accounting recognition features. The first is the recognition of assets. And control of other industries have a major asset, mainly through the circulation of goods purchased to obtain the value of assets is the actual expenditure. The oil and gas companies owned and controlled by main assets are oil and gas assets, you need through the use of certain techniques, obtained through different stages of production. In this way, oil and gas assets in the valuation, we should pay attention to the various stages of production divided by capital expenditure and revenue expenditure. For now it seems, on the definition of the concept of oil and gas assets, have not yet unified understanding. U.S. FASB published 19, 25 and 69 document, in spite of the oil and gas reserves on the specific accounting treatment, but did not define its meaning from the front. We believe that oil and gas assets are oil and gas blocks the mining of oil and gas wells and related facilities. According to the International Petroleum Congress (WPC) and the American Society of Petroleum Engineers (SPE) on the reserve classification identification, which should include: (1) oil and gas production wells, injection wells,[link widoczny dla zalogowanych], wells, etc. Research; (2) joint stations, oil and gas gathering stations, metering stations, water stations, compressor stations, etc.; (3) well site equipment, thermal recovery facilities; (4) gathering oil and gas branch pipeline, gathering and transporting oil and gas dry pipelines, etc.; (5) oil and gas processing facilities; (6) Storage oil facilities; (7) wastewater treatment and other environmental protection facilities; ( field within the water supply, power supply, communication facilities and other production buildings. Second, the oil and gas companies confirmation of costs and expenses compared with other enterprises, there is also its specificity. General industry, the cost incurred is always matched with a certain income ratio, however, the main oil and natural gas costs incurred by an enterprise does not necessarily lead to revenue. Major oil and natural gas costs incurred by an enterprise, and whether it will find the value of the reserves related. As non-renewable oil and gas resources, and its bear the cost and discovered that the value of independent spent. FASB No. 19 accounting documents, to the proven mining and mine site costs have not proved confirm the activities associated with the mineral rights to obtain part of the cost of area-based survey distributed to all over the area, assigned to the mine has been made that part of the capital costs of treatment, assigned to the cost of mining has not made as a current expense. In other words, the cost of oil and gas companies for exploration is whether the cost of success that is recognized. China's oil and gas production company common practice is to be found in well with the success of all the capital expenditures related to, but will be associated with unsuccessful wells expenses incurred. When the seismic, gravity and other geological exploration operations is completed, whether or not to make conclusions that the geological oil and gas shows, the actual expenditures are to be written off, pending the actual completion of wells for oil and gas shows found in the exploratory well costs as expenses, and will find oil and gas shows in wells, wells will be effective well into production segment, as a cost. Finally, there is oil and gas accounting recognition of a focus, namely the transfer of mining rights in the profit or loss. General transfer of intangible assets, whether the transfer of the right to use or transfer of its ownership, must be recognized gains and losses in the transfer of the same, and oil and gas industry, mining or loss is recognized in the circulation is not. For unproved area, if the transfer of some rights, Licensor agreement between the contract price or prices, offset the balance is not proven mining, does not confirm the transfer of profit and loss, the transferee at the actual amount paid to increase the cost of unproved mining; If you transfer all rights, Licensor confirm the transfer of profit and loss, the transferee has not proven to increase mining costs. For the proven mining, if the transfer of all rights, should transfer the amount of their income does not recognize the difference between amortized cost, gains and losses; if only the transfer of some rights, transfer of profit or loss should be recognized; if only the transfer of proven mining reserves the right to operate the non- business interests, but also the transfer of profit or loss should be recognized. In addition, any other form of transfer and related transactions, are not recognized gains and losses. 2, the characteristics of accounting measurement. Oil and gas production enterprises measured at historical cost accounting principles, but there are different compared with other enterprises. At historical cost principle, oil and gas accounting method or using the results to full cost accounting of the costs incurred by an enterprise. Oil and gas producers that the main costs are four categories, namely mining acquisition costs, the cost of oil and gas exploration, oil and gas development cost and oil and gas production costs. Linked to the cost of four basic, basic accounting result of costs incurred or cost of capital. If the capital, that is in the Results Act, the cost can be used as has occurred in the cost of consumption or as a waste costs, impairment costs or production costs included in costs; if cost, that is the full cost method, the costs can be as current expenses In this charged against income. We believe that the cost of oil and gas company accounting, should be results-law. This area more in line with oil and gas accounting staff has long been the formation of a 3, the characteristics of compensation value of the assets. Compensation value of the assets, according to The value of oil and gas assets, the increase does not decrease with age, its delivery is closely related to consumption and underground reserves, so oil and gas assets, the value of compensation should be used per unit of production method. U.S. FASB19 No. accounting documents, the capital of the proven mining and oil and gas wells and acquisition costs related to the amortization of the cost of equipment and facilities, methods, commonly used unit of production method; capitalized acquisition costs and mine is not proven Subject cumulative drilling costs, are not amortized, but not proven mining should be regularly assessed to determine whether there impaired. Results Act, the oil and gas business support equipment and facilities to use the depreciation method, proven mining acquisition costs (oil and gas assets) using depletion methods, while other companies owned by non-corporate business interests are amortized. 4, the characteristics of financial accounting reports. That is, for general business, corporate accounting system requires the information revealed in the majority of information users to make investment decisions is a basic enough. However, for oil and gas company's information users, only revealing the information is not enough. Oil and gas production companies with high oil and gas discoveries and a large proportion of the cost of unsuccessful wells, the risk is mainly reflected in the search for oil and gas reserves, so oil and gas companies need a lot of financial accounting reports to supplement the information sheet information sheet inadequate. U.S. Financial Accounting Standards Board issued 19 accounting documents with the value and production phases of oil and natural gas costs incurred; FASB No. 69 accounting documents These requirements are the FASB's oil and gas companies for financial and accounting reports, not fully reveal the information put forward. Above oil and gas accounting recognition, measurement and reporting and other characteristics of the analysis, we can see from the The difference is obvious. It is this difference explained only by Of course, oil and gas accounting, and did not exceed their scope of financial accounting, accounting in some matters of common expression, you must press the is also essential. In this connection, we first study on the basis of the text presented to the accounting of oil and gas industry to develop in the way the settings on accounts and accounting information disclosure and other issues some of the views.