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

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

This very popular reference is trusted via a substantial a part of the accounting occupation of their day by day 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 really is designed as a unmarried reference resource that offers solutions to all moderate questions about accounting and fiscal reporting requested through accountants, auditors, bankers, legal professionals, monetary analysts, and different preparers and clients of accounting info.

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Additional info for Accountants' Handbook, Special Industries and Special Topics (Accountants' Handbook Vol. 2)

Example text

29 · 12 OIL, GAS, AND OTHER NATURAL RESOURCES Although this method is rather simple from a revenue accounting standpoint, it presents other problems. Regardless of the revenue method chosen, the operator will issue joint interest billing statements for expenses based on the ownership of the property. Depending on the gas-balancing situation, the sales method may present a problem with the matching of revenues and expenses in a period. If a significant imbalance exists at the end of an accounting period, the accountant may be required to analyze the situation and record additional expenses (or reduce expenses depending on whether the property is overproduced or underproduced).

The operator typically records revenue and expenses for a well on a 100 percent, or “gross,” basis and then allocates the revenue and expenses to the nonoperators based on ownership percentages maintained in the division order and joint interest master files. One approach is to record the full invoice or remittance advice amount and use contra or clearing accounts that set up the amounts due from or to the nonoperators. Recording transactions by means of contra accounts facilitates generation of information that management uses to review operations on a gross basis.

5 ACCOUNTING FOR NATURAL GAS IMBALANCES 29 · 11 To avoid the write down, the company may request from the SEC staff a temporary (usually one year) waiver of applying the ceiling test. The company must be prepared to demonstrate that the purchased properties’ additional value exists beyond reasonable doubt. For more details see SAB No. 47, Topic 12, D-3a. 2. Effect of Subsequent Event. If, after year end but prior to the audit report date, either (a) additional reserves are proved up on properties owned at year end, or (b) price increases become known, then such subsequent events may be considered in the year-end ceiling test to mitigate a write down of capitalized costs.

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