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 extremely popular reference is depended on by way of a substantial a part of the accounting occupation of their daily paintings. This guide is the 1st position many accountants glance to discover solutions to perform questions. Its entire scope is well known and depended on. it really is designed as a unmarried reference resource that gives solutions to all moderate questions about accounting and fiscal reporting requested through accountants, auditors, bankers, attorneys, monetary analysts, and different preparers and clients of accounting info.

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Example text

For mining companies, the cash flows should be based on the proven and probable reserves that are used in the calculation of depreciation, depletion, and amortization. The estimates of cash flows should be based on reasonable and supportable assumptions. For example, the use of commodity prices other than the spot price would be permissible if such prices were based on futures prices in the commodity markets. If an impairment loss is warranted, the revised carrying amount of the asset, which is based on the discounted cash flow model, is the new cost basis to be depreciated over its remaining useful life.

Company A would recognize a receivable for 100 percent of the revenue with the difference being recorded in a payable (or deferred revenue) account. ” This method correctly matches revenues and expenses but presents another accounting issue. If a property is significantly imbalanced, Company A may find itself in a position that reserves are insufficient to bring the well back to a balanced condition. If Company A is underproduced in this situation, a receivable (or deferred charge) may be recorded in the asset category that has a questionable realization.

S. oil- and gasproducing companies pay the alternative minimum tax. 4 ACCEPTABLE ACCOUNTING METHODS (a) THE SUCCESSFUL EFFORTS METHOD. (i) Basic Rules. The following points summarize the major aspects of the successful efforts method of accounting for oil and gas property costs: • The costs of all G&G studies to find reserves are charged to expense as incurred. • Lease acquisition costs for unproved properties are initially capitalized. Unproved properties • • • • • • • are those on which no economically recoverable oil or gas has been demonstrated to exist.

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