Transcription of OIL AND GAS ACCOUNTING - swlearning.com
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OIL AND GAS ACCOUNTING - swlearning.com
555 CHAPTER15 OIL AND GAS ACCOUNTINGLEARNING OBJECTIVESA fter reading this chapter, you should be able to: Understand the nature of full cost (FC) and successful efforts (SE) ACCOUNTING . Grasp the background and politics of standard setting for oil andgas ACCOUNTING . Understand the SEC s reserve recognition ACCOUNTING (RRA) pro-posal. Understand SFAS No. 69 and its relationship to and gas ACCOUNTING is an interesting though specialized area,one that demonstrates many theoretical problems of the typediscussed in this book.
Depletion ex-pense is 20 percent of beginning-of-year oil properties (that is, XYZ pro-duces 20 percent of its proven reserves each year), and depreciation expense is 10 percent of beginning-of-year other assets. Production cost is 8 percent of revenues. In …
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