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This proposed audit and accounting guide describes operations and accounting practices that are unique to the production of oil and gas as well as matters that are unique to the audit of financial statements of entities with oil and gas producing activities. Descriptions of accounting practices were limited to those that were essential to understanding typical audit objectives and procedures unique to the industry. Specifically, the proposed guide discusses income taxes, internal control, and audit considerations in the oil and gas producing industry. The proposed guide also discusses the business activities of the oil and gas producing industryâ€” acquisition of mineral properties, exploration, drilling and development, oil and gas reserves, and production. The committee specifically asks for comments on the accounting for take-or-pay contracts as discussed in paragraph 280.
Petroleum industry and trade -- Accounting
Accounting | Taxation
American Institute of Certified Public Accountants. Oil and Gas Committee, "Proposed audit and accounting guide : audits of entities with oil and gas producing activities ;Audits of entities with oil and gas producing activities" (1984). Statements of Position. 469.