accounting services to the oil and gas industry. This leadership position enables PricewaterhouseCoopers’ Global Oil and Gas Industry Group to make recommendations and lead discussions on international standards and practice. The IASB has asked a group of national standard-setters to undertake a research project that will form the first step towards the and IFRS. This publication only includes guidance related to US GAAP. consider accounting for the imbalance as the existing SEC staff guidance on accounting for production imbalances will be rescinded with the adoption of the Oil and gas industry PwC Oil and gas companies continue to analyze the impact of the new revenue standard on their contracts, accounting policies, and financial statements. This publication reflects some of the implementation challenges identified since issuance of the standard and highlights considerations relevant in evaluating the impact of the new standard on revenue arrangements common to oil and gas companies. IFRS, oil gas industry: External resources Guidance for applying IFRS in the oil and gas industry: External resources Use these selected resources to better understand some of the IFRS practices in the oil and gas industry. The decline in oil and natural gas prices is likely to have operation and accounting impacts on many oil and gas companies, and it can be expected to have an impact on non-oil and gas companies that participate in the industry. US Oil & Gas Leader, Paul Horak, provides a view into the future trends for the year ahead including: Practical guide to IFRS – Joint arrangements: guidance for the Oil & Gas sector 2 types of joint arrangement under IFRS 11: joint operations and joint ventures. A venturer accounts for its interest in a joint operation as its share of assets, liabilities, revenue and costs. A joint venture is accounted for under IAS 28, ‘Equity and IFRS. This publication only includes guidance related to US GAAP. consider accounting for the imbalance as the existing SEC staff guidance on accounting for production imbalances will be rescinded with the adoption of the Oil and gas industry PwC
PwC's Financial reporting in the mining industry (FRIM) publication looks at how International Financial Reporting Standard (IFRS) is applied in practice by mining companies, identifying unique issues for the industry and how mining companies are responding to the various accounting challenges along the value chain. An Intensive 5 - Day Training Course. International Financial Reporting Standards (IFRS) for the Oil & Gas and Petrochemical Sectors (Upstream, Midstream & Downstream): Essential Guide to IFRS Relevant to the Oil & Gas Sector Oil and gas entities will need to change certain lease accounting practices when implementing IFRS 16 Leases, the new leases standard issued by the International Accounting Standards Board (IASB). The use of IFRS in financial reporting practices by firms in Non- Oil sector and specifically in the oil sector reveals among other things he liquidity, profitability and gearing of the firms. Against this back drop, this paper examines upstream financial reporting practices in the oil and gas sector.
The shipping team at PwC works across disciplines and consists of Good corporate governance and proper handling of tax and accounting issues Norwegian and international financial reporting, IFRS, USGAAP, NGAAP Industries Bank and finance Energy Health Industry and commerce Oil and Gas Public Sector
andIFRS. gasproducersandprocessors Email:mark.a. pollock@pwc.com. JohnBrittain. Partner. Email:john.brittain@pwc.com. are grappling with as they use IFRS in the oil, gas and utility sector. a leading oil and gas company pointed out: “Accounting standards have 1 For guidance on income statement presentation see www.pwc.com/ifrs. *quotes from oil & gas Oil and gas industry supplement for IFRS. At a glance The new standard might mean a significant change from current accounting practice for alternative Power and utilities value chain and significant accounting issues. 9 IFRS is a principles-based framework gas and fuel oil that it determined met the own use .
November 2014 Applying IFRS in the Oil & Gas sector 4 Unrelated to the recent amendment to IFRS 11, the standard could be interpreted as requiring partial gain/loss recognition on the loss of control of the business. IFRS 11 requires an entity that sells or contributes an asset to