PUBLICATIONS
Petroleum Accounting: Purchase Now!
Principles, Procedures & Issues 6th Edition is available!
The all new, 6th edition of Petroleum Accounting: Principles, Procedures, & Issues is now available! The new edition has been completely revised and is a collaborative effort of several industry leaders, including Martha Z. Carnes and Randol Justice of PricewaterhouseCoopers and Dr. Horace Brock, past director of the Institute of Petroleum Accounting at the University of North Texas.
Reserve your NEW edition today and be among the first to receive it! For a look at some of the updates and new information, take a look at the expanded Table of Contents, below.
Petroleum Accounting: Principles, Procedures, & Issues is $198 plus shipping and handling. Please see below for information on how to order.
2008 PricewaterhouseCoopers Survey of U.S. Petroleum Accounting Practices- an IPA publication: Purchase Now!
The 2008 Survey is the latest in the series which the Institute of Petroleum Accounting has been publishing since 1989. The 2008 Survey is a compilation of responses to a wide-ranging series of questions that we asked financial professionals working across the spectrum of oil and gas exploration and production companies. The goal of the Survey is to analyze industry practices in applying pronouncements of the FASB and SEC. This Survey includes updated sections on asset retirement obligations, business combinations, asset impairment, price risk management activities, international activities, global accounting standards, and the recent SEC concept release on oil and gas reserves.
Petroleum Accounting and Financial Management Journal- an IPA Publication: Purchase Now!
The Journal (formerly the Journal of Extractive Industries Accounting then the Journal of Petroleum Accounting) is published three times per year and contains general, technical, and research articles concerning accounting, economics, environmental issues, finance, taxation, and government regulation of the U.S. and global petroleum, energy, and extractive industries. Each spring issue contains a cumulative topical index of all articles published from 1982 forward. You can also search the table of contents of the Journal via the IPA website.
Chemistry and Measurement
History of the U.S. Petroleum Industry
Into the Future
Petroleum Economics & Accounting Dilemmas
Hydrocarbon Supply and Demand
Industry Structure
Factors in E&P Economics
Reserve Value
Accounting Dilemmas
Summary of Key Functions in Smaller E&P Companies
Organization of the Accounting Function
Information Systems
General Accounting Structure of an Integrated Company
Internal Control Framework
Sarbanes-Oxley Act: Section 404
Outside Professional Organizations
History of Petroleum Accounting
Classification of Costs Incurred
Capitalization Overview under Successful Efforts Accounting
Overview of Amortization under Successful Efforts Accounting
Chart of Accounts
Analysis of Accounts for Successful Efforts Accounting
Overview of Full Cost Accounting
Overview of Income Tax Accounting
Nature of Exploration Costs
Geology and Geophysics
Geologic Setting for Oil & Gas Accumulations
Requirements for Oil & Gas Accumulations
Types of Oil & Gas Traps
Geological and Geophysical Exploration Methods
General Treatment of Exploration Costs
General Tax Treatment of Exploration Costs
Recordkeeping Procedures
The Authorization System
Accounts and Subaccounts for Exploration Expense
Special Problem Areas in Accounting for Exploration Costs
The Lease Contract
Operating and Nonoperating Mineral Interests
General Ledger Accounts for Unproved Mineral Interests
Accounting for Unproved Mineral Leasehold Acquisitions
Accounting for Maintenance and Carrying Costs of Unproved Properties
Accounting for Impairment and Abandonment of Unproved Leases
Top Leases and Lease Renewals
Tax Treatment of Unproved Property Acquisition, Maintenance and Abandonment Costs
Regulatory Requirements
Drilling Contracts
Drilling Preparations
The Drilling Process
Completing the Well
Development of the Reservoir
Well Costs
Successful Efforts Accounting for Exploratory Well Costs
Full Cost Accounting for Exploratory Well Costs
Successful Efforts Accounting for Development Well Costs
Full Cost Accounting for Development Well Costs
Special Problems in Accounting for Drilling and Development
AFE System for Drilling and Development
Legal Forms of Joint Activities
Joint Ventures
Joint Venture Agreements
The Joint Operating Agreement (JOA)
Accounting Procedure Provisions of Joint Operating Agreements
Recording Joint Interest Transactions
Material Transfers
Joint Interest Audits
Electronic Data Interchange (EDI)
Placing the Well on Production
Measuring Volumes of Oil & Gas
Gas Processing
Crude Oil Marketing
Natural Gas Marketing
Natural Gas Liquids Marketing
The Complexity of Revenue Accounting
General Issues
Accounting for Oil Sales
Accounting for Natural Gas Sales
Accounting for Residue Gas and NGL Sales
Special Royalty Provisions
Accounting for Reinjected Gas
Introduction
Producer Gas Imbalances
Pipelines Gas Imbalances
Production Costs Defined
Accounting for Production Costs
Introduction
General Definitions and Categories
SEC Proved Reserves Definitions
Reserves Estimation
Summary of Requirements for O|5
Joint Production of Oil & Gas
Overview
Application Issues
History of Full Cost Accounting
The Cost Center
Treatment of Properties Held for Promotion or Sale
Costs to be Capitalized
Amortization of Capitalized Costs
Interest Capitalization
Limitation on Capitalized Costs
Mineral Conveyances and Promotional Activities
Asset Retirement Obligations
Discounted Operations for Full Cost Companies
Disclosure Matters
IFRS No. 6 and Full Cost Accounting
Regulatory and Operational Environment
Current Accounting
Application Issues
General Principles of Accounting for Conveyances
Sales and Subleases of Unproved Mineral Interests
Sales of Proved Properties
Retirements of Proved Properties
Sales and Abandonments under the Full Cost Method
Acquisitions of E&P Property
Overriding Royalty Conveyances
General Tax Treatment of Sales and Leases
Accounting Based on the Attributes of Ownership
Production Payments
Net Profits Interest
Accounting Rules for Other Property Conveyances
Full Cost Accounting
Tax Accounting
Farmouts
Free Wells
Promoted vs. Promoting
Unitizations
Creation of Joint Ventures
Full Cost Accounting
Tax Accounting
Overview
General Partnerships
Limited Partnerships
Transactions between the Part and the Partnership
Master Limited Partnerships
Introduction
Risks of International E&P
Forms of Operation in a Foreign Country
Introduction to Fiscal Systems
Concessions
Contractual Arrangements
Other Accounting Matters Unique to International Operations
Miscellaneous Issues
Overview of U.S. Tax on Oil & Gas
The Oil & Gas Property
Economic Interest
Leasehold
Geological and Geophysical Costs
Development Costs
Depletion
Sharing Arrangements
Forms of Organization
Loss Limitations
Alternative Minimum Tax
Income Tax Credits
Other Income Tax Deductions
Basic Framework
Identifying Types and Amounts of Temporary Differences
Categorizing Temporary Differences
Measuring Tax Effects of Temporary Differences
Assessing the Need for a Valuation Allowance
Determining Financial Statement Presentions
Making Financial Statement Disclosures
Recent Developments in Financial Statement Reporting
Other Considerations
History of Disclosure Requirements
Overview of Disclosures
FAS69 Nonvalue Disclosures and Related SEC Rules
Special Disclosures for Companies using Full Cost
Other SEC Disclosures Requirements
Disclosure Rules
Smog Computation Example
Combined Smog Disclosure as of December 31, 2006
Year-End Pricing
Hedge-Adjusted Price
Usefulness of the Disclosures
Accounting for Business Combinations
Definition of a Business
Conforming Accounting Policies of the Acquired Entity to those of the Acquiring Entity
Recording Assets Acquired and Liabilities Assumed
Goodwill
Deferred Income Taxes
Audited Statements of Gross Revenues and Direct Lease Operating Expenses
Exposure Draft on Business Combinations
Background
General Valuation Concepts
Amortization Tax Benefit
Oil & Gas Specific Concepts
Offshore Operations
Enhanced Recovery
Risk
The Importance of Risk Management to the E&P Industry
Impact of Risk Management on Petroleum Accounting
Derivative in a Risk Management Program
Common Types of Commodity-Based Derivative Instruments
Uses of Derivatives in the Energy Industry
Risks Associated with Derivatives
Accounting Guidance
Purchase Now You may purchase the publication either online, via phone at 800-433-5676 or via mail. If you wish to purchase via mail, please send your order to: 2207 North I-35E, Denton, TX 76205
For any international orders, please contact Tami Russell at trussell@pdi.org.
Oil & Gas Tax Review and Update Purchase Now!
Oil and gas taxation is premised on unique concepts and has many detailed and complex calculations. Finding the answers to tax questions in this area can be difficult and time consuming. This manual reviews current developments in oil and gas taxation and the major tax principles applicable to the industry. In addition, the manual analyzes the oil and gas Market Segment Specialization Paper (MSSP) Audit Guide issued by the IRS to identify important audit issues for IRS agents. The analysis of the MSSP will also highlight the IRS’ position on various oil and gas tax questions, cases and revenue rulings.
Administration’s Legislative Proposals H.R. 6
Determination of Small Refiner for Oil Depletion Deduction
Delay Rental Payments
Advanced Royalty Payment
Marginal Oil
Production Payment Pledged to the Development
Section 29 Nonconventional Fuel
Enhanced Oil Recovery Credit
Salvage Value and Depreciable Property Issues
Substance Over Form and Tax Shelter Cases
Other Current Developments
Passive Activity Losses
Like Kind Exchanges
Mineral Estate
Interest Created by Lease
Retained Interest
Carved-Out Interest
Net Profit Interest
Production Payment
Farmout
Carried Interest
Payout
Sharing Arrangement
Economic Interest
Property
Glossary
Questions
General
Definitions
Negative Information
Bottom Hole Contributions
Payments Made in Acreage
Questions
Tax Consequences of a Sale
Tax Consequences of a Lease
Lease Bonus
Delay Rental
Installment Bonus Payments
Advanced Royalties
Advanced Minimum Royalties
Tax Consequences of Production Payments
Production Payment Retained in a Sale Transaction
Carved Out Production Payments
Production Payments Assigned for Development
Production Payment Retained in a Leasing Transaction
Leasehold Costs that Should Be Capitalized
Questions
Definition
Authority
Salvage Value Issues
Who May Deduct
Timing of IDC Deductions
Turnkey Contracts
Offshore Issues
Foreign IDC’s
Summary of Optional Treatments for IDCs
Limitations on Losses
Questions
Reproduced Authority - Reg. § 1.612-4
Depreciation
Normal MACRS Rules Apply
§ 179 First Year Expensing
§ 168(k) Additional 30 Percent Depreciation Allowed
Investments on Indian Reservations
Units of Production Method
Rev. Proc. 87-56 Excerpts
Gas Gathering Lines
Asset Class of Offshore Drilling Platforms
Uniform Capitalization Rules (UCR)
Interest Capitalization Under § 263A
Introduction
Unit of Property
Cost Depletion
Percentage Depletion
Summary
Suggested Procedure for Allocation of Overhead
Service’s Position Regarding Depletion
Questions
Sales or Exchanges
Production Payments
Take or Pay Contracts
Sharing Arrangements
Carried Interests
Questions
Alternative Minimum Tax Issues
Recapture Provisions
Abandonment of Oil and Gas Properties
Secondary Recovery Subsidies
Credit for Fuel from Nonconventional Sources
Questions
Chapter 1 - Oil and Gas Industry
Chapter 2 - Oil and Gas Industry Issues
Chapter 3 - Oil and Gas Audit Techniques
Chapter 4 - Financial Products
John C. Tripp, Ph.D., CPA is a Professor of Taxation with teaching responsibilities in the Graduate Tax Program and the School of Accountancy at the University of Denver. John has been teaching income taxation at D.U. since 1979, specializing in the taxation of natural resources, property transactions and consolidated returns. He has worked in the National Tax Department of Ernst & Young as a Visiting Professor for two years. He is an active member of the American Taxation Association; a former Trustee of COPAS-Colorado and past Co-chairman of the COPAS-Colorado Tax Committee, a past member of the Washington, D.C. S Corporation Study Group, as well as past Treasurer of the Denver Tax Group. He has served on several tax committees of the Colorado Society of CPA’s; and has been a member of the University of Denver’s Tax Institute Planning Committee for many years.
His articles have been published in many professional journals including Taxes - The Tax Magazine, The Tax Advisor, The Journal of Partnership Taxation, Accounting Horizons, and The Oil and Gas Taxation Quarterly. He is also a contributing author to Tax Management Inc.’s Tax Practice Series on S Corporations and ARC’s tax textbook series Federal Income Taxation and Individual Federal Taxation.
In addition to writing continuing professional education courses for MicroMash (including: Oil and Gas Taxation, Alternative Minimum Tax -Corporate and Consolidated Returns- Intercompany Transactions), he has written and presented programs to numerous professional groups and Tax Institutes around the country.
