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 $10 for shipping and handling. Please see below for information on how to order.
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
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
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
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
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
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
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
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 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
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
Alternative Minimum Tax Issues Recapture Provisions Abandonment of Oil and Gas Properties Secondary Recovery Subsidies Credit for Fuel from Nonconventional Sources Questions
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.
