Fundamentals of Oil & Gas Accounting *US HARDCOVER* 6th Ed. by Charlotte Wright - {9781593703639}

Professor Charlotte Wright's sixth edition of "Fundamentals of Oil & Gas Accounting" offers a comprehensive and modernized guide to understanding the financial complexities of this dynamic industry.

Building upon the success of previous editions, this revised and expanded text addresses the significant changes in accounting and disclosure rules that have impacted the oil and gas sector in recent years. Professor Wright's clear and concise explanations, coupled with practical examples and industry insights, equip students, professionals, and investors with the knowledge and skills necessary to navigate the unique accounting practices of the oil and gas industry.

Tailored for:

• Accounting students: Gain a solid foundation in oil & gas accounting principles and their real-world application.
• Financial professionals: Enhance your understanding of the industry's financial reporting and analysis practices.
• Investors: Make informed investment decisions by demystifying oil & gas company financial statements.

Key Focus Areas:

• Core Concepts: Establish a strong foundational understanding of fundamental accounting principles as they apply specifically to the oil and gas industry.
• Exploration & Development: Delve into the accounting treatment of exploration and development activities, including successful and unsuccessful efforts.
• Depletion, Depreciation, and Amortization: Master the unique methods used to account for the depletion of natural resources and the depreciation of related assets.
• Reserve Accounting: Develop expertise in the complex processes of assessing and reporting oil and gas reserves, incorporating environmental considerations.
• International Standards: Explore the impact of International Financial Reporting Standards (IFRS) on the financial reporting practices of oil & gas companies.

Content Highlights:

• Industry Dynamics: Gain insights into the operational intricacies of the oil & gas industry and their influence on financial reporting.
• Exploration & Development Accounting: Explore the processes of accounting for exploration, development, and production activities, including the treatment of dry holes and intangible drilling costs.
• Property, Plant, and Equipment: Learn about the valuation, depreciation, and depletion methods specific to oil & gas assets, including reserves, pipelines, and processing facilities.
• Revenue Recognition and Measurement: Grasp the unique challenges associated with recognizing and measuring revenue from the sale of oil & gas products.
• Environmental Considerations: Understand the financial implications of environmental regulations and how they are reflected in oil & gas company financial statements.

Key Takeaways:

• Gain a comprehensive understanding of oil & gas accounting principles and practices.
• Develop proficiency in analyzing and interpreting oil & gas company financial statements.
• Enhance your ability to evaluate investment opportunities within the oil & gas sector.
• Appreciate the impact of industry dynamics and regulations on financial reporting.

Strengths:

• Comprehensive and Up-to-Date: Covers a wide range of oil & gas accounting topics, incorporating the latest industry developments and accounting standards.
• Clear Explanations and Examples: Employs clear explanations and practical examples to facilitate understanding.
• Real-World Focus: Connects theoretical concepts to real-world scenarios and industry practices.
• International Perspective: Addresses the impact of international financial reporting standards on oil & gas accounting.

New in the 6th Edition:

• Shale and Unconventional Production: Discusses the significance of shale and unconventional production in relation to accounting principles.
• Updated Reserve Definitions: Analyzes the impact of new Securities and Exchange Commission definitions of reserves on accounting processes.
• Aligned References: Ensures all citations and references reflect the latest authoritative literature from the Financial Accounting Standards Board.
• Property Valuation: Introduces a new chapter addressing specific and previously unaddressed issues regarding property valuation within the industry.
• Updated End-of-Chapter Problems: Provides new and updated end-of-chapter problems for enhanced learning and practice.