Petroleum Accounting – Dennis R. Jennings – 5th edition

Description

The fifth edition of Petroleum Accounting: Principles, Procedures & Issues features a clear approach to issues, which makes the book an excellent addition to corporate libraries and the offices of companies faced with the tasks of and reporting for exploration and production activities in the USA.
Petroleum Accounting has served as the major source for accountants and financial auditors for 15 years. For the fifth edition, the authors, Dennis Jennings, Joe Feiten, and Horace Brock, have added new chapters on FAS 133 on derivatives, risk management, dismantlement costs, and statistics on industry economic parameters.

The book is published by the Professional Development Institute of the of North Texas (PDI), the world’s largest provider of oil and gas accounting education. Jennings is the Global Risk Management Solutions Partner at PricewaterhouseCoopers Global Energy & Management Group. Feiten is a former director of the Global Energy & Mining Group of PWC. Dr. Brock is director of oil and gas programs for PDI and is former director of the Institute of Petroleum Accounting at the University of North Texas.

“This text is important because it is written in a way that appeals to everyone in the industry—from seasoned professionals to industry newcomers,” said Dr. Brock. “Our intent is to provide a comprehensive look at the world of petroleum accounting and to provide a source for petroleum accountants, financial auditors, and other interested parties.”

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  • Costs capitalization
    Successful-efforts versus full-cost accounting
    Explanation of acquisition, exploration, development, production, and abandonment activities
    Amortization of capitalized costs
    Impairment accounting under SFAS 121 and under full cost rules
    Revenue and gas imbalance accounting
    Valuation of proved oil and gas properties
    Accounting for sales, subleases, production payments, net profit interests, farmouts and carried interests
    Accounting for joint operations
    Basic E&P income tax rules
    Financial accounting for income taxes
    Joint interest and partnership accounting
    Accounting for international and offshore operations
    Financial statement and supplemental disclosures
    Illustrative Charts of Accounts
  • Citation

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