Accounting for the extractive industries is a specialist area that requires expertise and an understanding of the business. On this page you can access a range of articles, books and online resources providing quick links to practical guidance and background information, including the Statement of Recommended Practice: Accounting for Oil and Gas Exploration, Development, Production and Decommissioning Activities.
See our separate page on IFRS 6: Exploration for and Evaluation of Mineral Resources and Business & Industry Guides on oil and gas and the extractive industries.
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Accounting for Oil and Gas Exploration, Development, Production and Decommissioning Activities
The full text of the June 2001 SORP as issued by the Oil Industry Accounting Committee.
The status of OIAC's Statements of Recommended Accounting Practice (SORP)
Notice published by the OIAC in October 2013 on current and future guidance. It states that the SORP will no longer apply to any entity for accounting periods beginning on or after 1 January 2015.
IFRS oil and gas insights
Bulletins, reports and illustrative financial statements produced by EY.
Global oil and gas tax guide 2014
EY guide summarising oil and gas tax regimes in over 80 countries.
Global oil and gas tax guide 2013
Annual guide produced by EY covering local oil and gas tax regimes in over 60 countries.
Financial reporting in the oil and gas industry
PwC report published in April 2008 focusing on the financial reporting implications of IFRS in the oil and gas industry.
Sample Letter Sent to Oil and Gas Producers
Text of a letter sent to oil and gas producers by the US SEC in February 2004 with a list of points (including reserves) to be considered in filing accounts with the SEC.
Oil and Gas Producing Activities
Codification of SEC Staff Accounting Bulletins on oil and gas industry accounting, which includes the accounting and reporting requirements relating to estimates of quantities of proved reserves, estimates of future net revenues and disclosure of reserve information.
Oil Industry Accounting
Section of the HMRC Oil Taxation Manual looking at accounting issues for the oil and gas industry, including the SORP, SOAPS and accounting standards. This section of the manual also covers the over-lifting and under-lifting that oil companies are entitled to produce, which quotes from the SORP and comments on the Oil Taxation Office view of its application.
Oil Taxation Manual
HMRC manual which sets out the ‘law and practice for the oil fiscal regime’. Although the guidance is primarily for inspectors it has been recognised that the manual will be ‘widely consulted by the oil industry and tax practitioners’.
Series of bulletins produced by EY looking at practical issues on applying IFRS for mining and metals companies.
EU introduce requirements to disclose payments to governments
Bulletin released by PwC in June 2013 on new disclosure requirements for entities in the extractive and logging industries.
Work plan for IFRSs: Extractive Activities
Information and links to the discussion paper about the IASB project on developing an IFRS on accounting for extractive activities.
Mining financial reporting survey 2012
Survey report published by KPMG in January 2013 examining the financial statements of 20 major mining companies. A similar report, The Application of IFRS: Mining, covering 29 companies in the mining sector was published by September 2009.
Impact of IFRS: Mining
Publication from KPMG released in January 2012 looking at current accounting issues for mining companies and the impact of future developments.
New on the Horizon: Extractive activities
Report from KPMG, published April 2010, discussing key elements of the proposed IFRS for extractive activities and examining potential changes of practice.
Financial reporting in the mining industry
PwC report published in June 2007 focusing on the financial reporting implications of IFRS in the mining industry.
Tracking the trends 2013
Deloitte's fifth annual global mining report
Council of Petroleum Accountants Societies (COPAS)
US body created in 1961 to ‘provide a forum for discussing and solving the more difficult problems related to accounting for oil & gas’ in the US and Canada. COPAS issues a range of accounting guidelines and manuals.
Financial Accounting Standards Board (FASB)
Website of the FASB includes the full text of standards and interpretations of relevance to the extractive industries, including Statement No. 69 Disclosures about Oil and Gas Producing Activities.
Institute of Petroleum Accounting
US-based institute that publishes a range of books and surveys on accounting practices in the oil and gas industries. It also publishes Petroleum Accounting and Financial Management Journal.
Oil and Gas UK
Body which represents oil and gas companies with upstream interests in the United Kingdom Continental Shelf (UKCS). It publishes the Standard Oil Accounting Procedures (SOAPs), which are issued by the Oil Industry Finance Association (OIFA) committee.
Oil Industry Accounting Committee (OIAC)
Organisation established in 1984 ‘representing the views of the oil and gas industry in various accounting forums and to give guidance on the interpretation and application of accounting standards to the industry’. The OIAC is the issuing body for the SORP covering the oil and gas industry.
Articles are available to logged-in ICAEW members, ACA students and other entitled users.
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