Hydrocarbon exploration costs accounting (international practices)
About authors
- 1 — student National Mineral Resources University (Mining University)
- 2 — Ph.D. associate professor National Mineral Resources University (Mining University)
Abstract
The International Accounting Standards Board issued International Financial Reporting Standard (IFRS) 6 «Exploration for and Evaluation of Mineral Resources». The standard applied to companies engaged in exploration for and evaluation of oil and gas and mineral resources. The article covers to problems of impairment of these assets. How ever for oil and gas industry is the most popular are USA and Britain standards of financial accounting (GAAP USA and GAAP UK). The article concerns questions of capitalization of expenses for exploration and evaluation of mineral resources of comparison according to the IFRS and GAAP USA.
Область исследования:
(Archived) Economics and management
Keywords:
international standard
exploration
mineral resources
capitalization
successful cost method
full-cost method
References
- International Financial Reporting Standard. Moscow, 1999.
- Right Sh., Gallan R. International Petroleum Accounting. Moscow, 2007.
- Тarabarinova T.A. Capitalization of expenses for exploration and evaluation of mineral resources: problems of accounting // Accounting, analysis and audit: history and perspectives of development. Saint Petersburg, 2009.
- Chaya V.T. Special accounting for companies of the oil and gas sector // Auditing and financial analysis. 2010. N 1.
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