By D. R. Carmichael, O. Ray Whittington, Lynford Graham
This extremely popular reference is depended on by means of a substantial a part of the accounting career of their day by day paintings. This instruction manual is the 1st position many accountants glance to discover solutions to perform questions. Its accomplished scope is widely known and depended on. it's designed as a unmarried reference resource that gives solutions to all moderate questions about accounting and monetary reporting requested through accountants, auditors, bankers, attorneys, monetary analysts, and different preparers and clients of accounting info.
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Extra info for Accountants’ handbook. Special Industries and Special Topics
29 · 12 OIL, GAS, AND OTHER NATURAL RESOURCES Although this method is rather simple from a revenue accounting standpoint, it presents other problems. Regardless of the revenue method chosen, the operator will issue joint interest billing statements for expenses based on the ownership of the property. Depending on the gas-balancing situation, the sales method may present a problem with the matching of revenues and expenses in a period. If a significant imbalance exists at the end of an accounting period, the accountant may be required to analyze the situation and record additional expenses (or reduce expenses depending on whether the property is overproduced or underproduced).
Neither of these attempts, however, culminated in the issuance of an authoritative pronouncement for mining companies. SFAS No. 19, “Financial Accounting and Reporting by Oil and Gas Producing Companies,” established standards of financial accounting and reporting for companies that are engaged in oil and gas exploration, development, and production activities. As this publication goes to print, a steering committee of the International Accounting Standards Steering Board has produced an issues paper as the first stage in the development of international accounting standards in the mining industry.
Fire refining generally does not allow the recovery of by-products. Electrolytic refining uses an electrical current to separate metals from a solution in such a way that by-products can be recovered. (b) SOURCES OF GENERALLY ACCEPTED ACCOUNTING PRINCIPLES. Accounting and reporting issues in the mining industry are discussed in American Institute of Certified Public Accountants (AICPA) Accounting Research Study No. 11, “Financial Reporting in the Extractive Industries” (1969). In 1976, the FASB issued a discussion memorandum, “Financial Accounting and Reporting in the Extractive Industries,” which analyzed issues relevant to the extractive industries.