Update on oil and gas accounting problems. The real problem in oil and gas accounting

Journal Article · Tue Sep 01 04:00:00 EDT 1981 · Oil Gas Tax Q.; (United States)

OSTI ID:6148311

Koester, R J; Munter, P; Ratcliffe, T A

This article illustrates that historical cost accounting does not address economic reality for oil- and gas-producing companies. The only viable argument advanced against a value-based accounting system which would address critical events in the oil- and gas-producing industry also is a crucial flaw for the existing historical cost systems. Therefore, in this article, it has been suggested that the accounting profession should seriously and conscientiously consider adopting a form of value-based accounting for oil- and gas-producing companies and work with the auditing profession to develop methods and techniques to audit that information. 6 figures.

• Research Organization: Texas Tech., Lubbock
• OSTI ID: 6148311
• Journal Information: Oil Gas Tax Q.; (United States), Journal Name: Oil Gas Tax Q.; (United States) Vol. 30:1; ISSN OGTQD
• Country of Publication: United States
• Language: English

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