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Guidance Note on Accounting for Oil and Gas Producing Activities

Written By Admin on Wednesday, 6 March 2013 | Wednesday, March 06, 2013


The Research Committee of the Institute of Chartered Accountants of India (ICAI) had earlier formulated a ‘Guidance Note on Accounting for Oil and Gas Producing Activities’ to establish sound accounting principles related to exploration, development and production of oil and gas. However, in order to keep pace with the advancements in the field of technology and techniques of oil exploration, a need was felt for its revision. Internationally, developments have taken place in prescribing guidance for accounting of extractive activities. Presently, in India this Guidance Note is an important pronouncement for prescribing sound accounting principles for accounting of upstream activities, thus revision of this literature was undertaken to take into account the latest developments.
 
 
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