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CAs not conversant with Oil and gas accounting

Kasang James ( Accountant) (105 Points)

04 January 2015

Dear all, It seems to me that many CA's are not conversant with oil and gas accounting. Why? This make CPA & ACCA more marketable than CA in this field. know that oil & gas accounting is one of the intersted & complex field in our profession as accountants. Oil & gas accountants are ones with the highest pay among all the accountants in finance & accounts fields. Regards Kasang

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12 Replies

ca final (xyz) (32 Points)
Replied 04 January 2015

even i also want to know....

Kasang James ( Accountant) (105 Points)
Replied 04 January 2015

Dear Deepak, It came to my mind because many a times i ask questiones relating to oil and gas accounting, but unfortunately nobody answers me. I also don't see anyone talking about it. Most of the CA'S in this form talks only on other accounting subject. Regards

Varun (none) (379 Points)
Replied 04 January 2015

IFRS has not been included in CA syllabus yet...Its followed only in segments by even the Indian corporate houses

IFRS 6 DEALS WITH: Exploration for and Evaluation of Mineral Resources and Business & Industry Guides on oil and gas and the extractive industries.

Moreover its a narrow field as compared to finance and accounting areas as oil and gas accounting applies for only those companies Mr.James.

Read this : Interview with IAN Mackintosh (Vice-chairman) International Accounting Standards Board (IASB) on implementation of full IFRS in India.

LINK ADDRESS: /catalogue/mackintosh.asp

It'll take some time before Indians adopt to IFRS and related stuff.Current Indian scenario does not accomodate oil and gas accounting extensively...Its a time process my man.

Kasang James ( Accountant) (105 Points)
Replied 04 January 2015

Thanks Mr. Varun Oil and gas is not made up of IFRS's alone, but of many other complexed issues that should be known by the accounts. The fact that oil and gas accounting is not included in CA syllabus, it makes CA's accountant miss out alot. It is not narrow as you think. Best regards Kasang

(Guest)

Guidance Note on Accounting for
Oil and Gas Producing Activities - GN(A) 15 (Revised 2013)

By The Institute of Chartered Accountants of India
(Set up by an Act of Parliament)
New Delhi

Hope this solve some of your queries.

Attached File : 149116 1394136 29140guidance ogpa.pdf downloaded: 275 times

(Guest)

For IFRS, these files are relevant.

Attached File : 149116 1394138 ey financial reporting briefs december 2014.pdf downloaded: 160 times

(Guest)

Applying IFRS in the Oil & Gas Sector

Potential implications of
the amendments to
IFRS 11 Joint Arrangements
November 2014

Attached File : 149116 1394139 ey applying ifrs in the oil and gas sector.pdf downloaded: 203 times

(Guest)

IFRS Developments
for Oil & Gas

The new revenue recognition
standard – oil and gas

October 2014

Attached File : 149116 1394141 ey the new revenue recognition standard oil and gas.pdf downloaded: 152 times

(Guest)

IFRS Developments
for Oil & Gas – Oilfield Services

The new revenue recognition
standard – oilfield services

October 2014

Attached File : 149116 1394142 ey the new revenue recognition standard oilfield services.pdf downloaded: 158 times

(Guest)

EY IFRS Core Tools

Good Petroleum (International) Limited - Illustrated Financial Statements

International GAAP®
􀀃
For the year ended 31 December 2013

Based on International Financial Reporting
Standards in issue at 31 August 2013

Attached File : 149116 1394144 ey ifrs good petroleum 2013.pdf downloaded: 200 times

Kasang James ( Accountant) (105 Points)
Replied 04 January 2015

Thanks Mr. Hammad, EY is one of our client, and they have provided us with alot of material related to oil & gas accounting. But i would like CA's to participate in this field. Regards