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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CAs not conversant with Oil and gas accounting
Replies (12)
even i also want to know....
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
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.
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
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.
For IFRS, these files are relevant.
Applying IFRS in the Oil & Gas Sector
Potential implications of
the amendments to
IFRS 11 Joint Arrangements
November 2014
IFRS Developments
for Oil & Gas
The new revenue recognition
standard – oil and gas
October 2014
IFRS Developments
for Oil & Gas – Oilfield Services
The new revenue recognition
standard – oilfield services
October 2014
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
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
Thanks once again. This material are of great value.
Regards
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