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Oil & gas

Oil & gas (can)

Related Publications

Oil & Gas Spotlight — Production phase of the leases standard complete

Sep 16, 2016

This publication discusses select aspects of the final standard that are relevant to lessees and lessors in the oil and gas (O&G) industry.

Oil & Gas — Accounting, Financial Reporting, and Tax Update (January 2016)

Feb 03, 2016

This third annual publication discusses accounting, tax, and regulatory matters that O&G entities will need to consider, including updates to SEC, FASB, and tax guidance with a specialized focus on industry accounting topics affecting O&G companies. New in this year’s publication is a focused discussion on accounting and reporting considerations related to the new leases standard expected to be issued in early February 2016.

Oil & Gas Spotlight — Opening its borders for competition: Roadmap to Mexican energy reform

Jul 14, 2015

This Oil & Gas Spotlight provides insight into select aspects of energy reform in Mexico, which could result in more competitive exploration and extraction activities in that country. Topics covered in this publication include (1) the changing regulatory regime in Mexico, (2) the grand plan for implementing energy reform, (3) potential accounting implications of the reform under MFRSs and U.S. GAAP, and (4) the current status of the reform and expectations for the future.

Oil & Gas Spotlight — Navigating the changing oil and gas landscape

Jan 27, 2015

This Oil & Gas Spotlight gives an overview of the O&G industry’s current status in light of recent activities that have affected the industry and may affect it in the future. Understanding the current landscape of the O&G industry may result in the identification of factors that an O&G company should consider in assessing and accounting for impairment of its O&G assets (under the successful-efforts method, the full-cost method, or the guidance on impairment of long-lived assets in ASC 360-10). In addition, this publication discusses approaches commonly used in the valuation of O&G assets.

Oil & Gas Spotlight — Fueling discussion about the FASB’s new revenue recognition standard

Oct 23, 2014

This Oil & Gas Spotlight discusses the new revenue model and highlights key accounting issues and potential challenges for O&G entities that recognize revenue under U.S. GAAP or IFRSs.

Oil & Gas Spotlight — Impairment and valuation considerations related to oil and gas assets

Jan 24, 2014

This Oil & Gas Spotlight discusses the factors an E&P company should consider in assessing and accounting for impairment of its O&G assets under either the successful-efforts method or the full-cost method. In addition, it gives an overview of the approaches that are commonly used in the valuation of O&G assets.

Oil and Gas Spotlight — M&A 101 — Understanding merger and acquisition activity in the current environment

Nov 19, 2013

This Oil & Gas Spotlight provides an update on M&A activity in the exploration and production sector of the O&G industry throughout 2013. In addition, it contains a high-level overview of the accounting for business acquisitions that (1) highlights certain nuances that distinguish a business from an asset, (2) discusses the steps in accounting for a business acquisition, and (3) emphasizes certain considerations related to purchase price allocation.

Oil & Gas Spotlight — FASB and IASB re-lease proposed standard

Jul 01, 2013

This Oil & Gas Spotlight highlights key aspects of the FASB’s and IASB’s recently proposed amendments to the guidance on lease accounting and their potential impact on entities in the oil and gas industry.

Oil & Gas Spotlight — Reserves matter(s) — Deloitte hosts E&P roundtable

May 13, 2013

This Oil & Gas Spotlight discusses the roundtable hosted in April by Deloitte on the petroleum resources classification framework and specifics related to the identification and characterization of hydrocarbon resources and reserves. It highlights (1) the importance of reserves to an oil and gas company, (2) the nature of the petroleum resources classification framework used by oil and gas companies to estimate petroleum quantities, and (3) best practices to ensure that resources are properly characterized, accurately calculated, and appropriately reported.

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