Entities With Oil and Gas Producing Activities — AICPA Audit and Accounting Guide

Updated as of July 1, 2011, this audit and accounting guide summarizes new standards, guidance, and practices, and delivers "how-to" advice for handling audit and accounting issues common to entities with oil and gas producing activities. Whether you are a financial statement preparer or auditor, it is critical to understand the complexities of entities with oil and gas producing activities. This audit and accounting guide offers clear and practical guidance on recent developments in accounting and financial reporting and disclosure of oil and gas producing activities under the full cost and successful efforts methods, ownership interests and operations, classification of oil and gas reserves, unique tax considerations, sources of capital, and the business activities of the oil and gas producing industry. All content is reviewed by industry experts and approved by the appropriate AICPA senior technical committee(s). A subject index has been added to the audit and accounting guide for ease of use.

Updates significant to this edition include technical guidance contained in:

• FASB Accounting Standards Update No. 2009-07, Consolidations (Topic 810)—Improvements to Financial Reporting by Enterprises Involved with Variable Interest Entities
• FASB Accounting Standards Update 2010-06, Fair Value Measurements and Disclosures (Topic 820): Improving Disclosures about Fair Value Measurements

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