By D. R. Carmichael, O. Ray Whittington, Lynford Graham
This very hot reference is trusted through a substantial a part of the accounting occupation of their day by day paintings. This instruction manual is the 1st position many accountants glance to discover solutions to perform questions. Its finished scope is well known and trusted. it truly is designed as a unmarried reference resource that gives solutions to all average questions about accounting and monetary reporting requested by means of accountants, auditors, bankers, attorneys, monetary analysts, and different preparers and clients of accounting details.
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The failure of present mechanisms to both are expecting the cave in of varied businesses or cut down corrupt practises has stored the topic of exterior reporting to the fore. Is reasonable worth reasonable? monetary Reporting in a world standpoint comprises contributions from many highly-respected participants interested in exterior reporting, rules and conventional environment.
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Extra resources for Accountants' Handbook, Special Industries and Special Topics (Accountants' Handbook Vol. 2) (Volume 2)
Ceiling Test Exemption for Purchases of Proved Properties. A petroleum producing company might purchase proved properties for more than the present value of estimated future net revenues, causing net capitalized costs to exceed the cost center ceiling on the date of purchase. 5 ACCOUNTING FOR NATURAL GAS IMBALANCES 29 · 11 To avoid the write down, the company may request from the SEC staff a temporary (usually one year) waiver of applying the ceiling test. The company must be prepared to demonstrate that the purchased properties’ additional value exists beyond reasonable doubt.
Determining inventory quantities during the production process is often difficult. Broken ore, crushed ore, concentrate, and materials in process may be stored in various ways or enclosed in vessels or pipes. Mining companies carry metal inventory at the lower of cost or market value, with cost determined on a last-in, first out (LIFO), first-in, first out (FIFO), or average basis. 7 ACCOUNTING FOR MINING COSTS 29 · 17 Valuation of product inventory is also affected by worldwide imbalances between supply and demand for certain metals.
19, which describes a “successful efforts” method of accounting • SFAS No. 25, which recognizes that other methods may be appropriate • Securities and Exchange Commission (SEC) Regulation S-X, Article 4, Section 10 (also referred to as S-X Rule 4-10 ), which prescribes two acceptable methods for public entities—either the successful efforts method described in SFAS No. 19 or a “full cost” method, as described in S-X Rule 4-10 • SFAS No. 69, which requires supplementary disclosures of oil- and gas-producing activities Additional guidance and interpretations are found in Financial Accounting Standards Board (FASB) Interpretations, SEC Staff Accounting Bulletins (SABs), surveys in industry accounting practices, and petroleum accounting journals and petroleum accounting textbooks.