Sesi 3Sesi 3Accounting Principle forAccounting Principle for

Oil & Gas Producing Oil & Gas Producing

Akuntansi PerminyakanFakultas Ekonomi Universitas Riau

Pengasuh Dr. H. Kasman Arifin SE.,Ak.,MM

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Tujuan PembelajaranTujuan Pembelajaran

Mamahami dan mengetahui sejarah dari metode successful efforts dan full cost accounting .

Mengetahui perlakuan akuntansi untuk kegiatan acquisition, exploration, development dan production cost.

Indentifikasi perkiraan yang dipergunakan pada successful efforts and full cost accounting

Overview of income tax accounting

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Bagian 1. Sejarah Akuntansi Bagian 1. Sejarah Akuntansi PerminyakanPerminyakan

Generally, companies follow either the successful efforts method or the full cost method of accounting. Both of these methods are part of the GAAP hierarchy, and S-X Rule 4-10 is only published comprehensive standard for full cost accounting.

Successful effort accounting in various forms has been used for over 65 years. Full cost accounting began to be applied in the 1950’s

By mid-1960, accountants and analysts were concerned about the diverse accounting methods in use by oil and gas producer. Not only were full cost and successful efforts methods utilized, but many variations in applying them had evolved. It became difficult to compare financial statements of oil and gas companies because of these inconsistencies. The AICPA’s 1969 Accounting Research Study No.11 (ARS 11) suggested elimination of the full cost method of accounting and recommended successful efforts as the standard

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Bagian 1. Sejarah Akuntansi Bagian 1. Sejarah Akuntansi PerminyakanPerminyakan

The next major event was the Arab oil embargo of 1973. It generated intense public and Congressional interest culminating in the Energy Policy and Conservation Act of 1975 (EPCA). EPCA called for establishing a national energy database which included financial information. Accounting practices were to be developed for use by all oil and gas producers in report to the Department of Energy. Responsibility for compiling the practices was given to the Securities and Exchange Commission (SEC).

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According to SEC fillings from 2006, 47 percent of the top 100 oil and gas companies in the U.S use the full cost method of accounting

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Bagian 2 : Pembagian Biaya-Bagian 2 : Pembagian Biaya-biayabiaya

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Acquisition CostAcquisition Cost

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Exploration CostExploration Cost

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Development CostDevelopment Cost

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Production CostProduction Cost

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Bagian 3. Capitalization Overview Bagian 3. Capitalization Overview Under Successful Efforts Under Successful Efforts AccountingAccounting

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Overview of Amortization Under Overview of Amortization Under Successful Efforts AccountingSuccessful Efforts Accounting

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Bagian 4. Chart of AccountsBagian 4. Chart of Accounts

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Bagian 5. Analysis of Accounts for Bagian 5. Analysis of Accounts for Successful Efforts AccountingSuccessful Efforts Accounting

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Bagian 6 : Overview of Full Cost Bagian 6 : Overview of Full Cost AccountingAccounting

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Bagian 7 : Overview of Income Tax Bagian 7 : Overview of Income Tax AccountingAccounting

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