Entities with Oil and Gas Producing Activities - Audit and Accounting Guide

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First update in 2 years! This publication includes over 200 pages of invaluable guidance to help you improve your industry knowledge, fine-tune your strategies, and provide high-quality services to your clients.

This 2014 edition provides important technical guidance, summarizes new standards and practices, and delivers "how-to" advice for handling audit and accounting issues that will be critical to your success.

As fluctuating oil prices, off-shore drilling, and other energy-related issues impact the way your clients conduct business, it’s essential to have a keen understanding of the domestic and international topics and trends facing the oil and gas industry today.

Key Benefits Include:

  • An updated illustrative representation letter that contains industry-specific representations.
  • A new appendix which identifies PCAOB standards that broadly correspond with the Clarified Auditing Standards.
  • Discussion and interpretive guidance associated with FASB ASU 2011-04, ASU 2013-03, and ASU 2013-04.
  • Coverage of offsetting of derivatives, financial assets, and financial liabilities.


  • FASB ASU No. 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs
  • FASB ASU No. 2012-04, Technical Corrections and Improvements
  • FASB ASU No. 2013-03, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.
  • FASB ASU No. 2013-04. Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date


Whether you are a financial statement preparer or auditor, it is critical to understand the complexities of the specialized accounting and auditing needed for the oil and gas industry. This comprehensive guide has been designed to be beneficial for a wide range professionals, including those within the oil and gas industry, as well as those practicing in small, regional, and large accounting and auditing firms.

Your subscription includes the corresponding Audit Risk Alert, content updates and unlimited online access for 1 year. AICPA Online Professional Library – your source for the latest guidance, information, and standards on a variety of accounting & auditing, industry-specific, and practice management topics. Subscribe to the product, bundle, or library that best meets your organization's needs. Click here for more information.

Table of Contents

System Requirements


First Excerpt

Joint and Several Liability Arrangements

4.86 The “Pending Content” in FASB ASC 405-40 applies to obligations resulting from joint and several liability arrangements for which the total amount under the arrangement is fixed at the reporting date, except for obligations that meet the criteria to be accounted for as:
  • Asset Retirement and Environmental Obligations
  • Contingencies
  • Guarantees
  • Compensation—Retirement Benefits
  • Income Taxes
4.87 For the total amount of an obligation under an arrangement to be considered fixed at the reporting date there can be no measurement uncertainty at the reporting date relating to the total amount of the obligation within the scope of the “Pending Content” in FASB ASC 405-40-15. However, the total amount of the obligation may change subsequently because of factors that are unrelated to measurement uncertainty. For example, the amount may be fixed at the reporting date but change in future periods because an additional amount was borrowed under a line of credit for which an entity is jointly and severally liable or because the interest rate on a joint and several liability arrangement changed.

Second Excerpt

The Importance of Exercising Professional Skepticism

8.06 In accordance with AU-C section 200, the auditor should maintain professional skepticism throughout the audit, recognizing the possibility that a material misstatement due to fraud could exist, notwithstanding the auditor’s past experience of the honesty and integrity of the entity’s management and those charged with governance. Maintaining professional skepticism requires an ongoing questioning of whether the information and audit evidence obtained suggests that a material misstatement due to fraud or error may exist. It includes considering the reliability of the information to be used as audit evidence and the controls over its preparation and maintenance when relevant. Due to the characteristics of fraud, the auditor’s professional skepticism is particularly important when considering the risks of material misstatement due to fraud.

About the Publisher

American Institute of CPAs

The American Institute of CPAs (AICPA) is the world’s largest member association representing the CPA profession, with more than 418,000 members in 143 countries, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting.

The AICPA sets ethical standards for the profession and U.S. auditing standards for private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination, and offers specialized credentials for qualified professionals who concentrate on personal financial planning; forensic accounting; business valuation; and information management and technology assurance. With The Chartered Institute of Management Accountants (CIMA), it offers the Chartered Global Management Accountant (CGMA) designation, which sets the global benchmark for quality and recognition in management accounting.

The AICPA and CIMA also make up the Association of International Certified Professional Accountants (the Association), which represents public and management accounting globally, advocating on behalf the public interest and advancing the quality, competency and employability of CPAs, CGMAs and other accounting and finance professionals worldwide.

The AICPA maintains offices in New York, Washington, DC, Durham, NC, and Ewing, NJ.