By D. R. Carmichael, O. Ray Whittington, Lynford Graham
This extremely popular reference is depended on through a substantial a part of the accounting occupation of their daily paintings. This instruction manual is the 1st position many accountants glance to discover solutions to perform questions. Its complete 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 fiscal reporting requested by means of accountants, auditors, bankers, attorneys, monetary analysts, and different preparers and clients of accounting info.
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Extra resources for Accountants' Handbook, Special Industries and Special Topics (Accountants' Handbook Vol. 2) (Volume 2)
Exploration is the search for natural accumulations of minerals with economic value. Exploration for minerals is a specialized activity involving the use of complex geophysical and geochemical equipment and procedures. There is an element of financial risk in every decision to pursue exploration, and explorers generally seek to minimize the costs and increase the probability of success. As a result, before any fieldwork begins, extensive studies are made concerning which types of minerals are to be sought and where they are most likely to occur.
Depending on the gas-balancing situation, the sales method may present a problem with the matching of revenues and expenses in a period. If a significant imbalance exists at the end of an accounting period, the accountant may be required to analyze the situation and record additional expenses (or reduce expenses depending on whether the property is overproduced or underproduced). (b) ENTITLEMENTS METHOD. Under the entitlements method, the company recognizes revenue based on the volume of sales to which it is entitled by its ownership interest.
SFAS No. 121 impairment rules are effectively superseded by the following full cost “ceiling test” specified in Reg. S-X Rule 4-10(e)(4): • For each cost center capitalized costs, less accumulated amortization and related deferred income taxes, shall not exceed an amount (the cost center ceiling) equal to the sum of: (A) The present value of estimated future net revenues computed by applying current prices of oil and gas reserves (with consideration of price changes only to the extent provided by contractual arrangements) to estimated future production of proved oil and gas reserves as of the date of the latest balance sheet presented, less estimated future expenditures (based on current costs) to be incurred in developing and producing the proved reserves computed using a discount factor of ten percent and assuming continuation of existing economic conditions; plus (B) the cost of properties not being amortized pursuant to paragraph (c)(3)(ii) of this section; plus (C) the lower of cost or estimated fair value of unproven properties included in the costs being amortized; less (D) income tax effects related to differences between the book and tax basis of the properties referred to in paragraphs (c)(4)(i)(B) and (C) of this section.
Accountants' Handbook, Special Industries and Special Topics (Accountants' Handbook Vol. 2) (Volume 2) by D. R. Carmichael, O. Ray Whittington, Lynford Graham