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PROJECT TOPIC AND MATERIAL ON OIL AND GAS ACCOUNTING: PRACTICE, CHALLENGES AND SOLUTIONS IN NIGERIA
The Project File Details
- Name: Oil And Gas Accounting: Practice, Challenges And Solutions In Nigeria
- Type: PDF and MS Word (DOC)
- Size: [70 KB]
- Length:  Pages
1.0 INTRODUCTIONAccounting regulatory bodies usually formulate industry specific standards when an industry has peculiar characteristic of accounting for banks and non-bank financial institutions. The oil and gas industry is one of such industries that have specific accounting standards. This can be attributed to its peculiarity in terms of high capital requirement, earning volatility, regulation, type of business ownership, taxation, non-correlation between the amount of investment made and returns obtained (Wright and Hallun et al, 2008) and high sensitive to risk price risk and foreign exchange risk.Up and 2012 when the International Financial Reporting Standard (IFRS) was adopted by exploration companies in Nigeria, Nigerian companies in the upstream sector prepared their financial statement in line with the statement accounting standard 14 (accounting in the petroleum industry; upstream activities and SAS 17 (accounting in the petroleum industry) formulated by the Nigerian Accounting Standard Board.