By Charlotte Wright, Rebecca Gallun
This long-awaited textual content explains, examines, and discusses quite a few features of accounting in overseas petroleum operations. The authors talk about and illustrate overseas petroleum contracts and comparable agreement accounting concerns that come up and distinction U.S. accounting criteria with these of alternative international locations that are prone to be acceptable to businesses working in foreign settings. additionally incorporated are discussions of petroleum tax regimes encountered worldwide.
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Income tax laws typically differ dramatically from financial accounting standards and procedures. The objective of income tax accounting is to determine the amount of income taxes that companies must pay according to the law; the objective of the income taxation system is to provide funds for the operation of the government. Income tax rules related to the capitalization (deferral) versus deduction (expensing) of an expenditure can differ dramatically from the financial accounting treatment of the expenditure.
Government entities 5. Management All of these individuals and entities use different types of information. qxd 10/5/04 12:38 PM Page 22 International Petroleum Accounting — Chapter 2 information to assess performance and compliance under various petroleum contracts. Tax preparers and authorities rely on tax accounting information that allows them to assess various taxes. Management needs all of these types of information as well as managerial accounting related information. Each of these types of accounting and the specific rules, standards, and guidelines that pertain to them are outlined in the following section.
The lease agreement is between the oil and gas company and an individual, the government, or other entity, depending on who owns the mineral rights to the property of interest. In the United States, there are numerous properties; and there are typically multiple parties owning the mineral rights for any given property. Consequently, the United States is characterized by numerous, small-acreage leases with multi-owners existing over any given exploration or production area. When the lease agreement is executed between the mineral rights owner(s) and the oil and gas company(ies), two types of interest are created: a royalty interest and a working interest.