Perspectives

Oil & Gas Accounting, Financial Reporting, and Tax Update

January 2015

This annual publication provides an update on accounting, tax, and regulatory matters relevant to the oil and gas industry.

Changes to accounting and regulatory reporting requirements

As the oil and gas industry sector faces new and changing accounting and regulatory reporting requirements, finance practitioners need to consider the related accounting, financial reporting, and tax implications. To help practitioners understand and address these implications, we are pleased to announce the Oil & Gas Accounting, Financial Reporting, and Tax Update – January 2015 edition.

This publication discusses relevant accounting, tax, and regulatory matters, including updates to Securities and Exchange Commission (SEC), Financial Accounting Standards Board (FASB), International Financial Reporting Standards (IFRS), and tax guidance and focuses on specialized industry accounting topics frequently seen by oil and gas entities. It also outlines emerging accounting and reporting concerns specific to oil and gas with a special focus on:

  • Accounting standards update 
  • Revenue recognition standard 
  • SEC update 
  • Income taxes

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