Importance Mineral resources receive more and more attention in Russia. The issue gains special relevance due to the depletion of mineral resources under development, deterioration of their quality and reduction in the number of deposits explored. Currently, sources of finance for geological prospecting mainly include funds of private investors who are seeking to reduce their costs for search, evaluation and exploration of mineral resource deposits. In geological exploration, such costs are classified as a separate type of costs for search of mineral resources. Objectives The research aims at devising a set of indicators that will allow carrying out a comprehensive assessment of geological exploration costs, substantiate their reasonableness and efficiency. Methods The article indicates areas of analyzing the exploration costs on the basis of efficiency indicators that help determine whether exploration activities are reasonable and practicable. We suggest that exploration costs should be grouped by exploration assets constructed, investment in exploration assets and operating expenses. We also demonstrate that it is possible to apply index, coefficient, horizontal, vertical, comparative methods, comprehensive and systems approaches to analyzing geological exploration costs. Results The analysis of exploration costs has specific aspects since it is difficult to make an economic evaluation of the efficiency of geological exploration activities at the stage of searching for natural reserves. In this respect, we propose theoretical approaches and practical recommendations on the ways to estimate exploration costs using a horizontal, vertical and coefficient analysis of internal and external financial reporting. Conclusions and Relevance We conclude that it is necessary to optimize exploration costs by identifying the existing natural reserves and finding ways to use them, through a detailed and comprehensive analysis of exploration costs as indicated in financial and management accounting records. We suppose, an analysis of exploration assets will be advisable for both domestic entities for higher cost-effectiveness of their exploration activities, and would-be investors who consider outcomes of the analysis to take relevant decisions on finance of geological exploration projects.
Abramicheva T.V. Ekonomicheskaya effektivnost' neftegazorazvedochnykh rabot [Economic efficiency of oil and gas exploration]. Ukhta, Ukhta State Technical University Publ., 2003, 124 p.
Aglyamova L.F. Uchet raskhodov na poisk, otsenku i razvedku poleznykh iskopaemykh [Accounting for search, evaluation and exploration of mineral resources]. Ekonomika i menedzhment innovatsionnykh tekhnologii = Economics and Innovation Management, 2013, no. 4.
Ampilov Yu.P., Lapo A.V. Analiz geologo-ekonomicheskikh pokazatelei, primenyaemykh pri otsenke effektivnosti razvedki i osvoeniya uchastkov nedr [Analysis of geological and economic indicators used to assess the effectiveness of exploration and development of subsoil plots]. Mineral'nye resursy Rossii. Ekonomika i upravlenie = Mineral Resources of Russia. Economics and Management, 2010, no. 5, pp. 29–34.
Belonogov A.N., Kharchenko O.N. Osobennosti ucheta zatrat na razvedku i otsenku poleznykh iskopaemykh [The specificity of accounting for costs of exploration and evaluation of mineral resources]. Audit i finansovyi analiz = Audit and Financial Analysis, 2013, no. 4, pp. 42–48.
Borisova A.I. Ekonomicheskaya effektivnost' geologo-poiskovykh rabot na neft' i gaz [The economic efficiency of geological prospecting for oil and gas]. Moscow, Nedra Publ., 1979, 180 p.
Breslavtseva N.A., Karashchenko V.V., Proskurina V.A. Uchet i otsenka poiskovykh aktivov soglasno trebovaniyam PBU 24/2011 i MSFO (IAS) 36, MSFO (IFRS) 6 [Accounting and valuation of exploration assets in line with Accounting Standard 24/2011 and IFRS (IAS) 36, IFRS 6]. Mezhdunarodnyi bukhgalterskii uchet = International Accounting, 2012, no. 20, pp. 2–10.
Gorodnova N.V., Skipin D.L. Otsenka investitsionnykh proektov po rekul'tivatsii narushennykh zemel' pri osvoenii, stroitel'stve i ekspluatatsii ob"ektov neftegazovogo kompleksa [Evaluation of investment projects for land reclamation during the development, construction and operation of oil and gas facilities]. Ekonomicheskii analiz: teoriya i praktika = Economic Analysis: Theory and Practice, 2010, no. 39, pp. 105–108.
Dirkova E.Yu. Osobyi poryadok ucheta zatrat na osvoenie prirodnykh resursov [Special accounting treatment of natural resources]. Nalogovaya politika i praktika = Tax Policy and Practice, 2012, no. 4, pp. 61–65.
Egorov V.I., Zolotnikova L.G. Analiz khozyaistvennoi deyatel'nosti predpriyatii neftyanoi i gazovoi promyshlennosti [Analysis of economic activities of oil and gas enterprises]. Moscow, Nedra Publ., 1974, 215 p.
Zyleva N.V. Problemnye aspekty normativnogo regulirovaniya bukhgalterskogo ucheta zatrat po vypolneniyu geologorazvedochnykh rabot [Complicated aspects of regulation of geological exploration cost accounting]. Available at: Link. (In Russ.)
Ibragimova A.Kh. Problemy ucheta i analiza zatrat pri osushchestvlenii geologorazvedochnykh rabot i puti ikh optimizatsii [Issues of accounting and analyzing geological exploration costs and their optimization]. Mezhdunarodnyi bukhgalterskii uchet = International Accounting, 2012, no. 22, pp. 13–20.
Ibragimova A.Kh. [Management cost analysis of oil and gas companies]. Upravlenie ekonomicheskimi sistemami: elektronnyi nauchnyi zhurnal,2012, no. 1. (In Russ.) Available at: Link.
Karpova T.P., Syutkina M.G. Aspekty razmezhevaniya zatrat v neftegazodobyche na kapitaliziruemye i nekapitaliziruemye [Aspects of cost classification as capitalized and non-capitalized in oil and gas production]. Upravlencheskii uchet = The Management Accounting Journal, 2012, no. 6, pp. 10–15.
Kornilova A.V. Problemy normativnogo regulirovaniya bukhgalterskogo ucheta v ugledobyvayushchei otrasli [The issues of accounting regulation in coal mining]. Molodoi uchenyi = Young Scientist, 2013, no. 7, pp. 183–187.
Kuvaldina T.B. Bukhgalterskii uchet zatrat na osvoenie prirodnykh resursov v sootvetstvii s PBU 24/2011 [Accounting of costs for exploitation of natural resources in line with Accounting standard 24/2011]. Auditorskie vedomosti = Audit Journal, 2012, no. 3, pp. 3–8.
Parasotskaya N., Guglya A. Ponyatie i vidy poiskovykh aktivov. Poryadok ucheta i nalogooblozheniya operatsii s poiskovymi aktivami (PBU 24/11) [The concept and types of exploration assets. Accounting and taxation of transactions with exploration assets (Accounting standard 24/11)]. RISK: Resursy, informatsiya, snabzhenie, konkurentsiya = RISC: Resources, Information, Supply, Competition, 2013, no. 1, pp. 297–301.
Popov A.Yu. Osobennosti bukhgalterskogo ucheta poiskovykh aktivov [The specificity of exploration assets accounting]. Available at: Link. (In Russ.)
Rossiiskii statisticheskii ezhegodnik. 2013 [The Russian statistical yearbook for 2013]. Moscow, Rosstat Publ., 2013, 717 p.
Surova G.P. Metodika analiza zatrat i formirovaniya sebestoimosti geologorazvedochnykh rabot [Methods for analyzing expenses for and costing of geological exploration]. Available at: Link. (In Russ.)
Terekhova V.A. Ob uchete zatrat na osvoenie prirodnykh resursov [On accounting of the cost of natural resources]. Vse dlya bukhgaltera = All for the Accountant, 2012, no. 6, pp. 21–24.
