Home  Journals  International Accounting  10(160) - 2011 March

Application of appraisal estimations in the financial statements of oil and gas companies

Available online: 10 March 2011

Subject Heading: REFORMING OF ACCOUNTING

JEL Classification: 

International financial reporting standards have much wider use of estimations and fair value concept compared to Russian accounting principles. Due to their size and complexity of the business, oil and gas companies need to apply both general and specific requirements of particular standards. In the article we consider revaluation of several types of assets (i.e. fixed assets, investment property), peculiarities in reserves and fixed assets valuation and accounting, calculation of depreciation charges, performance of an impairment test. Inconsistent or unclear requirements of the standards or their implementation in practice are pointed out.

Keywords: international financial reporting standards, IFRS, valuation, oil and gas industry

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ISSN 2311-9381 (Online)
ISSN 2073-5081 (Print)

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