Oil & Gas Industry Accounting

IAS: 36 Impairment of Assets

Managing the impairment of business assets in today’s environment of rapidly changing markets, technology, and regulations, has become a very important part of the overall management of business assets. In simplified terms, impairment of long lived assets (items of property, plant and equipment) occurs when an asset or a group of assets is worth less [...]

By |2017-08-22T17:00:05+00:00August 22nd, 2017|Accounting Advisory Services, Blog Pages|0 Comments

ASC 606: The new revenue recognition standard

The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have been working towards a single comprehensive revenue recognition standard since the initial joint project was put together in 2002. The objective of the joint effort was to:  Remove inconsistences and weaknesses in the existing revenue recognition frameworks Provide a more robust [...]

By |2017-03-27T18:19:15+00:00March 27th, 2017|Accounting Advisory Services, Blog Pages|0 Comments

Implementing IFRS 15 The new revenue recognition standard

As the effective date of January 1, 2018 draws near, many businesses have initiated the process of analyzing the effects of the new revenue recognition standard, IFRS 15: Revenue from Contracts with Customers. However, only a few have taken the next critical steps of diving deep and implementing the new standard requirements. While the overall [...]

By |2017-03-20T15:13:07+00:00March 15th, 2017|Accounting Advisory Services, Blog Pages|0 Comments