A number of relevant accounting and industry
bodies around the world have web sites. We have listed the major
accounting standard setting bodies, those that have specific
pronouncements affecting the oil and gas industry and other relevant
sites.
Major accounting standard setters
Financial Accounting Standards Board (FASB)
- Since 1973 FASB has been the designated organisation in the private sector for establishing standards of financial accounting and reporting in the USA. The standards govern the preparation of financial reports. They are officially recognised by the Securities and Exchange Commission (SEC) and the American Institute of Certified Public Accountants (AICPA). FASB has issued a number of specific pronouncements that have an impact on the oil & gas sector.
International Accounting Standards Board (IASB)
- The IASB is an independent private sector body working to achieve uniformity in the accounting principles used by businesses and other organisations for financial reporting around the world. The IASB has formed an Extractive Industries Committee details of which are set out in News.
Accounting Standards Board (ASB)
- The ASB is the accounting standard setter for the United Kingdom. The ASB's current projects that may have a specific impact on the oil & gas industry are set out in News. The role of the Accounting Standards Board (ASB) is to issue accounting standards. It is recognised for that purpose under the Companies Act 1985. It took over the task of setting accounting standards from the Accounting Standards Committee (ASC) in 1990. The aims of the Accounting Standards Board (the Board) are to establish and improve standards of financial accounting and reporting, for the benefit of users, preparers, and auditors of financial information.
Other countries with industry related pronouncements
Canadian Institute of Chartered Accountants (CICA)
This site in English and French reports, inter alia, the activities of the Canadian Accounting Standards Board (AcSB) which is authorised by CICA to establish and amend standards of financial accounting.
Institute of Chartered Accountants in Australia
Copies of Australian Accounting Standards (AAS) produced by the Australian Accounting Research Foundation (AARF) may be downloaded from this site.
Nigeria
The Nigerian Institute of Chartered Accountants have issued industry related pronouncements. They do not have a website but may be contacted as follows:
Institute of Chartered Accountants of Nigeria
Idowu Taylor Street
Plot 16
Professional Centre Layout
Victoria Island
PO Box 1580
Lagos
Nigeria
Other useful sites
US Securities and Exchange Commission (SEC)
The SEC is a quasi judicial agency responsible for administering the US federal securities laws. It has a large database of pronouncements which include many references to the oil & gas industry.
United Kingdom Offshore Operators Association (UKOOA)
UKOOA is the representative organisation for the British offshore oil and gas industry. This site includes, inter alia, copies of Standard Oil Industry Accounting Procedures (SOAP) produced to simplify joint venture accounting for the UK Oil & Gas industry.
Institute of Chartered Accountants in England and Wales (ICAEW)
This site includes information about the ICAEW and extracts from Accountancy related publications.
The Energy Institute was created in 2003 by the merger of two key energy organisations – the Institute of Petroleum and the Institute of Energy. This site includes a host of industry relevant information.
American Petroleum Institute (API)
The API is the major US trade association representing the entire US petroleum industry.
