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what are the pertinent accounting pronouncements which areapplicble to up-streem oil and gas entites?...

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Accounting

what are the pertinent accounting pronouncements which areapplicble to up-streem oil and gas entites? please list them withexplainations.

Thank you

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3.7 Ratings (412 Votes)
Oil and gas is a main source of revenue for many countries Norway is one of them Several companies operate in these countries The companies demand accounting to communicate to their stakeholders The two biggest accounting regimes IASB and USA have their own standards for the upstream activities of those companies The standard setting bodies mandatorily require companies to comply Norwegian listed companies as they are in the IASB regime must comply with the IASB standard IFRS 6 The IASB standard has a problem of addressing the entire upstream activities of the companies Moreover the standard has conceptual flaw However these oil and gas firms    See Answer
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In: Accountingwhat are the pertinent accounting pronouncements which areapplicble to up-streem oil and gas entites? please...what are the pertinent accounting pronouncements which areapplicble to up-streem oil and gas entites? please list them withexplainations.Thank you

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