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Abdo, H 
ORCID: https://orcid.org/0000-0001-9279-0035,
2018.
Accounting for the extractive industries: controversies and a need for harmonisation.
Energy Research Journal, 9 (1), pp. 71-76.
ISSN 1949-0151
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Abstract
The oil and gas industry is international in nature and being operated, in most, by multinational companies. However, accounting for the activities of the oil and gas industry is being practiced by using different methods. These methods produce incomparable results which makes it hard for users of thes companies’ accounts to make investments decissions. In this paper, we demonstrate the differences in accounting practices by oil and gas industry via an extensive literature review. Historically, there has been a number of attempts by accounting bodies to harmonise accounting practices by extractive industries, howeever these attempts have not been successful. We highlight the historical controversies sourounding accounting for the oil and gas industry and we make a call on the International Accounting Standard Board to produce a comprehensive accounting standard for the extractive industries in general, and the oil and gas industry in particular. Such a standard would unify accounting practices by oil and gas companies and act as a common language that companies use when preparing their accounts.
| Item Type: | Journal article |
|---|---|
| Publication Title: | Energy Research Journal |
| Creators: | Abdo, H. |
| Publisher: | Science Publications |
| Date: | 28 August 2018 |
| Volume: | 9 |
| Number: | 1 |
| ISSN: | 1949-0151 |
| Identifiers: | Number Type 10.3844/erjsp.2018.71.76 DOI |
| Rights: | © 2018 Hafez Abdo. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited. |
| Divisions: | Schools > Nottingham Business School |
| Record created by: | Jonathan Gallacher |
| Date Added: | 04 Sep 2018 14:31 |
| Last Modified: | 04 Sep 2018 14:31 |
| URI: | https://irep.ntu.ac.uk/id/eprint/34413 |
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