This study systematically points out where accounting problems will arise and how US GAAP and IFRS deal with these problems. It subsequently examines the differences in oil and gas accounting under US GAAP and IFRS in order to determine the impact on the financial statements. Current literature...

In view of the economic significance of extractive industries, the special accounting issues raised, the wide range of accounting figures that can be obtained, and the numerous calls over many years for standardization, there has been less regulation of their accounting than might have been...