Theoretical-methodological aspects of assessing supplies and finance reporting in oil companies

Authors

  • E. S. Madiyarova D. Serikbaev East Kazakhstan State Technical University

Keywords:

financial reporting, oil companies, standards to financial reporting, assessing supplies, methods of resources assessment,

Abstract

The article deals with the analysis of current practice of financial accountability in oil and gas sector according to foreign standards. During recent years the reforming of National Financial Reporting Standards became more active as the existing practice of accountancy in Kazakhstan doesn’t meet in full the needs of external customers in providing them with the information about operation of a company. As a result companies report their financial statements using standards of financial accountability of some foreign countries or International Financial Reporting Standards. The article considers the following questions: a survey of standards of financial accountability used by Kazakhstani oil companies for their stockholders and investors; analysis of current practice on International Accounting Standards in oil and gas companies; review on Generally Accepted Accounting Principles in the USA concerning accounting procedure in oil and gas extraction; development prospects of national standards and regulations of accounting procedure in oil and gas extraction.

References

1 “Strategy “Kazakhstan-2050”: New Political Course of Established State: In Message of President of the Republic of Kazakhstan, N.A. Nazarbaev of December 14, 2012 // http://www.akorda.kz/ru.

2 Makovey S.L. Application of foreign reporting standards for oil and gas production activities in russian oil companies // Audit and financial analysis. – 2007. – № 4. – Р. 1 – 8.

3 IAS 6 “Exploration and Assessment of Minerals Resources” // http://allmsfo.ru.

4 US GAAP, FASB 19 // http://usgaap.xbrl.us.

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