Survey of accounting policies of junior oil and gas organizations

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Prepared by Chartered Professional Accountants of Canada (CPA Canada), the Canadian Association of Petroleum Producers, and the Explorers and Producers Association of Canada, this survey reveals how your peers in the industry are adapting their accounting policies to comply with International Financial Reporting Standards (IFRS).

Discover common industry accounting practices

This survey shows how 30 Canadian junior oil and gas organizations are addressing the following accounting matters:

  • determining feasibility and commercial viability for the purpose of transferring exploration and evaluation (E&E) assets out of IFRS 6
  • disclosing the capitalization of general and administrative expenditures to E&E assets
  • determining the basis of depletion for oil and gas properties
  • presenting royalty payments determining the recoverable amount for impairment testing of assets
  • discounting asset retirement obligations
  • presenting expenses in the statement of profit or loss
  • reporting operating segments
  • disclosing key management judgments and estimates

Optimize your accounting decision-making

The insights on industry accounting methods contained in this survey will enable you to:

  • expand your knowledge of IFRS
  • develop a better appreciation for the diverse ways to apply IFRS
  • improve your judgment when applying IFRS
  • ensure your organization is complying with IFRS

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