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Learn how an oil and gas company should account for its interest in a joint arrangement that is not structured through a separate vehicle (e.g. direct working interest in a well).
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If your oil and gas company is participating in a joint business arrangement that is not structured through a separate vehicle (e.g., a direct working interest in a well), a question that may arise is: How do I account for our interest in the arrangement and comply with IFRS 11 Joint Arrangements?
IFRS 11 and Direct Working Interests provides insights on conducting a joint control and classification assessment, accounting for a joint operation including acquisition of an interest in a joint operation, and considers disclosure implications.
Prepared by Chartered Professional Accountants of Canada (CPA Canada), the Canadian Association of Petroleum Producers (CAPP), and the Explorers and Producers Association of Canada (EPAC), this resource for junior oil and gas companies features information on:
It’s said that a crisis brings out the best in people and, in most cases, that’s true. But there is a dark side to tough times, as fraudsters prey on people who are uncertain and looking for easy answers.
March 18, 2020
The federal government’s actions and fiscal support to address the widespread and devastating economic fallout of the COVID-19 pandemic are welcomed by Chartered Professional Accountants of Canada (CPA Canada).
Listen to this special edition Practitioner’s Pulse webinar where we answer some frequently asked questions around practice management issues and some key financial reporting and auditing implications of COVID-19.