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Accounting considerations related to recent declines in oil and gas prices
Oil and gas entities need to consider whether recent price declines in oil and natural gas create accounting risks, in particular for counterparty credit, impairment or going concern.
This publication addresses specific matters for consideration by oil and gas entities. Other entities that do business with entities in the oil and gas industry, particularly suppliers, customers and lenders, need to consider accounting risks, especially those associated with credit risk and impairment.
Entities that report on internal control over financial reporting also need to consider whether their existing processes and controls are sufficiently precise to identify and mitigate risks posed by lower oil and natural gas prices.