The unique characteristics of the operating environment of oil and gas enterprises and their influence on accounting of non-current tangible assets
DOI:
https://doi.org/10.35774/visnyk2017.03.127Keywords:
oil and gas industry, non-current tangible assets, accounting, capital assets, depreciation, capital investment.Abstract
enterprises, which affect accounting of non-current tangible assets and include the following: dependence on natural factors, heterogeneity of gas and oil drilling, development of mineral deposits, immobility of mining processes, duration of mining, technological cycles involving simultaneous mining of various minerals, lack of work-in-progress, sequence of operations and continuity of production processes, and others. In order to study the unique characteristics of the operational environment of oil and gas enterprises and determine their influence on practices and techniques for accounting of capital assets, methods of measuring interconnections, analysis and synthesis, logical approach are used. Special methods of statistical groups and generalization are applied to explore trends in the oil and gas industry as a whole, and separate sub-sectors of oil and gas extraction, drilling, and transportation.
It is found that in the oil and gas industry, the basic methods of measuring accrued depreciation on fixed assets, viewed as the main component of non-current tangible assets, are straightforward and industrial methods; depreciation is not calculated on buffer gas classified as a noncurrent asset; among non-current tangible assets there are no long-term biological assets; enterprises bear significant expenses related to repair and maintenance of main pipelines, etc. The findings of the study are aimed at increasing the reliability, timeliness and analytics of accounting, which will enhance operational efficiency and management of non-current tangible assets in oil and gas enterprises.
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