Petroleum Accounting and Financial Management Journal

Fall/Winter 2011 Vol. 30 № 3
Accounting for Leases: Issues and Implications for the Oil and Gas Industry 1
Robert M. Cornell, William C. Schwartz, and Charlotte Wright

The FASB and IASB are currently involved in a joint project that will change the accounting rules pertaining to leases by adopting a right of use approach for almost all lease transactions. This article explains the conceptual evolution of the proposed changes to lease accounting over the last several years and provides specific examples and context for how the proposed lease accounting changes will affect oil and gas producers going forward.

Accounting for Leases: Issues and Implications for the Oil and Gas Industry. Cornell, Robert M.; Schwartz, William C.; and Wright, Charlotte, Fall/Winter 2011, pp. 1‑22.

2011 Legislative and Regulatory Update: A State-by-State Guide 23
Bob Wilkinson

This article provides an overview of current legislative and regulatory changes at the state level.

2011 Legislative and Regulatory Update: A State-by-State Guide. Wilkinson, Bob, Fall/Winter 2011, pp. 23‑31.

LIFO and the Petroleum Refining Industry 32
Elizabeth Plummer and Robert L. Vigeland

The paper provides a brief review of how LIFO affects financial statements, and the financial statement effects that would accompany a repeal of LIFO. The paper also reviews factors that could lead to the elimination of LIFO, and how the magnitude of LIFO reserves has fluctuated with oil prices over the past 10 years.

LIFO and the Petroleum Refining Industry. Plummer, Elizabeth and Vigeland, Robert L., Fall/Winter 2011, pp. 32‑54.

Petroco and the Government of Hannan: An International Upstream Case in a Production Sharing Contract Environment 55
Linda M. Nichols

This paper provides a comprehensive case involving a U.S. company that enters into an international production sharing contract (PSC). The contract terms include common elements found in production sharing contracts worldwide.

Petroco and the Government of Hannan: An International Upstream Case in a Production Sharing Contract Environment. Nichols, Linda M., Fall/Winter 2011, pp. 55‑82.

Towards an Expectations Gap Theory with Respect to Multinational Oil Companies' Activities in Emerging Economies 83
Labaran Lawal and Alex Russell

This paper considers the hypothesis that an expectations gap exists between multinational oil companies (MOCs) and other stakeholders on issues relating to the reporting of decommissioning of oil and gas facilities. The main hypothesized gap relates to the duties of the MOCs and the expectations of other identified stakeholders in relation to the reporting of the MOCs' decommissioning performance.

Towards an Expectations Gap Theory with Respect to Multinational Oil Companies' Activities in Emerging Economies. Lawal, Labaran and Russell, Alex, Fall/Winter 2011, pp. 83‑94.

Variable Compensation and Employee Deception: A Management Note 95
Robert M. Cornell, William C. Schwartz, and Charlotte Wright

In this paper, the authors discuss research on the motivational aspects of linking employee rewards to the achievement of budget targets, and how the relationship between performance and rewards can lead employees to engage in deceptive behaviors. The authors also make suggestions for improving the planning process in ways that help relieve pressures on employees to behave in ways that are contrary to the overall economic well-being of the firm.

Variable Compensation and Employee Deception: A Management Note. Cornell, Robert M.; Schwartz, William C.; and Wright, Charlotte, Fall/Winter 2011, pp. 95‑115.

Accounting Practices in the Oil and Gas Industry: A 2011 Survey 116
Alan K. Styles

In 2011, the Institute of Petroleum Accounting at the University of North Texas, in partnership with PricewaterhouseCoopers LLP, conducted its survey of U.S. accounting practices. The survey is the latest in a sequence of studies completed by the Institute since the late 1980s. This article discusses changes and new insights provided by the 2011 Survey.

Accounting Practices in the Oil and Gas Industry: A 2011 Survey. Styles, Alan K., Fall/Winter 2011, pp. 116‑159.