International Financial Reporting Standards…What Would IFRS Mean to Me
The International Accounting Standards Board (IASB) recently released an exposure draft of the small and medium sized entities version of IFRS. Will you be required to adopt these standards? The simple...
View ArticleLike-Kind Exchanges in Oil and Gas
Like-kind Exchanges, or 1031 Exchanges, allow for the deferral of gain on trade or business or investment property when it is exchanged for similar property. Like-kind exchanges are often used by...
View ArticleSo What’s The (Economic) Deal?
One of the common issues encountered in the setup of a drilling company is the handling of the economic deal of the partners in the drafting of the partnership agreement. Many deals, especially those...
View Article2008 Partnership Tax Form Changes
There are some new changes to the 2008 Partnership Tax Return (Form 1065) that could make taxpayers have to do some more digging and have us, preparers, asking a lot more questions. Schedule B (Other...
View ArticleFASB Defers FIN 48
In 2006, the FASB issued Interpretation No. 48, Accounting for Uncertainty in Income Taxes (FIN 48), which establishes accounting and disclosure requirements for uncertain tax positions. FIN 48...
View ArticleWhat is a tax partnership and why should I care?
Assistance on this post provided by Emily Strong. A tax partnership is a tool used in certain drilling arrangements to ensure that the working interest owner who bears the cost of drilling a well also...
View ArticleOutsourcing Considerations
Thinking about outsourcing your accounting function? It’s not a decision to take lightly. Over the last few years we’ve worked with several clients who outsourced various accounting functions, such as...
View ArticleWho Commits Fraud?
Anyone…at least that is how one should think when analyzing fraud risks. Fraud is a hot topic. If you don’t think so ask someone who used to work for Enron or invested in Madoff’s investment company -...
View ArticleJoint Interest Auditing- How To Begin?
In a previous post, I discussed several issues surrounding joint interest auditing and the joint interest accounting in question. Here are some initial steps once you have considered the necessity of a...
View ArticleTop Ten Ways to Ensure a Smooth Audit
Preparing for a financial statement audit can be an overwhelming task. But there are several simple things you can do to get through your audit this year with minimal frustration: 10. Begin working...
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