Accounting Standards for the UK Oil and Gas Industry

Abstract

When the Accounting Standards Steering Committee (ASSC) began the task of setting Accounting standards for the UK in 1969 there were many issues which needed their attention. The more fundamental issues applicable to almost all company accounts were naturally a high priority. Early standards therefore were not industry‐specific. This series of generally applicable standards continued up until 1981 when Exposure Draft 28, “Accounting for Petroleum Revenue Tax”, was issued with reference to the accounts of one industry alone. In this respect the ASSC and its successor the Accounting Standards Committee (ASC) were following a similar pattern to that of development of Accounting standards in the United States where a run of widely applicable standards beginning in 1973 was broken by the issue in 1975 of FAS 9 “Accounting for Income Taxes ‐ Oil and Gas Producing Companies”.