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Accounting for Revenue Is Changing: What’s the Impact on Oil and Gas Companies?

Oct 10, 2016
From the Financial Reporting View and the IFRS Institute

KPMG’s ISG, in association with the KPMG Global Energy Institute, recently issued Accounting for Revenue Is Changing to address how IFRS 15, Revenue from Contracts with Customers, is likely to affect how oil and gas companies account for revenue. The publication discusses potential areas that IFRS 15 could affect including complex arrangements with partners; arrangements involving engineering, construction and maintenance; and the timing of revenue recognition for production- or sales-based royalties and take-or-pay arrangements.

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