PwC releases 7th edition of petroleum accounting: principles, procedures & issues

HOUSTON, February 28, 2012 – In coordination with the Professional Development Institute (PDI), PwC US today announces the availability of the 7th edition of Petroleum Accounting: Principles, Procedures, & Issues, an essential industry reference guide for oil and gas financial professionals.

Petroleum Accounting addresses key issues facing the industry, including the explosive growth in unconventional oil and gas production methods, extreme fluctuation of oil and gas prices, and regulations resulting from recent incidents affecting the environment.

“As the global energy landscape continues to evolve and change dramatically, our guide provides vital industry accounting and reporting practices while addressing current developments affecting energy industry professionals and investors,” said Niloufar Molavi, U.S. energy leader and market managing partner for Greater Houston at PwC.  “Ma ny partners and senior managers from PwC contributed their deep industry expertise to the development of this guide and we’re confident that all accounting and financial industry professionals will rely on Petroleum Accounting to help navigate the complicated energy arena.”

The textbook provides guidance on the financial reporting landscape, tackling the most complex industry issues, including business combinations, capitalized interest, the impact of international standards, impairment charges, asset retirement obligations, discontinued operations, producer/pipeline imbalances and oil and gas inventories.  The guide also shares key considerations for various changes and updates relative to the SEC, FASB, EITF, and the IRS.

Copies of the 7th edition of Petroleum Accounting: Principles, Procedures, & Issues may be ordered at or by calling 800-433-5676.

About the PwC US Energy Practice

We focus on customizing three things- assurance, tax and advisory services- to meet the unique challenges of energy companies. How we use the knowledge and experience we've gained from serving the largest and most complex energy companies to the entrepreneurial start-ups depends on our clients' goals and culture.  Taking the time to get to know our clients and listening to their needs lets us use our energy team-- of 3,100 people located around the world -- to create the value our clients want.

For more information about PwC’s Energy practice, visit:

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