Key Issues Hampering Development Of Accounting Standards For The Oil And Gas Industry Essay.

Describe about the Key issues hampering the development of a uniform and comprehensive accounting standard for the oil and gas industry?

The report is focusing on the different important factors of the accounting practices related to the oil and gas industry under international accounting standard. The oil and gas industry having experienced in the juridical activities which is needed to face the challenges for their business projects in the existing industry of oil and gas industry and also frameworks related to this industry. The overall study is all about international accounting standards used in the corporate growth and the certain focus on the environmental factors related to oil and gas industry (Alvesson and Sandberg, 2013).

The main objective of the oil and gas industry is refining their products. The industry is mainly required huge number of investment for the unpredicted and challenging environment situations of the industry and also required investment for the development of the industry by proper ventures and the sustainability of the long term project of the oil and gas industry (Atilhan, 2013). The study is all about screening the financial risk and the currency fluctuations and the issues related to the accounting risk of the industry according to the perspective of the oil and gas industry.

According to the dissertation study the research questions are required to enhance the knowledge about the accounting standard related to the oil and gas industry. Here is some questions mentioned for the support to better analysis of the accounting standard related to the issues of oil and gas industry (Beke, 2014).

• What are the product valuation issues of the oil and gas industry?
• How to solve the revenues generation issues of the industry with the support of the international accounting standards.
• What are the financial standard needed to support the project management of the oil and gas industry.
• What are the significant challenges faced by the industry during their upstream activities and different ventures of the oil and gas industry.
• How the industry faces their issues related to the taxes and the lease facilities for the operational activity related to the oil and gas industry.

The purpose of the study is to identify the issues of the management and financial issues sort out by the support of the international accounting standard. The research is all about various perspectives of the issues of the oil and gas industry resolved by the accounting standard which provide the industry to grow according to the development of the unique strategies of the industry. The dissertation report is mainly for the support of the development and progress of the accounting standard issues of the oil and gas industry (Beyersdorff, 2013).

The theories and the concepts related to the research will recognize over here which will help in the understanding of the dissertation study of the oil and gas industry for better level of understanding. The situation is describing the tools and techniques of the gaining details about the research techniques according to the research process on the oil and gas industry (Chandra and Sharma, 2013). The research is all about the description of the theories and the models related to the accounting standard of the oil and gas industry. The study is related to the qualitative and quantitative research of the accounting concepts of the international accounting standards. The research topic is all about the impact of the standards on the business strategies and issues related to the oil and gas industry.

Research Questions

Benchmarking of accounting standards

Benchmarking process is made to specify the products and services provided by the industry and according to the financial performance of the industries accounting standard are applied some new concepts and ideas.

The industry need to manage their management structure and the scenarios according to the changes in the management related standard in the accounting standard which can better modified the industry issues related to the managerial actions.

The technologies used by the industry for the operational activities of the company by modified them according to the requirement and strategies and framework of the oil and gas industry. the companies related with the business activities of the oil and gas industries can easily identified that which one is moderate for the industry and providing benefits to the companies by different issues with the support of the accounting standards.

The accounting standards are mainly help in the industry by handling the better financial models of the industry to resolve the issues related to the financial position of the oil and gas industry. The financial model will help to estimate the actual valuation of the industry in the market scenarios.

The financial analysis theories and model are mainly used for the better analysis of the requirement of the business activities in the oil and gas industry to identifying the actual issues related financial status of the company. Univariate model and Multivariate models can be used for the analysis of the financial standards of the industry of oil and gas industry according to the international accounting standard.

Univariate model analysis is assumptions of the industry according to the prediction of the financial statements and ratios to identifying the financial status of the company. Cash flow statement and trend analysis of the industry according to the frame work of the accounting standard of the company (Coughlan and Cronin, 2013).

Multivariate model analysis will be used for the conflict related to the multiple discriminate analysis of the industry and the Z analysis for the profitability and risk analysis of the industry. The trend analysis is mainly for the help in the good management of the project research and other financial modeling analysis for resolving the different issues of the oil and gas industry.

The analysis of the companies in the oil and gas industry is according to their better work environment and the productivity and the performance of the companies in the industry of oil and gases. And utilization of the different financial structured theories of the better performance of the industry and techniques to resolve the related issues with the support of the accounting standards and practices (Darkwah, 2013).

Purpose of the Study

Research onion is a process of research methodology, which helps in analyzing a particular topic of research to provide a proper result about the topic of the research. Research methodology also helps operation process for the academy to do the proper and correct research operation in a particular topic. Research methodology also helps student with the better time division with each stage of the research. In six different divisions, research onion is divided namely Philosophies, Strategies, Choices, Time Horizons, Techniques and Procedures (Herren, 2014).

Research design of a particular topic helps in determining the work structure of a given topic. It helps in the collection and selection of data resource during analyzing the research report. For the benefits of academic student, research design is of three types, exploratory research design, Explanatory research design and Descriptive research design.

Data collection in a research process helps in highlighting the areas that is comprised of information and facts related to the research topic. Data collection gives a practical understanding of the concerned research topic and accordingly helps in gaining better details of the topic in a better and standardized manner.

Data sources are the research materials used in study of any topic and are helpful in citing results and information about the topic. Pointed out that primary and secondary are the two broad forms of data sources used in a research work and are considered helpful in providing details related to the topic. In case of primary sources, the researcher directly interact with the involved subjacent or respondents in order to gain most relevant and appropriate information and knowledge. On the other hand, as described by secondary sources are the already published and known facts used to gather background details and better quality of information related to the research about the oil and gas industry (Misund and Osmundsen, 2008).

Data techniques in a research study can be either qualitative or quantitative or both that helps a researcher in conducting research process. Qualitative data is helpful in dealing with descriptive data that deals in giving detailed explanation to the concerned topic. On the other hand, pointed that quantitative data describes viewpoints of larger respondents in a more structured and easy manner and increases the concern of viability as well. However, in quantitative study, thoughts of the respondents are limited due to list of parameters.

Research limitations in a research study are held responsible for citing the areas where possibilities of restricted study due to certain factor. In the particular research work, the researcher has tried to list the research limitations that due to certain parameter are restricting in studying the innovative strategies as a process of synchronization in project management.

Literature Review

There are many application used to maintained the time horizons for the better outcomes of the current status of the research. The key activities and performance of the project can be researched and maintain the time frame and activities of the quality of report with duration check activities (Salaberry and Comajoan, 2013).

Research process for the particular research study is helpful in synchronizing the research tools in the most appropriate ones. This chapter stated the used and selected research tools for evaluating role of innovation strategies in accounting standards and framework. Based on proper justification, each research tool will help in conducting most standardized form of research that will further help in analyzing the data as required in the process of research study about the accounting standards framework related to the oil and gas industry.

Reference

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Alvesson, M. and Sandberg, J. (2013). Constructing Research Questions. London: SAGE Publications.

Atilhan, M. (2013). An Experimental and Computational Approach On Avoiding Gas Hydrate Problems in Qatar's Oil and Gas Industry. Qatar Foundation Annual Research Forum Proceedings, (2013), p.EEP 088.

Beke, J. (2014). International Accounting Standardization. Oxford: Chartridge Books Oxford.

Beyersdorff, M. (n.d.). International GAAP 2014.

Chandra, S. and Sharma, M. (2013). Research methodology. Oxford: Alpha Science International Ltd.

Coughlan, M., Ryan, F. and Cronin, P. (2013). Doing a literature review in nursing, health and social care. Los Angeles: SAGE.

Darkwah, A. (2013). Keeping hope alive: an analysis of training opportunities for Ghanaian youth in the emerging oil and gas industry. International Development Planning Review, 35(2), pp.119-134.

Herren, G. (2014). Text & presentation, 2013. Jefferson: McFarland & Company, Inc., Publishers.

Misund, B., Asche, F. and Osmundsen, P. (2008). Industry upheaval and valuation: Empirical evidence from the international oil and gas industry. The International Journal of Accounting, 43(4), pp.398-424.

Ponmani, S., Nagarajan, R. and Sangwai, J. (2013). Applications of Nanotechnology for Upstream Oil and Gas Industry. Journal of Nano Research, 24, pp.7-15.

PPE sealing facility brings benefits to Houston's oil and gas industry. (2013). Sealing Technology, 2013(8), p.5.

Salaberry, M. and Comajoan, L. (2013). Research Design and Methodology in Studies on L2 Tense and Aspect. Boston: De Gruyter.

Stepankiw, M. (2013). Industry/Research Collaboration Advances Oil and Gas Technologies. Journal of Petroleum Technology, 65(09), pp.88-101.

Vandenbussche, V., Thylander, E. and Millet, D. (2014). Best Available Techniques Applied to the Offshore Oil and Gas Industry. International Oil Spill Conference Proceedings, 2014(1), pp.388-399.