The Research On Oil & Gas Investment Accounting Of The United States And The Reference And Guidance To China

Currently planned economy is switching to socialism market economy in China, the reform of the big state owned enterprises is deepening, and the business in overseas and in international cooperation are enhancing. So if we can find an investment accounting method which does not only consider the actual situation in China but also close to the international practice and narrows down the gap between our country and the west, it will be a great help for the reform of our oil & gas industry.Investment is very significant economic activity of enterprises. The investment of oil & gas enterprises usually needs a lot of fund, long cycle of construction and also exists risks. Therefore, it is very important to make scientific investment policy and strengthen the management of investment accurately.The paper analyzes general accounting principle of oil & gas industry in the United States and evaluates two kinds of accounting methods. Successful Efforts & Full costs. Research is made to the investment accounting method of the United State relating to various phases of oil and gas operation, including property acquisition, retention and surrender, exploration, development and production. The emphasis of the analysis and research for the paper is in the comparison of existing investment accounting method used in the oil industry in the United States and in China and on the improvement of the weaknesses for the practice in China, such as reasonless oil & gas cost, non acquisition right andso on. And the recommendations and comments are made on how to reform our current system, such as importing unit-volume method, reforming cost center, abolishing exploration fund accounting method, practicing property acquisition right, and other imagination to push circulation of property. And the paper also suggests further that tax policy of our country should reform relevantly, exploration order should be changed from mandatory to guidance, this can constantly promote development of oil & gas enterprises in our country.