By D. R. Carmichael, O. Ray Whittington, Lynford Graham
This extremely popular reference is trusted by way of a substantial a part of the accounting career of their daily paintings. This guide is the 1st position many accountants glance to discover solutions to perform questions. Its complete scope is well known and trusted. it really is designed as a unmarried reference resource that gives solutions to all average questions about accounting and fiscal reporting requested by means of accountants, auditors, bankers, attorneys, monetary analysts, and different preparers and clients of accounting details.
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Extra resources for Accountants' Handbook, Special Industries and Special Topics (Accountants' Handbook Vol. 2)
For example, the metal content of copper concentrate typically is 25–30 percent, as opposed to between. 5 and 1 percent for the raw ore. The concentrate is frequently sold to other processors; occasionally mining companies exchange concentrate to reduce transportation costs. , copper rod or aluminum foil). Sales of raw ore and concentrate entail determining metal content based initially on estimated weights, moisture content, and ore grade.
In contrast, the costs related to exploring for deposits of oil and gas are expended generally over a relatively short time. Major exceptions would be offshore and foreign petroleum exploration and development. Like petroleum exploration and production, the mining industry is capital intensive. Substantial investments in property, plant, and equipment are required; usually they represent more than 50 percent of a mining company’s total assets. The significant capital investments of mining companies and the related risks inherent in any long-term major project may affect the recoverability of capitalized costs.
In the absence of a determination as to whether the reserves that have been found can be classified as proved, the costs of drilling such an exploratory well shall not be carried as an asset for more than one year following completion of drilling. If, after that year has passed, a determination that proved reserves have been found cannot be made, the well shall be assumed to be impaired, and its costs shall be charged to expense. Par 32: Paragraph 32 is intended to prohibit, in all cases, the deferral of the costs of exploratory wells that find some oil and gas reserves merely on the chance that some event totally beyond the control of the enterprise will occur, for example, on the chance that the selling prices of oil and gas will increase sufficiently to result in classification of reserves as proved that are not commercially recoverable at current prices.
Accountants' Handbook, Special Industries and Special Topics (Accountants' Handbook Vol. 2) by D. R. Carmichael, O. Ray Whittington, Lynford Graham