UPSTREAM FINANCIAL REPORTING PRACTICES IN THE OIL AND GAS SECTOR
DR. C.O. MGBAME, DR. P.A. DONWA & AKOLO IGUNBOR
Department of Accounting
Faculty of Management Sciences,
University of Benin,
This paper has conceptually examined the upstream financial reporting Practices in the oil and gas sector. An in-depth exploration of existing literature was made to buttress the views expressed by the researcher and prior researchers as regard the subject matter evaluated.
The study employs the desk top review methodology by examining existing literature on the topic in order to get adequate firsthand information. Findings emanating from the conceptual evaluation indicate that oil and gas serve as a major source of revenue; and as such there are no defined accounting standards that readily guide firms in their financial reporting in oil and gas sector of Nigeria. Premised on this, it is therefore suggested that the financial reporting council of Nigeria should specified specific standards for Nigerian firms in the oil and gas sector to improve their financial reporting practices subject to the IFRS requirements.