Accounting of non-current assets of oil production companies under the influence of global economic trends
Abstract
Oil is a most valuable resource, the revenues from the extraction of which form a significant share of revenues to the state budget of many countries, including Russia. Nevertheless, in recent years, negative trends have emerged in the oil industry, which, among other things, are associated with increased attention to renewable energy sources. Oil and gas companies face many challenges that are causing major changes in their business strategy. Well closings, postponement and closure of drilling programs, rig downtime, layoffs, office closures and credit renegotiation are just a few of what the current economic crisis has brought with it. In modern conditions, the activities of oil companies are under significant pressure from both external and internal factors. The demand for liquid energy is falling every year, and recent events related to COVID-19 have even questioned the return of industry indicators to the pre-crisis period. All these factors have a significant impact on the accounting and assessment in the reporting of non-current assets of oil companies. Therefore, the question of how accurately oil companies reflect the financial performance of their statements is especially acute these days.
About the Authors
K. A. Eremeeva
Kazan (Volga region) Federal University
Russian Federation
Russian Federation
Master Student.
E. Yu. Vetoshkina
Kazan (Volga region) Federal University
Russian Federation
Russian Federation
PhD in Economics, Associate Professor.
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Review
For citations:
Eremeeva K.A., Vetoshkina E.Yu. Accounting of non-current assets of oil production companies under the influence of global economic trends. Kazan economic vestnik. 2021;(1):66-73. (In Russ.)
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