American Bankers Association Risk Management Forum April 29, 2010 Tyler D. ...tnunnally
American Bankers Association Risk Management Forum, April 29, 2010. Best Practices: Managing Judgment Risk. Presented by Tyler D. Nunnally, Founder & CEO, Upside Risk
American Bankers Association Risk Management Forum April 29, 2010 Tyler D. ...tnunnally
American Bankers Association Risk Management Forum, April 29, 2010. Best Practices: Managing Judgment Risk. Presented by Tyler D. Nunnally, Founder & CEO, Upside Risk
Conférence du Prof. Pierre-Majorique Léger sur la recherche en expérience utilisateur au Tech3Lab de HEC Montréal dans le cadre du Déjeuner des TIC organisé par Prompt le 18 mars 2016.
Establishing a Forecasting Model for High Speed Diesel for Bangladesh: A Case...hasnat1983
The research emphasizes on establishing a forecasting model for High Speed Diesel (HSD) for Bangladesh; aiming that the study collected data from Meghna Petroleum Limited to analyze the data pattern of HSD sales. During scrupulous revise the research identified and classified data pattern of HSD sales by various graphs. Following to the classification the study prepares forecasting system using Classical Decomposition Model which is a combination of trend and seasonality forecasting. The study tests the accuracy level of the model using two different methods and results are satisfactory. The paper identifies the sectors that can use the forecast to enhance the management system. This research divulge a set of recommendations for Meghna petroleum limited as well as for the similar organizations who are working in this area to perform smoothly and help the Government to reduce the subsidy level in fuel sector.
Call for Papers- Special Issue: Frontiers In Environmental, Green Economics a...Christo Ananth
Christo Ananth, Special Issue on “Frontiers In Environmental, Green Economics and Management”, Empirical Economics Letters, ISSN: 1681-8997, indexed in ERA and ABDC Journal List
Please review the below essays for completion 21 July 2011 midnigh.docxLeilaniPoolsy
Please review the below essays for completion 21 July 2011 midnight. Price 200 dollars for 15 pages minimum double space courier new 12 font. Kindly accept and separate each acc501cs1, cs2, cs3, cs4, and cs5.
ACC501CS1 (3 to 5 pages double spaced courier new 12 pt font)
Case assignment expectations:
This case will give you experience in the format of our case method.
You will begin by learning about financial accounting standards and current trends. Further, you are introduced to the annual report, which typically includes the audited financial statements. The submission should be 3-5 pages typed and double-spaced.
The following items will be assessed in particular:
There are two parts to this case.
Part I. Search the Internet. Discuss each of the following terms or concepts and their significance for the preparation of financial statements. In addition, comment on how the five terms or concepts below relate to each other.
1. Generally Accepted Accounting Principles (US GAAP)
2. International Financial Reporting Standards (IFRS)
3. Norwalk Agreement (October 2002)
4. Generally Accepted Auditing Standards
5. International Auditing and Assurance Standards
Part II. Refer to the following three sets of annual reports which contain the financial statements. Use the latest financial statements -- for the year 2010, if available. First read an overview of the company so you are familiar with the company, its products/services and markets and then review the annual report and supplemental financial statements.
1. Apple, Inc. http://investor.apple.com/financials.cfm
2. Swatch Group http://www.swatchgroup.com/en/investor_relations/annual_and_half_year_reports
3. Nikon http://www.nikon.com/about/ir/ir_library/ar/index.htm
Required:
1. Briefly comment on the companies, the appearance and presentation of the annual reports.
2. How the terms and concepts defined in Part I affect the information reported the financial statements listed above?
3. Make three comparisons and reach three conclusions about each company from the financial information you find in the annual report. Prepare a table to summarize your findings.
4. Briefly comment on the ability to compare and contrast the information in your table.
ACC501CS2 – (3-5 pages typed and double-spaced courier new 12 font)
Case assignment expectations:
Cost Volume Profit Analysis and Costing for the 21st Century
Read all the required readings in the background materials about Cost Volume Profit Analysis. Make sure you understand this method and the breakeven analysis which goes with these concepts.
(n.a.) Calculating the Break-Even Point and the Contribution Margin, Tripod.com. Retrieved from: http://members.tripod.com/devryproject/BreakEven.htm
These site have detailed slide presentations of cost-volume-profit analysis.
Cost-Volume-Profit-Analysis, Retrieved from:
http://www.slideshare.net/brianna1405/cost-volumeprofit-relationship
http://www.slideserve.com/presentation/24847/Cost-Volume-Profit-.
Privately-owned Banks and Climate ChangeFGV Brazil
An analysis of the strategies and practices of Brazilian privately-owned banks to manage climate change challenges.
This study is aimed at making a diagnosis and a gap analysis of the practices of leading Brazilian privately-owned banks to reduce the climate impact of their operations and to promote a low-carbon economy. This study complements the previous one, ‘Brazilian State-owned Banks and Climate Change - An analysis of the strategies and practices of brazilian state-owned banks and regional funds to manage climate change challenges,’ published in 2010. The two studies provide an overview of strategies and practices adopted by the Brazilian financial sector in relation to climate issues. It is expected that these results may help to enhance the strategies of the institutions, as well as develop public policies aimed at mitigating and adapting climate change.
GVces - Center for Sustainability Studies
www.gvces.com.br
Statistics, Data Analysis, and Decision ModelingFOURTH EDITION.docxdessiechisomjj4
Statistics, Data Analysis, and Decision Modeling
FOURTH EDITION
James R. Evans
9780558689766
Chapter 7 Forecasting
Introduction
QUALITATIVE AND JUDGMENTAL METHODS
Historical Analogy
The Delphi Method
Indicators and Indexes for Forecasting
STATISTICAL FORECASTING MODELS
FORECASTING MODELS FOR STATIONARY TIME SERIES
Moving Average Models
Error Metrics and Forecast Accuracy
Exponential Smoothing Models
FORECASTING MODELS FOR TIME SERIES WITH TREND AND SEASONALITY
Models for Linear Trends
Models for Seasonality
Models for Trend and Seasonality
CHOOSING AND OPTIMIZING FORECASTING MODELS USING CB PREDICTOR
REGRESSION MODELS FOR FORECASTING
Autoregressive Forecasting Models
Incorporating Seasonality in Regression Models
Regression Forecasting with Causal Variables
THE PRACTICE OF FORECASTING
BASIC CONCEPTS REVIEW QUESTIONS
SKILL-BUILDING EXERCISES
SKILL-BUILDING EXERCISES
PROBLEMS AND APPLICATIONS
CASE: ENERGY FORECASTING
APPENDIX: ADVANCED FORECASTING MODELS—THEORY AND COMPUTATION
Double Moving Average
Double Exponential Smoothing
Additive Seasonality
Multiplicative Seasonality
Holt–Winters Additive Model
Holt– –Winters Multiplicative Model
INTRODUCTION
One of the major problems that managers face is forecasting future events in order to make good decisions. For example, forecasts of interest rates, energy prices, and other economic indicators are needed for financial planning; sales forecasts are needed to plan production and workforce capacity; and forecasts of trends in demographics, consumer behavior, and technological innovation are needed for long-term strategic planning. The government also invests significant resources on predicting short-run U.S. business performance using the Index of Leading Indicators. This index focuses on the performance of individual businesses, which often is highly correlated with the performance of the overall economy, and is used to forecast economic trends for the nation as a whole. In this chapter, we introduce some common methods and approaches to forecasting, including both qualitative and quantitative techniques.
Managers may choose from a wide range of forecasting techniques. Selecting the appropriate method depends on the characteristics of the forecasting problem, such as the time horizon of the variable being forecast, as well as available information on which the forecast will be based. Three major categories of forecasting approaches are qualitative and judgmental techniques, statistical time-series models, and explanatory/causal methods.
Qualitative and judgmental techniques rely on experience and intuition; they are necessary when historical data are not available or when the decision maker needs to forecast far into the future. For example, a forecast of when the next generation of a microprocessor will be available and what capabilities it might have will depend greatly on the opinions and expertise of individuals who understand the technology.
Statistical time-series models find g.
We are currently in the midst of one of the deepest downturns in the upstream industry in recent years. Challenging times are ahead for those looking to invest capital and grow their companies in this environment.
Petroleum Economics is all about the allocation of scarce resources. Investment capital is certainly that scarce resource at the moment. In this environment, companies are looking for people to develop highly advanced skills in upstream petroleum economic and financial analysis
Conférence du Prof. Pierre-Majorique Léger sur la recherche en expérience utilisateur au Tech3Lab de HEC Montréal dans le cadre du Déjeuner des TIC organisé par Prompt le 18 mars 2016.
Establishing a Forecasting Model for High Speed Diesel for Bangladesh: A Case...hasnat1983
The research emphasizes on establishing a forecasting model for High Speed Diesel (HSD) for Bangladesh; aiming that the study collected data from Meghna Petroleum Limited to analyze the data pattern of HSD sales. During scrupulous revise the research identified and classified data pattern of HSD sales by various graphs. Following to the classification the study prepares forecasting system using Classical Decomposition Model which is a combination of trend and seasonality forecasting. The study tests the accuracy level of the model using two different methods and results are satisfactory. The paper identifies the sectors that can use the forecast to enhance the management system. This research divulge a set of recommendations for Meghna petroleum limited as well as for the similar organizations who are working in this area to perform smoothly and help the Government to reduce the subsidy level in fuel sector.
Call for Papers- Special Issue: Frontiers In Environmental, Green Economics a...Christo Ananth
Christo Ananth, Special Issue on “Frontiers In Environmental, Green Economics and Management”, Empirical Economics Letters, ISSN: 1681-8997, indexed in ERA and ABDC Journal List
Please review the below essays for completion 21 July 2011 midnigh.docxLeilaniPoolsy
Please review the below essays for completion 21 July 2011 midnight. Price 200 dollars for 15 pages minimum double space courier new 12 font. Kindly accept and separate each acc501cs1, cs2, cs3, cs4, and cs5.
ACC501CS1 (3 to 5 pages double spaced courier new 12 pt font)
Case assignment expectations:
This case will give you experience in the format of our case method.
You will begin by learning about financial accounting standards and current trends. Further, you are introduced to the annual report, which typically includes the audited financial statements. The submission should be 3-5 pages typed and double-spaced.
The following items will be assessed in particular:
There are two parts to this case.
Part I. Search the Internet. Discuss each of the following terms or concepts and their significance for the preparation of financial statements. In addition, comment on how the five terms or concepts below relate to each other.
1. Generally Accepted Accounting Principles (US GAAP)
2. International Financial Reporting Standards (IFRS)
3. Norwalk Agreement (October 2002)
4. Generally Accepted Auditing Standards
5. International Auditing and Assurance Standards
Part II. Refer to the following three sets of annual reports which contain the financial statements. Use the latest financial statements -- for the year 2010, if available. First read an overview of the company so you are familiar with the company, its products/services and markets and then review the annual report and supplemental financial statements.
1. Apple, Inc. http://investor.apple.com/financials.cfm
2. Swatch Group http://www.swatchgroup.com/en/investor_relations/annual_and_half_year_reports
3. Nikon http://www.nikon.com/about/ir/ir_library/ar/index.htm
Required:
1. Briefly comment on the companies, the appearance and presentation of the annual reports.
2. How the terms and concepts defined in Part I affect the information reported the financial statements listed above?
3. Make three comparisons and reach three conclusions about each company from the financial information you find in the annual report. Prepare a table to summarize your findings.
4. Briefly comment on the ability to compare and contrast the information in your table.
ACC501CS2 – (3-5 pages typed and double-spaced courier new 12 font)
Case assignment expectations:
Cost Volume Profit Analysis and Costing for the 21st Century
Read all the required readings in the background materials about Cost Volume Profit Analysis. Make sure you understand this method and the breakeven analysis which goes with these concepts.
(n.a.) Calculating the Break-Even Point and the Contribution Margin, Tripod.com. Retrieved from: http://members.tripod.com/devryproject/BreakEven.htm
These site have detailed slide presentations of cost-volume-profit analysis.
Cost-Volume-Profit-Analysis, Retrieved from:
http://www.slideshare.net/brianna1405/cost-volumeprofit-relationship
http://www.slideserve.com/presentation/24847/Cost-Volume-Profit-.
Privately-owned Banks and Climate ChangeFGV Brazil
An analysis of the strategies and practices of Brazilian privately-owned banks to manage climate change challenges.
This study is aimed at making a diagnosis and a gap analysis of the practices of leading Brazilian privately-owned banks to reduce the climate impact of their operations and to promote a low-carbon economy. This study complements the previous one, ‘Brazilian State-owned Banks and Climate Change - An analysis of the strategies and practices of brazilian state-owned banks and regional funds to manage climate change challenges,’ published in 2010. The two studies provide an overview of strategies and practices adopted by the Brazilian financial sector in relation to climate issues. It is expected that these results may help to enhance the strategies of the institutions, as well as develop public policies aimed at mitigating and adapting climate change.
GVces - Center for Sustainability Studies
www.gvces.com.br
Statistics, Data Analysis, and Decision ModelingFOURTH EDITION.docxdessiechisomjj4
Statistics, Data Analysis, and Decision Modeling
FOURTH EDITION
James R. Evans
9780558689766
Chapter 7 Forecasting
Introduction
QUALITATIVE AND JUDGMENTAL METHODS
Historical Analogy
The Delphi Method
Indicators and Indexes for Forecasting
STATISTICAL FORECASTING MODELS
FORECASTING MODELS FOR STATIONARY TIME SERIES
Moving Average Models
Error Metrics and Forecast Accuracy
Exponential Smoothing Models
FORECASTING MODELS FOR TIME SERIES WITH TREND AND SEASONALITY
Models for Linear Trends
Models for Seasonality
Models for Trend and Seasonality
CHOOSING AND OPTIMIZING FORECASTING MODELS USING CB PREDICTOR
REGRESSION MODELS FOR FORECASTING
Autoregressive Forecasting Models
Incorporating Seasonality in Regression Models
Regression Forecasting with Causal Variables
THE PRACTICE OF FORECASTING
BASIC CONCEPTS REVIEW QUESTIONS
SKILL-BUILDING EXERCISES
SKILL-BUILDING EXERCISES
PROBLEMS AND APPLICATIONS
CASE: ENERGY FORECASTING
APPENDIX: ADVANCED FORECASTING MODELS—THEORY AND COMPUTATION
Double Moving Average
Double Exponential Smoothing
Additive Seasonality
Multiplicative Seasonality
Holt–Winters Additive Model
Holt– –Winters Multiplicative Model
INTRODUCTION
One of the major problems that managers face is forecasting future events in order to make good decisions. For example, forecasts of interest rates, energy prices, and other economic indicators are needed for financial planning; sales forecasts are needed to plan production and workforce capacity; and forecasts of trends in demographics, consumer behavior, and technological innovation are needed for long-term strategic planning. The government also invests significant resources on predicting short-run U.S. business performance using the Index of Leading Indicators. This index focuses on the performance of individual businesses, which often is highly correlated with the performance of the overall economy, and is used to forecast economic trends for the nation as a whole. In this chapter, we introduce some common methods and approaches to forecasting, including both qualitative and quantitative techniques.
Managers may choose from a wide range of forecasting techniques. Selecting the appropriate method depends on the characteristics of the forecasting problem, such as the time horizon of the variable being forecast, as well as available information on which the forecast will be based. Three major categories of forecasting approaches are qualitative and judgmental techniques, statistical time-series models, and explanatory/causal methods.
Qualitative and judgmental techniques rely on experience and intuition; they are necessary when historical data are not available or when the decision maker needs to forecast far into the future. For example, a forecast of when the next generation of a microprocessor will be available and what capabilities it might have will depend greatly on the opinions and expertise of individuals who understand the technology.
Statistical time-series models find g.
We are currently in the midst of one of the deepest downturns in the upstream industry in recent years. Challenging times are ahead for those looking to invest capital and grow their companies in this environment.
Petroleum Economics is all about the allocation of scarce resources. Investment capital is certainly that scarce resource at the moment. In this environment, companies are looking for people to develop highly advanced skills in upstream petroleum economic and financial analysis
DATA OUTPUT.docx
GRAPHS FOR QUESTION ONE
MONTHLY STOCK RETURNS
SCATTERPLOT PLUS REGRESSION LINE
TABLE FOR QUESTION TWO (REGRESSION OUTPUT FOR MODEL ONE)
GRAPHS FOR QUESTION THREE
TABLES AND FIGURES FOR QUESTION TWO WHICH REQUIRES USE OF DIAGNOSTIC TOOLS
1.TEST FOR NORMALITY
2.HETEROSKEDASTICTY TEST USING THE WHITE METHOD
3.TEST FOR SERIAL CORRELATION USING LM TEST
USING HAC METHOD TO CORRECT HETEROSKEDASTICITY AND SERIAL CORRELATION (FIXING THE ERRORS)
QUESTION 5-USING CHOW TEST TO TEST WHETHER THE FINANCIAL CRISIS AFFECTED THE RELATIONSHIP
QUESTION 6-REGRESSION OUTPUT FOR MODEL 2
QUESTION 7: WALD TEST FOR TESTING JOINT HYPOTHESIS
-.3
-.2
-.1
.0
.1
.2
.3
-.3
-.2
-.1
.0
.1
.2
.3
808284868890929496980002040608
ResidualActualFitted
0
20
40
60
80
100
808284868890929496980002040608
General Dynamics Corp S
0
4
8
12
16
20
808284868890929496980002040608
Federal Funds Rate (Effective) FED
-.3
-.2
-.1
.0
.1
.2
.3
808284868890929496980002040608
NRSt
PROFESSOR'S COMMENTS.docx
1. In question 2, the model requires you to use the monthly stock returns to do the regression. By contrast, it is evident that you have used nominal stock prices instead of returns. This is totally wrong. You have not even made reference to the Discounted Cash flow model
2. In question 3 you are required to plot the actual values, the fitted values (predicted values) and the residuals and comment on model fitting. I am afraid that it apparently appears that you have not done so
3. You have not answered question four
4. You have not answered question five
5. Where is the answers for questions 6 and 7. To be precise the test for joint hypothesis required in question 7 is not shown and the outcome and the conclusions there in.
ECONOMETRICS ASSIGNMENT.pdf
INSTRUCTIONS
Word Limit 2500 words (excluding appendix and reference list)
Refer to the Journal Article Attached in the email as a guide on how to report
the results of the data analysis.
E-VIEWS is the preferred software for data analysis but if you are not
conversant with it you can use STATA or SPSS.
The deadline for this assignment is midday 21
st
,November 2016.
1
You have been allocated monthly time-series data for the United States
over the period January 1980-December 2009. The data refer to the following
variables:
S :the nominal stock price of a given company;
FED :the nominal short-term interest rate, measured by the effective federal
funds ratea (yields in percentage per annum);
IP :the level of industrial production.
Let NSRt be the monthly stock returns of the assigned company. Consider
the following regression model:
NSRt = β1 + β2 · FEDt + ut, (1)
where FEDt is assumed to be a stationary series.
1. Report the time series plots of the series and the scatter plot. Comment
on the graphs. [10%]
2. Use Ordinary Least Squares (OLS) to estimat.
he main aim of this paper is the role of Operations Research (OR) to financial markets. Subsequent to considering explanations behind the engaging quality of general finance problems to OR specialists. The primary sorts of financial market issue manageable to Operations Research are distinguished, and a portion of the numerous issues illuminated utilizing Operations Research are reported. While mathematical programming is the most generally connected procedure, and other reproduction techniques are progressively broadly utilized. Operations Research now assumes an imperative part in the operation of financial markets and this significance is probably going to increment, making the open door for OR (and operations researchers) to assume a considerably more noteworthy part.
The main aim of this paper is the role of Operations Research (OR) to financial markets. Subsequent to considering explanations behind the engaging quality of general finance problems to OR specialists. The primary sorts of financial market issue manageable to Operations Research are distinguished, and a portion of the numerous issues illuminated utilizing Operations Research are reported. While mathematical programming is the most generally connected procedure, and other reproduction techniques are progressively broadly utilized. Operations Research now assumes an imperative part in the operation of financial markets and this significance is probably going to increment, making the open door for OR (and operations researchers) to assume a considerably more noteworthy part.
A study on financial aspect of supply chain management journal ijrtem
The more common approaches used in the SCM consider only the physical logistic operations
and ignore the financial aspects of the supply chain. The main objective to incorporate financial aspects in
supply chain management is to strengthen managerial decisions concerning financial flows in supply chains,
while empirical knowledge about financial supply chain management (FSCM) is in its early stages. This paper
presents a model for FSCM which financial planning in addition to operation planning is decided in it. The
main contribution of this paper is to define two approaches for Financial Supply Chain Management and to
compare them. This financial approaches are: Traditional financial approach and new financial approach.
Traditional financial approach integrates physical goods flows and financial flows. New financial approach
considers in making decisions other financial indicators such as market to book value, liquidity ratios, capital
structure ratios, and return on equity, sales margin, turnover ratios and stock security ratios, among others.
Moreover, the new approach applies the change in equity instead of the traditional approach measures of profit
as the objective function to be maximized in the presented model. To show the attributes of the presented
approaches, the results of the new approach and the traditional approach is compared. The findings indicate
that the traditional approach leads to lower change in equity compared to the financial approach. Also, the
results clearly reveal the better improvement of using the new approach over the traditional approach, and
convince the decision makers to take advantage of the new approach
A study on financial aspect of supply chain managementIJRTEMJOURNAL
The more common approaches used in the SCM consider only the physical logistic operations
and ignore the financial aspects of the supply chain. The main objective to incorporate financial aspects in
supply chain management is to strengthen managerial decisions concerning financial flows in supply chains,
while empirical knowledge about financial supply chain management (FSCM) is in its early stages. This paper
presents a model for FSCM which financial planning in addition to operation planning is decided in it. The
main contribution of this paper is to define two approaches for Financial Supply Chain Management and to
compare them. This financial approaches are: Traditional financial approach and new financial approach.
Traditional financial approach integrates physical goods flows and financial flows. New financial approach
considers in making decisions other financial indicators such as market to book value, liquidity ratios, capital
structure ratios, and return on equity, sales margin, turnover ratios and stock security ratios, among others.
Moreover, the new approach applies the change in equity instead of the traditional approach measures of profit
as the objective function to be maximized in the presented model. To show the attributes of the presented
approaches, the results of the new approach and the traditional approach is compared. The findings indicate
that the traditional approach leads to lower change in equity compared to the financial approach. Also, the
results clearly reveal the better improvement of using the new approach over the traditional approach, and
convince the decision makers to take advantage of the new approach.
1. Grant Name: Undergraduate Research Grant Program of spring 2016
Project Title: From Barrels to Balance Sheets: The Distinct Accounting Principles within the Oil and
Gas Industry
Faculty Mentor(s): Songtao Mo
Department: College of Business; Accounting
Amount Requested: $300.00
Student Information (for each student)
Name: David Haddad
PUID: 026741225
Email Address: dhaddad@pnw.edu
2. 1
Project Title: From Barrels to Balance Sheets: The Distinct Accounting Principles within the Oil and
Gas Industry
Abstract/Problem Statement/Research Question:
The accounting principles & methods throughout oil and gas companies have certainly encountered an
insurmountable change in the past century. As the petrol industry becomes more advanced, financial
reporting, accounting principles, audit procedures, and financial issues become more complicated. This
exploratory study will examine and evaluate accounting methods for financial reporting within the petrol
industry, namely, the Successful Efforts Method (SE) or the Full Cost Method (FC). The key distinction
between both methods consists of the handling of operating expenses, with respect to an organization's
exploration activities. How does this affect net income, the balance sheet, or cash flows? Depending on
the selection of accounting principles, one method either increases or decreases the overall amounts in all
three categories. Likewise, this study will examine the potential effects on foreign currencies, specifically
MENA territories, as these commodities fluctuate in price. My aspirations for conducting this research
hail from the combination of my ethnical background and passion for the financial & accounting sector.
Significance of the Problem (Rationale)/Literature Review:
Oil is a vital source of energy for the world and is likely to remain for many decades to come, even under
the most optimistic assumptions of growth in alternative energy sources. For centuries, the majority of the
Middle Eastern hemisphere has continued to dominate in the petroleum sector. The expansion of
petroleum establishments throughout Middle Eastern territories has affected many factors within the
world economy. Since the implication of standardized accounting principles, financial reporting methods,
and auditing procedures have created two alternative views of the realities of exploring and developing oil
and gas reserves. The research conducted throughout this project will not only look at the various
accounting factors within the petroleum sector throughout the Middle East, but also the future of
accounting practices when dealing with gas & oil. Undoubtedly, timely and accurate research is vital for
undertaking more sound accounting policies for coping with various risks under a dynamic and rapid
integration of the world economies.
State Hypothesis or Objectives (Outcomes):
This research will address the two most successful methods for financial reporting within the petrol
industry, which consist of either the Successful Efforts Method or the Full Cost Method. In addition, a
detailed analysis of oil & gas audit procedures will demonstrate the probable potential benefits if
practiced efficiently. There are three research objectives to achieve in the research project:
1. Understand the initial establishment of the petroleum industry throughout the Middle Eastern hemisphere
and the impacts it has on the world economy;
2. Examine the details of the Successful Efforts Method and the Full cost Method with respect to the oil &
gas industry; Compare and evaluate the two methods (Successful Efforts and Full Cost Methods) in the
context of General Accepted Accounting Principles in the United States of American (U.S. GAAP) and
International Financial Reporting Standards (IFRS);
This project allows an accounting undergraduate student, like me, to use attained knowledge and
personal experiences while linking academia and culture. My personal objective in this research would be
to demonstrate my research capacities. The successful execution of the research plan in this research
project will help prepare me for my goal in pursuing Master and Ph.D. degrees in Accounting, Finance, or
Econometrics.
3. 2
Research Design, Methodology, and Activities (Research plan):
The research methodology to achieve the research objectives stated above will consist of these six steps:
1. A thorough literature review in the field of the petroleum industry, Middle Eastern territories, political
instability, and accounting principles;
2. Conduct a report using advanced economic modeling and analysis as well as survey data gathered from
petro-companies and publicly available sources to explain the role the oil & gas industry plays in the
world economy;
3. Create multiple types of graphs explaining crucial accounting factors (financial reports, acquisition costs,
exploration costs, development costs, production costs, etc.);
4. Compare balance sheet differences & similarities with respect to the Successful Efforts Method & Full
Cost Method;
5. Evaluate the impact of differing levels of capitalized assets;
6. Evaluate the context and the appropriate method for petroleum accounting practices and future changes
within the industry.
7. To analyze the fluctuations of specific commodities (oil & gas) over a given period of time.
8. To analyze the correlation between universal currencies and the price of oil and gas.
Budget:
Capital Materials: Books:
Petroleum Accounting: Principles, Procedures & Issues, 7th edition Seventh Edition by John Brady
(Author), Charles (Chuck) Chang (Author), Dennis R. Jennings (Author), Rich Shappard (Author), Molly
McDonald-Ogden (Editor)
- Price (Amazon): $110.94
- This book is published by one of the leading accounting firms, PricewaterhouseCoopers' (PwC), and will
help aid in describing the two methods that are being examined in this project.
Fundamentals of Oil & Gas Accounting, 5th Edition by Charlotte J. Wright (Author), Rebecca A.
Gallun (Author)
- $81.47
- This book describes the fundamentals of specific standards in the gas & oil industry, and will help the
explanation process of why certain methods are used on the balance sheet.
Subtotal = $192.71
Consumable Materials: Print and publication materials
Makesigns.com/Graphicsland: Official research poster: 36 x 48
- Poster: $99.87
- Miscellaneous fees associated with poster: $10
- This company specializes in printing research projects. I have dealt with them through previous
research fairs. They offer quality service & products for a low price.
Subtotal = $109.87
TOTAL BUDGET REQUIRED: $302.58
4. 3
References
Price Waterhouse Coopers. (2011) Financial Reporting in the Oil and Gas Industry. Available at
https://www.pwc.com/gx/en/oil-gas-energy/reporting-regulatory-compliance/assets/financial-
reporting-oil-gas-industry.pdf
Ernst & Young. (2009) US GAAP vs. IFRS: The Basics: Oil and Gas. Available at http: //www.ey.com.