The Oil and Gas industry has very unique requirements in reporting oil and gas producing activities. Because of these unique requirements, it has been difficult to compare Oil and Gas companies over the years. The current XBRL US taxonomy includes standardized Oil and Gas disclosures. This paper will introduce the requirements Oil and Gas companies are to follow when reporting their financial information. Also, an analysis of the U. S. GAAP taxonomy was done by tagging Anadarko’s 2006 financial statements1. The analysis was to determine if the taxonomy includes elements for each of these requirements. Finally, conclusions of the analysis and disclosures will be presented.
Oil IT Journal
Capozzoli, E., Mahon, T. (2008). Oil and Gas Financial Reporting Using the USGAAP XBRL Taxonomy. Oil Information Technology Journal.