Joint Interest Research Committee (JIRC)
The Joint Interest Research Committee studies various aspects of joint venture accounting issues. This committee partners with other PASC committees and other associations to develop authoritative industry accounting procedures, interpretative publications, and other accounting guidelines.
Committee Mandate
- To analyze, review and respond to joint interest accounting problems, issues or proposals
- To develop and update industry model form Accounting Procedures and associated intepretations
- To develop joint venture accounting guidelines, procedures and related publications
- To publish the annual overhead escalation factor (wage index) for the 1969, 1988 and 1996 PASC Accounting Procedures
- To liaise and collaborate with industry associations on matters pertaining to joint interest accounting
- To keep current on industry trends and practices relating to joint interest accounting
- To develop guidelines and procedures relating to jointly owned materials and inventories
- To liaise with COPAS and evaluate COPAS documents for relevancy to the Canadian petroleum industry
Committee Membership
The committee is comprised of individuals (both new and seasoned) representing a cross section of oil and gas companies and accounting, auditing and joint venture related disciplines. The members have varied backgrounds and include joint venture accounting (operated and non-operated), fixed assets, material control, audit, joint venture contracts and agreement negotiation and drafting, business analysis and audit coordinators.
If you are interested in joining, or would like more information about this committee, please feel free to contact us through our Discussion Forum, or by contacting the PASC office directly or the Committee Chair, Lynda MacNeill.
Recent Projects
Industry Projects
PJVA Emulsion Handling Agreement
In May 2011 the committee in conjunction with the Joint Venture Audit Committee submitted comments to the PJVA Emulsion
Handling Agreement Task Force on the proposed billings and audit clauses.
COPAS Project Team Accounting Procedure
The Committee is monitoring the update and once completed will review and evaluate the document for relevance to Canadian
operations.
Green House Gas Publication
In conjunction with CAPP and the PJVA, published the Interim Accounting Guideline: Joint Venture Green House Gas
Cost/Credit Allocation Guidelines for Facility Operators and Owners. The committee participated with the CAPP Working
Group on Industry GHG Cost Accounting Practices in creating the document and responding to industry comments and questions.
PASC was designated the custodian of the document and in May 2009 issued a notice to industry advising that no
further updates to the guideline would be made. Once federal regulations are finalized, the guideline will be reviewed
for any required updates.
PASC Projects
2011
The committee proposed the following documents for publication:
- New Accounting Procedure (for Joint Operations, Facility Operations & Unit Operations)
- Accounting Procedure Interpretation - Chargeable Engineering Activities Under the New Accounting Procedure
- Accounting Procedure Interpretation - Chargeable Communication Systems Under the New Accounting Procedure
- Accounting Procedure Interpretation - Charging Field Computer Systems Under the New Accounting Procedure
2010
The committee proposed a Guideline to Accounting and Reporting for Farmouts/Farmins and Penalty Interests for publication,
to replace the existing Accounting Guideline.
2009
The PASC Board approved the committee's Proposed Publication Categories, which were designed to mirror those used by COPAS.
PASC publications have been gathered and assigned a new naming convention. Documents are currently being scanned for archival purposes.
2008
The committee published the following two accounting guidelines:
- Charging Field Computer Systems to the Joint Account
- Charging Communication Systems to the Joint Account
