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 to develop authoritative industry guidelines, procedures and bulletins.
Committee Mandate
- To develop Accounting Procedures in regards to Joint Venture Accounting
- To generate Bulletins standardizing industry practices with regards to joint venture accounting
- To publish the annual overhead escalation factor, in regards to prior editions of the PASC accounting procedure
Current Issues
- Development of new payout accounting guideline - Guide to Accounting and Reporting for Farmouts/Farmins Net Profits Interest Carried/Penalty Interest; this draft will be released for industry comment in March 2008. For additional details please refer to the February 2008 Committee Status Report
- Joint Venture Green House Gas Cost/Credit Allocation Guidelines For Facility Operators and Owners Draft (Comments due March 15, 2008)
- Recently developed the new Accounting Procedures and related Bulletins for industry discussion for the 2007 fiscal year
Committee Status Reports
- Joint Interest Research Committee Report on Activities (February 2008)
If you are interested in joining, or would like more information about this committee, please feel free to contact us either through our Discussion Forum, or by contacting the PASC office directly.
