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Joint Interest Research Committee (JIRC)

The JIRC keeps abreast of joint venture accounting trends and issues and provides guidance to industry on fair and equitable solutions for accounting matters.  This service is provided through various topical publications that may be published from time to time or through the Frequently Asked Questions on the PASC website.

Committee Mandate

  • To analyse, review and respond to joint venture accounting problems, issues or proposals in compliance with government regulations.
  • To develop and keep PASC standard publications up to date for the oil and gas industry.
  • To liaise and collaborate with industry associations on matters pertaining to joint venture accounting.
  • To keep current on industry trends and practices relating to joint venture accounting.
  • To Liaise with COPAS and evaluate COPAS documents for relevancy to the Canadian petroleum industry.

Committee Membership

  • The JIRC is comprised of individuals representing a cross section of oil and gas companies with disciplines in accounting, finance, auditing, fixed assets and material control, joint ventures, land and joint venture contracts and agreements. 
  • If you are interested in joining or would like more information about this committee, please feel free to contact the PASC office directly.

Current Projects

  • Updating the PASC Accounting Procedure (Domestic / Western Canada Sedimentary Basin)
  • Updating the current Payout Accounting Guideline [AG-01]
  • Updating the JV Greenhouse Gas Cost/Credit Allocation Guideline and accounting for Carbon Tax publication, [AG-15].
  • Providing comments on the draft update PASC Joint Venture Audit Protocol Guide (AG-05)
  • Providing comments on draft 2 of the PJVA update to the CO&O
  • Gathering data for a possible publication re accounting for COVID-19 costs 

                                                                                           

The JIRC Provides a Service to the Industry

  1. The Committee provides an interpretation or recommended accounting practice for questions sent in by the industry. Many of these Q&As are published in the FAQ section of the PASC website for industry reference.
  2. The Committee updates the annual overhead adjustment required under the 1969, 1988 and 1996 PASC Accounting Procedures.
  3. Provide input to both PASC and non-PASC draft publications.

 

Completed Projects - Since 2011

PASC Accounting Procedures and Related Interpretations

  1. 2011 Accounting Procedure [AP-2011] – Published December 2011
  2. Overview to PASC 2011 AP [GP-14] – Published December 2011
  3. Chargeable Engineering Activities”, a companion to 2011AP [API-15] – Published December 2011.
  4. Chargeable Communication Systems”, a companion to the 2011AP [API-16] – Published December 2011.
  5. Chargeable Field Computer Systems”, a companion to the 2011AP [API-17] – Published December 2011.
  6. Interpretation for Replacement and Dispostion of Material (API-14) - Updated and published 2016.

Gineral Publications

  1. Alberta Limitations Act and Industry Agreement (as applicable to the Oil & Gas Industry) [GP-15] - General guidance published 2017.

Accounting Guidelines

  1. Guideline for Taking Oil Volumes in Kind [AG-03] – Updated and published 2016.
  2. PASC Chart of Accounts [AG-18] – Updated and published 2014.
  3. Guideline for Warehouse Handling Fees and Elections [AG-20].

Other Projects

  1. Guidance on ‘Charging Rig Move Costs’ – Published in the FAQ Section
  2. Reviewed and provided accounting input to the CAPL 2015 Operating Procedure; CAPL 2015 Overriding Royalty Procedure and CAPL 2015 Farmout and Royalty Procedure.
  3. Reviewed and provided accounting input to the CAPL 2017 Property Transfer Procedure.
  4. Participated in the development of the PJVA/CAPL Pad Site Sharing Operating Agreement.
  5. Provided comments to the Federal Government regarding the proposed ‘Transparency Measures Act’.
  6. Provided comments on various COPAS draft publications.
  7. Prepared a discussion paper on “Chargeable Engineering costs under PASC 1953-1996 AP’s”.
  8. Reviewed and commented on the “Unconventional Resource Operating Procedure”. 
  9. Developed an outline regarding insolvency/bankrupt companies – provided to the Education Committee as a possible PASC education topic.
  10. Developed an outline for a new A&D Accounting guide for a future publication on this topic.

 

 



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