Successful Efforts vs. Full Costing

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Recommended: Regulations of Financial Reporting

Introduction
Financial reporting is a basic requirement for companies worldwide. Financial reports offer investors a generalized overview of the company’s financial position. This includes the company’s investment decisions and financial performance. However, the concept of costing especially in oil drilling companies is an issue that can be hidden from potential investors. There are two fundamental costing approaches that include full-costing and successful Efforts. These two approaches form the core of discussion in this paper. Since this paper is designed for use by potential investors and creditors, full costing methods is better than the successful efforts. Wooing investors and creditors requires an intricate combination of tactics that conceal critical weaknesses in the company while elevating the company’s strength. Nonetheless, concealing a company’s weaknesses must be within the established rule of law especially IFRS (International Financial Reporting Standards) or GAAP (Generally Accepted Accounting Practice).
Body
This section is subdivided into three parts. The first part explores on the methodology employed in achieving the results. This section includes tools and approaches employed in the research. The second section contains the results from the research. The final section discusses these results to identify any correlation with the thesis statement and the implications of the outcome to the investors and creditors.
a) The Method
Conducting an independent primary research would only add to the mayhem already in literature. A large number of researchers have indulged in primary research to identify company compliance with International Financial Reporting Standard (IFRS). Others have evaluated reporting standards ...

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Department of the Treasury Internal Revenue Service [DTIRS], Market Segment Specialization Program: Oil and Gas Industry. US: Government Printing Press. Print.
Conway-Schempf, Noellette, Full Cost Accounting: A Course Module on Incorporating Environmental and Social Costs into Traditional Business Accounting Systems. Pittsburgh, PA: Carnegie Mellon University. Print.
Dutta, Sunil, and Stefan Reichelstein. Accrual Accounting for Performance Evaluation. Research Paper Series 1886 (2005): 1-35. Print.
Paterson, Richard, and Manfred Wiegard. Real Time: Delivering International Financial Reporting Standards in the Oil and Gas and Utilities Industries. Price Waterhouse Coopers. (2006): 1-48. Print.
Fields, Thomas D., Thomas Z. Lys, and Linda Vincent. Empirical Research on Accounting Choice. Journal of Accounting & Economics 31 (2001): 255-307. Elsevier. Web. 22 Jan 2014.

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