Finance/Accounting

The Finance and Accounting Program of the API, sponsored by the General Committee on Finance (GCF), is composed of oil industry chief financial officers and focuses on issues related to accounting, internal audit, insurance and risk management. These issues are both external -- formulating industry responses to government, regulatory and legislative initiatives, and internal -- examining alternative means of handling problems that arise in the oil and natural gas finance areas as a result of changes in the general business and petroleum environment. In addition, the General Committee serves as a source of expertise to the API Board of Directors on financial matters pertinent to the industry and to the management of the Institute on internal financial matters.

The General Committee on Finance (GCF) is composed of industry Chief Financial Officers. The committee's activities include exchanging information related to the financial status of the industry. The GCF is composed of an Executive Committee and four subcommittees:

Accounting: The purpose of the Accounting Committee is to share information, discuss best practices, and study more efficient accounting methods in use by petroleum companies.
Internal Audit: The focus of the Internal Audit Committee is on how petroleum companies manage and evaluate their programs, services and assets financially.
Upstream Accounting: The Upstream Committee's goal is to focus on accounting and financial mechanisms being utilized by the industry's exploration and production sector.
Risk Control: The Risk Control Committee is composed of corporate risk managers and the goal of the committee is to identify best practices relative to the control of corporate risks.

For information on joining any of these committees:

Contact: Desiree Burnley
Phone: 202-682-8504
Email: burnleyd@api.org

External Links:

Outside Agencies & Organizations

The Council of Petroleum Accountants Societies (COPAS)
Financial Accounting Standards Board (FASB)
The Institute of Internal Auditors (IIA)
Securities and Exchange Commission (SEC)

Publications & Information of Interest

CFO Magazine (CFONet)
Energy Financial Information at a Glance (EIA)