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AG-17 Refining And Marketing Exchange Accounting

This document establishes guidelines on how exchange companies should provide one another with information required to efficiently account for and reconcile exchange transactions. This serves as an information resource and establishes recommended accounting practices and procedures for petroleum product exchanges.  47 Pages.  1996.

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AG-17 Refining And Marketing Exchange Accounting

SKU AG-17 Categories ,

Description

Table of Contents

  1. Introduction
    1. Accounting Guideline Objective And Background
    2. What Are Exchanges?
    3. How Do Companies Track Exchanges?
  2. Exchange Agreements/Contracts
    1. Essential Data
    2. Accounting Issues Agreement
    3. Liquidation Procedures
  3. Product Identification
    1. Gasolines
      1. Reid Vapor Pressure (RVP)
      2. Reformulated Gasolines (RFGs)
      3. Oxygenates
      4. Gasoline Product Codes
      5. Pricing
      6. Blending
    2. Distillates
      1. High Sulphur vs. Low Sulphur Distillates
    3. Temperature Corrections
    4. Petroleum Industry Common Product Codes
  4. Differentials
    1. Introduction
    2. Types of Differentials
      1. Grade/Octane/Quality
      2. Place/Location
      3. Handling
      4. Regrades
      5. Other Differentials
    3. Consistency in Differential Rates
    4. Presentation on Exchange Statements
    5. Reconciliation of Differentials
    6. Payments
  5. Additives
    1. Additive Credits Examples
      1. Based on Measuring Additive Inventory Used
      2. Based on Bulk Deliveries into a Terminal
  6. Monthly Exchange Statement
    1. Heading Identification
    2. Coverage
    3. Details
    4. Supporting Detail
  7. Reconciliations
  8. Federal Excise Tax on Exchanges
    1. Introduction
      1. Effective Dates for Application of Federal Excise Tax
      2. Selected Federal Excise Tax Rates

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Additional information

Weight 4.0000000035274 oz
Dimensions 11 × 8.5 × 0.025 in
Format

Digital, Printed

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OUR MISSION

COPAS provides expertise for the oil and gas industry through the development of Model Form Accounting Procedures, publications, and education. We are a forum for the active exchange of ideas which result in innovative business and accounting solutions.

COPAS

P.O. Box 21272
Wichita, KS 67208
Tel: 303-300-1131

Contact Us →

CONNECT WITH US

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