The Oil Industry Accounting Committee (OIAC) is a focal point for UK upstream oil and gas companies in relation to all financial reporting matters.

Historically, OIAC published a number of SORPs relating to specific oil and gas industry accounting topics, which were consolidated into single Oil and Gas SORP last updated in 2001. The SORP remains applicable for non-listed entities reporting under UK accounting standards until such time as those entities adopt FRS 100-102. The SORP will no longer apply to any entity for accounting periods beginning on or after 1 January 2015 (the deadline for the application of FRS 100-102). However, the SORP will be retained on this website as a reference document.

OIAC’s current areas of activity focus on reviewing and commenting on proposed new standards, both UK accounting standards and IFRS that may affect the UK upstream oil and gas industry. OIAC also intends to issue occasional guidance, referencing UK accounting standards and IFRS, as applicable, to assist the preparers of financial statements with industry specific accounting issues where demand exists for such guidance.

OIAC meets on a regular basis throughout the year and a summary of the matters discussed at recent meetings is available on this website.

Current agenda: Invitation to Comment on accounting for UKCS Field Allowances