Petroleum Accounting: Principles, Procedures and Issues 8th edition: PwC

We have significant experience navigating sensitive, complex environments and situations privately-held businesses often face where personal and business goals and challenges are intricately tied. Leverage the power of IT software solutions to transform your company into a data-driven organization with our Enterprise System Consulting, IT Development & Integration, IT Assessment & Planning Services, and more. Provide assurance to your stakeholders and demonstrate your financial and operational stability with Financial Statement Audit Services and more.

• Reporting to the Sustainability and Environment Advisory Council, the CFG provides oversight and direction to further the interests of IATA member airlines in all commercial aspects of aviation fuel.
• Companies and organizations throughout the aviation supply chain will be able to use the guidelines.
• ”, answer depends on process maturity, organization culture, resistance to change among other factors.
• Unlike GHG offsetting that relies on various schemes to allow companies to purchase emissions credits in local or global markets, insetting requires companies to seek emission reduction within their own value chain.
• Without a complete understanding of fleet costs, the fundamental functions of fleet managers—such as equipment replacement decisions, outsourcing decisions, and budget requests—are diminished.
• DOD concurred with all 21 recommendations and stated that it will ensure that the recommendations are addressed.

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Remember more number of hops means more number of potential points of failure. Another point I would like to mention related to this theme is number of systems you are running. Managing multiple systems is obviously much harder than managing well defined portfolio of systems. Imagine running 5 accounting systems each supporting different business oil and gas accounting entity. Managing number of intra-company transactions between these systems will surely be a challenge for any accounting manager.

Additional Accounting Guidance

AFSMA for conventional jet fuel has gone through a number of iterations and the latest version is AFSMA edition 5, January 2017. To find out more about the impact of jet fuel prices on the airline industry’s fuel bill in 2022 and 2023, please check out the Fuel fact sheet (pdf). PwC US Energy practice provides audit and assurance, tax, advisory, and consulting services to help energy businesses address key issues. Auditors reported a material weakness in fiscal year 2022 relating to DLA’s inability to provide documentation supporting the balances of fuel inventory held in pipelines and fuel in transit. Stakeholders—including investors, lenders, customers, and employees—value transparency, accuracy, and consistency of ESG issues and related risks at levels equal to a company’s financial assets = liabilities + equity reporting.

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For example, let the prices flow to your accounting system from various sources as many times a day without (or very little) human intervention. Human intervention could only be required for exceptions (management by exception is better than micromanagement). Same can be the case with Orders, freight invoices, Bill of Ladings, fuel invoices, tank https://x.com/bookstimeinc readings, meter readings.

• The Aviation Fuel Supply Model Agreement (AFSMA) was developed over two decades ago to serve as an optional starting point in contractual negotiations for supply of conventional jet fuel between an airline and its fuel supplier.
• However, we found that DOD’s offices and agencies do not always fully document their process for purchasing, selling, and recording fuel transactions.
• The Commercial Fuel Working Group (CFG) acts as a sounding board for global positions on fuel  and prioritization of fuel campaigns to secure a reliable supply of fuel at competitive and transparent prices and address the uptake of Sustainable Aviation Fuel.
• Managing multiple systems is obviously much harder than managing well defined portfolio of systems.
• AFSMA for conventional jet fuel has gone through a number of iterations and the latest version is AFSMA edition 5, January 2017.
• Explore industry-focused solutions to manage tax, transactional, operations, and other key elements of your business with our guidance.
• For example, let the prices flow to your accounting system from various sources as many times a day without (or very little) human intervention.

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DOD’s fuel process is complex in that it includes a variety of process owners, stakeholders, locations, and systems and a large volume of transactions from a variety of entities. This complexity makes it important for management to create and maintain documentation that accurately depicts the end-to-end business process, including all relevant internal controls. Deeply immersed within the fuel distribution industry, our professionals have extensive knowledge of the nuanced operations of distribution businesses as well other connected sectors such as retail, oil and gas, and more.

• Leverage the power of IT software solutions to transform your company into a data-driven organization with our Enterprise System Consulting, IT Development & Integration, IT Assessment & Planning Services, and more.
• We have significant experience navigating sensitive, complex environments and situations privately-held businesses often face where personal and business goals and challenges are intricately tied.
• The GHG Accounting Guidelines provide a platform for value chain collaboration among stakeholders.
• The guidelines are designed to be flexible enough to drive the long-term value chain collaboration needed to bring real change across the industry.
• This new model agreement builds on the existing supply model agreement for conventional jet fuel, taking advantage of the similar specifications of SAF Blend with conventional jet fuel.