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Joint Interest Research Committee (JIRC)

The Joint Interest Research Committee studies various aspects of joint venture accounting issues. The committee partners with other PASC committees and associations to develop authoritative industry accounting procedures, interpretative publications, and other accounting guidelines.

Committee Mandate

  • To analyze, review and respond to joint interest accounting problems, issues or proposals
  • To develop and update industry model form Accounting Procedures and associated interpretations
  • To develop joint venture accounting guidelines, procedures and related publications
  • To publish the annual overhead escalation factor (wage index) for the 1969, 1988, 1996 PASC Accounting Procedures
  • To liaise and collaborate with industry associations on matters pertaining to joint interest accounting
  • To keep current on industry trends and practices relating to joint interest accounting
  • To liaise with COPAS and evaluate COPAS documents for relevancy to the Canadian petroleum industry

Current Issues

  • Accounting for Shared Well Pad costs
  • Quick reference guide on chargeability for the 2011 Accounting Procedure
  • Overview of the Limitations Act of Alberta
  • Industry Q&As

Committee Membership

The committee is comprised of individuals representing a cross section of oil and gas companies with disciplines in accounting, auditing and joint ventures. The members have varied backgrounds and include joint venture accounting (operated and non-operated), fixed assets, material control, internal and joint venture audit, production accounting, financial reporting, joint venture contracts and agreement negotiations.

If you are interested in joining or would like more information about this committee, please feel free to contact the PASC office directly.

Recent Projects

Industry Projects

  1. Current Industry Projects

    1. CAPL PJVA Pad Site Sharing Agreement Task Force

      Committee members are participating in the development of a Pad Site Sharing Agreement and providing input into accounting and auditing provisions. The Committee is also developing a companion Accounting Guideline.

    2. CAPL Property Transfer Procedure Update

      The committee is participating in the review and updating of this publication with a view to developing a companion Accounting A&D guideline.

    3. PJVA Model Facility Construction, Ownership & Operating Agreement Update

      Committee members contributed to accounting and audit related provisions and Appendices in the new document.

  2. Previous Industry Projects

    1. CAPL 2015 Operating Procedure

      Committee members were involved in the review and update of specific accounting related provisions within the document.

    2. CAPL 2015 Farmout and Royalty Procedure

      Committee members were involved in the review of the proposed document and provided clarity to the accounting-related provisions being proposed in this new procedure.

PASC Projects

  1. Current PASC Projects

    1. Publication process

      Committee members are working with the PASC Board and PASC office personnel to implement a publication process and documentarion to ensure that all PASC publications are consistent.

    2. Accounting Guideline – Accounting For Shared Pad Site Costs (AG-19)

      Committee members are developing a companion accounting guideline to the CAPL PJVA Pad Site Sharing Agreement. Draft 2 of the proposed guideline was issued for industry review and comment in April 2016.

    3. Overview of the Limitations Act (Alberta) and the Industry Agreement

      Committee members are developing a document that provides an overview of the Act and the Industry Agreement and discusses some associated implications. This document will also be the repository for the documents currently stored on the PASC website.

  2. Previous PASC Projects

    The committee completed the following projects:

    2016

    1. Publication of the annual Wage Index Adjustment (GP-01) for overhead adjustments under the 1969, 1988, 1996 PASC Accounting Procedures.
    2. Update API-14 – Accounting for Additions, Replacement and Disposition of Material.
    3. Updated AG- 3 Guidelines for Taking Oil Volumes In Kind.
    4. Reviewed and provided comments on several proposed COPAS Accounting Guidelines
    5. Responded to various Q&A’s presented to the committee, some of which are now resident on the Website.
    6. Reviewed common issues with other Committees.

    2015

    1. Publication of the annual Wage Index Adjustment (GP-01) for overhead adjustments under the 1969, 1988, 1996 PASC Accounting Procedures.
    2. Continued work on a document to help industry with adjustments as they relate to the Limitations Act and various Accounting and Operating Agreements
    3. Responded to various Q&A’s presented to the committee, some of which are now resident on the Website
    4. Working with industry and drafting the allocation of "shared well pad costs"
    5. Redrafting AG- 3 –Taking Oil in Kind
    6. Provided comments on the next COPAS voting item – MF-23 re Discounts
    7. Reviewed the "Unconventional Resource Operating Procedure"
    8. Reviewed common issues with JVAC
    9. Reviewed possible updates to the 2011AP and associated documents

    2014

    1. Publication of an update to AG-18 PASC Chart of Accounts
    2. Publication of the annual Wage Index Adjustment (GP-01) for overhead adjustments under the 1969, 1988, 1996 PASC Accounting Procedures

    2013

    1. Publication of the annual Wage Index Adjustment (GP-01) for overhead adjustments under the 1969, 1988, 1996 PASC Accounting Procedures
    2. A review of the PASC documents to recommend those that should be archived as they are no longer relevant or those that need updating
    3. Publication of a corrected version of the 2011 PASC Accounting Procedure to reflect cosmetic and grammatical corrections

    2012

    1. The committee finalized the 2011 PASC Accounting Procedure package with the publication of AP-2011 and the publication of an overview (GP-14) and companion APIs on Chargeable Engineering Costs, (API-15) Field Computer Systems (API-16) and Field Communication Systems (API-17)

If you are interested in joining, or would like more information about this committee, please feel free to contact the PASC office.