A Discussion on the Accounting Treatment of Financial Compensation Resulting from oil and Natural Gas Exploration in the Public Sector Brazilian - DOI: http://dx.doi.org/10.16930/2237-7662/rccc.v14n43p74-87

Abstract

This study aims to present a discussion of the accounting treatment of financial compensation resulting from the oil and gas exploration within the Brazilian public sector, to reflect its essence and impact on the heritage of federal entities and not merely fulfill aspects legal and formal. To address the issue of research, case study was made on a small municipality located in the state of Espirito Santo, from data extracted in the accounting balance sheets for the years 2011, 2012 and 2013 provided by the city. The study findings show that is currently being kept fit registration process to support the provisions cool budget revenues regime, the accounting entries being made at the inflow of funds, but the same is not true of the economic point of view, since it does not appear the accounting of financial compensation at the time of the taxable event. An accounting treatment proposed is then presented, recommending that an asset be recognized as entitled to receive in the month of production of oil or natural gas.