OT02070 - Oil Industry Accounting

Statements of Recommended Practice (SORPs)

These are recommendations, relevant only in the same circumstances as UK accounting standards, on accounting practices for specialised industries or sectors. They are intended to compliment, not replace, UK accounting standards (FRSs, UITFs and SSAPs) and companies legislation. In the event of conflict accounting standards and companies legislation take precedence. SORPs are intended to contribute further guidance in order to implement accounting standards effectively in particular industries, but they are not mandatory. They should aim to reduce areas of difference for accounting treatments within an industry by recommending a preferred accounting treatment.