Reference no: EM131324504

Term Paper

Firms	Teams
Anadarko Petroleum	Adams, Michaela	Ellis, Tatiana	Jenkins, Jordan	Samuel, Brittany
Cheniere Energy	Amaefule, Frankie	Fields, Brittanie	Johnson, Brandon	Small, Devin
Chevron Corporation	Brown, Tori	Guyton, Anthony	Lasell, Kohl	Taylor, Tamara
Devon	Bruno, Tia	Haleem, Kafilat	Lomax, Avery	Toussant, Kelli
ExxonMobil	Charles, Derrick	Hodgson, Carlen	Martinez, Eric	Williams, Marcus
Shell Oil Company	Coleman, Von	Hollins, Canice	Philpott, Charles	Williams, Recobie
Statoil	Eddington, Brian	Hussein, Amal	Rosier, Chelsey	Wright, Quinn

The above are major U.S. oil and gas firms. You could access to their annual reports on the individual firm's website.

You are required to work as a team to extract, review and comment on the content of the firm's latest annual financial report. In your term paper, discuss the following issues:

1. Key differences between the financial information (including the jargons) being used in the oil and gas sector and other sectors (for example, the manufacturing, retailing, health care sectors),

2. If the firm that you reviewed is required by SEC to change its accounting policies, from the successful efforts method to the full cost method and vice versa, identify the items and impact of the change of accounting policies on the firm's income statement and balance sheet, and

3. Recommend how the firm could improve the content of and presentations on the financial information.

Question #1

Identify the items and impact of the change of accounting policies from successful effort method to full cost methods and vice versa using the firm's income statement and balance sheet.

Oil and Gas company : Anadarko Petroleum

year : 2015 use 10-k form

Question #2

if the firms that you reviewed is requried by SEC to change its acct policies, from the successufl effort method to the full cost method and vica versa, identify the items and impact of the change of accounting policies on the firm's income statement and balance sheet.