This part of GOV.UK is being rebuilt – find out what beta means

HMRC internal manual

Oil Taxation Manual

Oil Industry accounting: full costs and successful efforts accounting methods - introduction

These two alternative accounting methods, as set out in SORP, describe how individual companies may account for their activities in their own statutory financial accounts.

When companies adopt IAS under IFRS 6 they can continue to use either of these methods for the exploration and evaluation phase of projects (see OT02030), subject to modified rules on when to consider impairment. Once that phase is completed, companies must apply normal IAS/ IFRS to their activities.