Rules for accounting Sample Clauses
The "Rules for accounting" clause establishes the standards and procedures that must be followed when preparing and maintaining financial records under an agreement. It typically specifies which accounting principles (such as GAAP or IFRS) are to be used, outlines the frequency and format of financial reporting, and may set requirements for audits or access to records. By clearly defining these rules, the clause ensures consistency, transparency, and reliability in financial reporting, reducing the risk of disputes or misunderstandings related to financial matters.
Rules for accounting. 5.1.1 According to the provisions of Articles 12.1.1, 12.1.2 and 12.1.3 of the Contract, all Pilot Test Costs, Development Costs and Operating Costs incurred shall be recorded in the Joint Account separately. The Operator shall establish and maintain three separate accounts, namely:
5.1.1.1 Pilot Test Costs account;
5.1.1.2 Development Costs account;
5.1.1.3 Operating Costs account in which all charges and costs as classified pursuant to Articles 5.2 and 5.3 of this Accounting Procedure shall be reflected.
5.1.2 If either CNPC or the Contractor makes the decision to develop excess Associated Natural Gas for its sole account in accordance with Article 18 of the Contract or to undertake any other operation for its own account, the relevant costs shall be accounted for separately.
5.1.3 All items related to the Petroleum Operations such as discounts, deductions, allowances, interest income, gains from various services, indemnities from insurance and other miscellaneous income by the Operator, shall be credited to the relevant expense accounts.
5.1.4 All direct services or research work (including personnel) provided by the superior organizations or Affiliates of CNPC or of the Contractor and by the Third Parties for the Petroleum Operations shall be subject to the advance work order procedures on the basis of the annual budget or of the approval by JMC and shall be charged to the Joint Account after verification of relevant invoices. The work order procedure shall be established through consultations at JMC meetings by both Parties within three (3) months as of the Date of Commencement of the Implementation of the Contract. The rates charged for direct services or research work (including personnel cost) provided by the superior organization or Affiliates of CNPC or of the Contractor shall be competitive when compared with the rates of similar services furnished by the Third Parties. The Operator shall, in accordance with Article 15 of the Contract, give priority to use direct services or research work (including personnel) provided by CNPC.
Rules for accounting. 5.1.1 According to the provisions of Articles 12.1.1, 12.1.2 and 12.1.3 of the Contract, all development costs and operating costs of the Parties as well as the Contractor's exploration costs shall be recorded in the Joint Account separately. The Operator shall establish and maintain three separate accounts, namely:
5.1.1.1 exploration costs account,
5.1.1.2 development costs account
5.1.1.3 operating costs account in which all charges and costs as classified pursuant to Articles 5.2 and 5.3 of this Accounting Procedure shall be reflected.
5.1.2 If either CUCBM or the Contractor, in accordance with Article 11.5, or Article
Rules for accounting. 5.1.1 According to the provisions of Articles 12.1.1, 12.1.2 and 12.1.3 of the Petroleum Contract, all Development Costs and Operating Costs incurred shall be recorded in the Joint Account separately. The Operator shall establish and maintain two separate accounts, namely:
Rules for accounting. 5.1.1 According to the provisions of Articles 12.1.1, 12.1.2 and 12.1.3 of the Contract, all development costs and operating costs of the Parties as well as the Contractor's exploration costs shall be recorded in the Joint Account separately. The Operator shall establish and maintain three separate accounts, namely:
5.1.1.1 Exploration costs account;
5.1.1.2 Development costs account; and
5.1.1.3 Operating costs account; In which all charges and costs as classified pursuant to Articles 5.2 and 5.3 of this Accounting Procedure shall be recorded.
5.1.2 If either CNPC or the Contractor, in accordance with the Article 11.6.1, 11.6.2 or Article 18 of the Contract, makes the decision to develop an Oil Field and/or Gas Field for its sole account or to undertake any other operation for its own account, the relevant costs shall be accounted for separately.
5.1.3 All items related to the Petroleum Operations such as discounts, deductions, allowances, interest income, gains from various services, indemnities from insurance and other miscellaneous income received by the Operator, shall be credited to the relevant expense accounts.
5.1.4 All direct services or research work (including personnel) provided by the superior organizations or Affiliates of CNPC or of the Contractor and by the Third Parties for the Petroleum Operations shall be subject to the advance work order procedures on the basis of the annual budget or of the approval by JMC and shall be charged to the Joint Account after verification of the relevant invoices. The work order procedure shall be established through consultations at JMC meetings by both Parties within three (3) months as of the Date of Commencement of the Implementation of the Contract. The rates charged for direct services or research work (including personnel cost) provided by the superior organizations or Affiliates of CNPC or of the Contractor shall be competitive when compared with the rates of similar services furnished by the Third Parties. The Operator, in accordance with Article 15 of the Contract, give priority to use direct services of research work (including personnel) provided by CNPC.
Rules for accounting. 5.1.1 According to the provisions of Articles 12.1.1, 12.1.2 and 12.1.3 of the Contract, all development costs and operating costs of the Parties as well as the Contractor's exploration costs shall be recorded in the Joint Account separately. The Operator shall establish and maintain three separate accounts, namely:
5.1.1.1 exploration costs account,
5.1.1.2 development costs account
5.1.1.3 operating costs account in which all charges and costs as classified pursuant to Articles 5.2 and 5.3 of this Accounting Procedure shall be reflected.