The Institute of Chartered Accountants of India (ICAI) will soon update the accounting norms for oil & gas industry to keep pace with the technological developments in the sector. “We issued guidelines for oil & gas industry in 2003. But since then a lot of technological improvement has taken place. Therefore, we are revising some norms,” ICAI vice-president Amarjit Chopra said. The new guidelines will especially address accounting issues pertaining to expenditure incurred in new technology required for exploration of oil & gas fieds.
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