11 AAC 83.207 - Accounting system
(a) The lessee of a NPSL shall establish and
maintain on a monthly, accrual basis, in addition to its own standard
accounting system for itself or joint operators, an accounting system for that
NPSL in accordance with
11 AAC 83.201 -
11 AAC 83.295 for the purpose of
the reporting and payment requirements established in
11 AAC 83.245. The accounting
system consists of three accounts: the development account, the production
revenue account and the net profit payment account. These accounts allow a
lessee to accumulate and recover development costs under
11 AAC 83.219, with interest
compounded monthly, and to apply it against the NPSL production revenue account
under 11 AAC 83.209 from which direct
operating expenses, and royalties under
11 AAC 83.240 and
11 AAC 83.242, respectively, are
deducted before any net profit share payments under
11 AAC 83.202 become due to the
state from the lessee.
(b) The
lessee's books and records relating to the NPSL accounting system and the
financial accounting system for itself or joint operators must be available for
inspection and copying by representatives and agents of the state during normal
business hours.
Notes
Authority:AS 38.05.020
AS 38.05.180
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