PSC Accounting Procedure definition

PSC Accounting Procedure means the procedure set out in Exhibit-C to the Bengara-II PSC which Apex Bengara as the Operator is obliged to follow with respect to accounting for all costs incurred in the performance of Petroleum Operations pertaining to the Permit. In certain respects there are significant differences in the required PSC Accounting Procedure with respect to generally accepted accounting principles commonly practiced in the U.S.A.;
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PSC Accounting Procedure means the procedure set out in Exhibit-C to the Bengara-II PSC which Apex Bengara as the Operator is obliged to follow with respect to accounting for all costs incurred in the performance of Petroleum Operations pertaining to the Permit. In certain respects there are significant differences in the required PSC Accounting Procedure with respect to generally accepted accounting principles commonly practiced in the U.S.A.; "PSC Accounts" in relation specifically to the Bengara-II PSC, means all accounts and financial statements and records relating to the payment or receipt of moneys maintained by Apex Bengara as the Operator in relation to transactions entered into in the course of Petroleum Operations under the Permit and pertaining to the Permit Area together with all supporting documents including invoices, statements of expenditure, receipts and sales records; all principally for use as required by Pertamina for Cost Recovery documentation and Pertamina reporting as prescribed in the PSC Accounting Procedure and which would normally, but not necessarily, include JV Accounts. "Unanimous Vote" means a resolution of the Committee having the affirmative vote of all of the Parties to the Joint Venture taken at a meeting or in writing at which all Parties are present or are represented and cast their respective votes all having aggregate Percentage Interests totaling 100%; "Withdrawal Notice" means a notice of intention to withdraw from the Joint Venture; "Withdrawing Party" means a Party which has served, or which, under the terms of this Agreement, has been deemed to have served, a Withdrawal Notice on the other Parties; "Work Obligation" means the minimum work and expenditure requirements from time to time being conditions of grant of the Permit; and "Work Period" means the period the subject of an approved Work Program and Budget.
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Examples of PSC Accounting Procedure in a sentence

  • The Operator shall calculate depreciation for Capital Cost expenditures wholly in accordance with the provisions of and in the manner prescribed in Section-III of the PSC Accounting Procedure.

  • Reference to any Section is to a Section of the PSC or the PSC Accounting Procedure.

  • Words and expressions that are defined in the PSC or the Exhibit C to the PSC, the PSC Accounting Procedure, have the same meaning in this Accounting Procedure as ascribed to them in the PSC Accounting Procedure.

  • The PSC and the PSC Accounting Procedure define three specific types of costs particularly meaningful with regard to the PSC Costs which are subject to cost recovery as defined and described in the PSC.

  • This JV Accounting Procedure is made subordinate to that PSC Accounting Procedure included as Exhibit-C to the Bengara-II PSC.

  • The Operator is obliged and shall continue to be obliged to follow the PSC Accounting Procedure and prepare and file with Pertamina all accounting Records, reports and financial statements as required by and in the manner provided for in the PSC Accounting Procedure and other Pertamina policies and regulations from time to time changed but currently in effect.

Related to PSC Accounting Procedure

  • Accounting Procedure means the principles and procedures of accounting set out in Appendix C.

  • Accounting Methodology means GAAP, and to the extent consistent with GAAP, the accounting principles, methods and practices utilized in preparing the Financial Statements, applied on a consistent basis.

  • Practice of public accounting means the performance or the offering to perform, by a person holding oneself out to the public as a certified public accountant or a licensed public accountant, one or more kinds of professional services involving the use of accounting, attest, or auditing skills, including the issuance of reports on financial statements, or of one or more kinds of management advisory, financial advisory, or consulting services, or the preparation of tax returns or the furnishing of advice on tax matters. However, with respect to licensed public accountants, the “practice of public accounting” shall not include attest or auditing services or the rendering of an opinion attesting to the reliability of any representation embracing financial information.

  • Agreement Accounting Principles means generally accepted accounting principles as in effect from time to time, applied in a manner consistent with that used in preparing the financial statements referred to in Section 5.4.

  • Standard Operating Procedures or “SOP” means the procedures as specified in the Annexes or Attachments to the relevant Schedules;