Material Inventory Committee (MIC)

All oil and gas companies have material and equipment, which is always moving around from location to location. In joint ventures, there are governing contracts which specify the rules to be followed when moving, selling, disposing or salvaging this equipment. The Material and Inventory Committee strives to be a resource to industry to help ensure companies are properly equipped with information and processes to meet these obligations. Industry standards, trends and changes are discussed. The EASC Controllable Material Price Catalogue is updated on a yearly basis. This book contains guidelines for handling and controlling material and equipment inventories, descriptions and illustrations, and current market values for transfer or sale purposes.

Focus Areas

• Provide yearly updates of equipment pricing and guidelines, via publication of the EASC Pricing Catalogue
• Review, analyse or interpret specific EASC Accounting Procedure Clauses and Articles (as they relate to Fixed Assets, regarding either purchase, inventory holding, transfer or sale)
• Review of other Committee publications as they may relate to Fixed Assets
• Where necessary, seek out practical information from, or provide advice to, other disciplines (intention is to prevent implementation of inequitable, illegal or impractical processes, by allowing us to exchange knowledge with others)
• Provide information and guidelines for materials and inventory standards, as practiced within the energy industry (generally restricted to other EASC Committees, and specific questions under EASC Accounting Procedures, as no one body within Canada has been granted the right to set standards)

Roles & Responsibilities

In addition to Chairperson, Secretary and Board Liaison, we have members at large. Their main role is to act as "data gatherers", for the pricing values used in the annual catalogue. The equipment assigned to each person for review, varies according to their areas of expertise (i.e. pipe, compressors, pumps, etc). Every committee member may own a category, over the course of the gathering, almost every section ends up having dual hands involved.

We are always looking for new members to join our committee so that we can ensure we are meeting the needs of the industry as a whole. If you would like to join our committee, or are just curious about what we do and would like to find out more information, you can contact info@energyaccounting.ca