Description

Table of Contents

1. Introduction
   1. Accounting Guideline Objective And Background
   2. What Are Exchanges?
   3. How Do Companies Track Exchanges?
2. Exchange Agreements/Contracts
   1. Essential Data
   2. Accounting Issues Agreement
   3. Liquidation Procedures
3. Product Identification
   1. Gasolines
      1. Reid Vapor Pressure (RVP)
      2. Reformulated Gasolines (RFGs)
      3. Oxygenates
      4. Gasoline Product Codes
      5. Pricing
      6. Blending
   2. Distillates
      1. High Sulphur vs. Low Sulphur Distillates
   3. Temperature Corrections
   4. Petroleum Industry Common Product Codes
4. Differentials
   1. Introduction
   2. Types of Differentials
      1. Grade/Octane/Quality
      2. Place/Location
      3. Handling
      4. Regrades
      5. Other Differentials
   3. Consistency in Differential Rates
   4. Presentation on Exchange Statements
   5. Reconciliation of Differentials
   6. Payments
5. Additives
   1. Additive Credits Examples
      1. Based on Measuring Additive Inventory Used
      2. Based on Bulk Deliveries into a Terminal
6. Monthly Exchange Statement
   1. Heading Identification
   2. Coverage
   3. Details
   4. Supporting Detail
7. Reconciliations
8. Federal Excise Tax on Exchanges
   1. Introduction
      1. Effective Dates for Application of Federal Excise Tax
      2. Selected Federal Excise Tax Rates