Oil & Gas
Force Majeure — Revenue Suspension
Suspending revenue recognition during a force majeure event (natural disaster, conflict) that halts production.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Revenue Accrual (Suspended — FM) | Asset (-) | - | 5,000,000.00 |
| Oil Revenue (Reversed — FM Period) | Revenue (-) | 5,000,000.00 | - |
💡 Accountant's Note
Force majeure events suspend contractual obligations. Revenue that cannot be earned due to force majeure is reversed if it was previously accrued. Insurance claims may partially offset the lost revenue.
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