The secs modernization of oil and gas reporting contains

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Reference no: EM13905308

The codified rules in ASC 932 are largely based on two former FASB statements:

___________________________________________________________

Other former FASB statements that have special impact on the industry are:

_____________________________________________________________

The SEC's rules for oil and gas producing companies are found in:

______________________________________________

The SEC's Modernization of Oil and Gas Reporting contains significant revisions to Regulations S-X and S-K. The Modernization was issued in January 2009 and became effective for filings beginning in January 2010. In addition, the Council of Petroleum Accounting Societies (COPAS) has issued numerous Bulletins and Guidelines designed to help companies with specific accounting procedures that are not fully addressed by the FASB or the SEC. Many of their pronouncements deal with issues of joint operations and revenue accounting.

The International Accounting Standards Board (IASB) does not currently have a comprehensive standard for extractive industries. However, the IASB issued a Discussion Paper on Extractive Industries in April 2010. The Paper represents the views of the IASB Extractive Industries Project Team. International Financial Reporting Standard (IFRS) No.__________, Exploration for and Evaluation of Mineral Resources, deals with pre-drilling exploration and evaluation costs. IFRS 6 will be superseded upon the issuance of a comprehensive standard.

The _________________________________is one of only a few countries currently with comprehensive standards for the oil and gas industry. Many companies that follow international standards tend to follow U.K. industry standards. The main pronouncement relevant to the industry in the United Kingdom is the Statement of Recommended Practice (SORP), Accounting for Oil and Gas Exploration, Development, Production and Decommissioning Activities (2001). Worldwide, most oil and gas producing companies generally follow either U.S. or U.K. standards with some adjustments. Because so many non-U.S. companies use the U.K. rules, this Portfolio refers to those rules as the international rules, in the absence of relevant IFRS authority.

Reference no: EM13905308

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