Investigation of the usefulness of the financial statements as supplemented by oil and gas producing activities disclosures

Thesis/Dissertation · Wed Jan 01 04:00:00 EST 1986

OSTI ID:7242425

Young, G T

Issuance of the Financial Accounting Standards Board's (FASB) Statement of Financial Accounting Standards No. 69: Disclosures about oil and Gas Producing Activities - An Amendment of FASB Statements 19, 25, 33, and 39 (FASB No. 69) in November 1982 was the culmination of five years of activity on the part of both the FASB and the Securities and Exchange Commission (SEC) to improve the information value of oil and gas producers' annual financial reports. For fiscal years beginning on or after December 15, 1982, FASB No. 69 and SEC Financial Reporting Release No. 9 require oil and gas producers to submit five oil and gas disclosure statements along with their annual financial statements. Oil and gas supplemental data include reporting on (a) proved oil and gas reserve quantities; (b) capitalized costs relating to oil and gas producing activities; (c) costs incurred in oil and gas property acquisition, exploration, and development activities; (d) results of operations for oil and gas producing activities; and (e) a standardized measure of discounted future net cash flows relating to proved oil and gas reserve quantities. This research study investigates whether the needs of two of the primary users of financial statements, the financial analysts and credit analysts, are being provided for adequately now that the financial statements, prepared by publicly traded oil and gas producers, must be accompanied by the five oil and gas disclosure statements.

• Research Organization: George Washington Univ., Washington, DC (USA)
• OSTI ID: 7242425
• Country of Publication: United States
• Language: English

Related Subjects

29 ENERGY PLANNING, POLICY, AND ECONOMY
293000 -- Energy Planning & Policy-- Policy
Legislation
& Regulation
294002* -- Energy Planning & Policy-- Petroleum
294003 -- Energy Planning & Policy-- Natural Gas
ACCOUNTING
INDUSTRY
INFORMATION DISSEMINATION
INFORMATION NEEDS
NATURAL GAS INDUSTRY
PETROLEUM INDUSTRY
STANDARDS