Abstract
The provisions required by FASB 121, and their impact on oil and gas properties, were explained. This included the impact of FASB statement 121, accounting for the impairment of long-lived assets and for assets to be disposed of on oil and gas properties. A two-tiered approach to recognition and measurement was described, as well as how reserve estimates are used for measurement of impairment. Reserve reports were considered to be the basis for financial statement disclosure. Procedures for reporting of finding costs and acquisition costs according to FASB 69 were described, and the Securities and Exchange Commission (SEC) reporting requirements were summarized.
Rowden, K R
[1]
- Currie Coopers and Lybrand, Toronto, ON (Canada)
Citation Formats
Rowden, K R.
FASB statement 121 and other accounting issues affecting reserves reporting.
Canada: N. p.,
1996.
Web.
Rowden, K R.
FASB statement 121 and other accounting issues affecting reserves reporting.
Canada.
Rowden, K R.
1996.
"FASB statement 121 and other accounting issues affecting reserves reporting."
Canada.
@misc{etde_498063,
title = {FASB statement 121 and other accounting issues affecting reserves reporting}
author = {Rowden, K R}
abstractNote = {The provisions required by FASB 121, and their impact on oil and gas properties, were explained. This included the impact of FASB statement 121, accounting for the impairment of long-lived assets and for assets to be disposed of on oil and gas properties. A two-tiered approach to recognition and measurement was described, as well as how reserve estimates are used for measurement of impairment. Reserve reports were considered to be the basis for financial statement disclosure. Procedures for reporting of finding costs and acquisition costs according to FASB 69 were described, and the Securities and Exchange Commission (SEC) reporting requirements were summarized.}
place = {Canada}
year = {1996}
month = {Mar}
}
title = {FASB statement 121 and other accounting issues affecting reserves reporting}
author = {Rowden, K R}
abstractNote = {The provisions required by FASB 121, and their impact on oil and gas properties, were explained. This included the impact of FASB statement 121, accounting for the impairment of long-lived assets and for assets to be disposed of on oil and gas properties. A two-tiered approach to recognition and measurement was described, as well as how reserve estimates are used for measurement of impairment. Reserve reports were considered to be the basis for financial statement disclosure. Procedures for reporting of finding costs and acquisition costs according to FASB 69 were described, and the Securities and Exchange Commission (SEC) reporting requirements were summarized.}
place = {Canada}
year = {1996}
month = {Mar}
}