November

SEC bulletin on oil and gas accounting

01 Nov 2009

The Office of the Chief Accountant of the US Securities and Exchange Commission has issued updated guidance on how the agency's staff interprets accounting rules related to the oil and gas industry.

These updates correspond with rulemaking that the SEC approved in December 2008 to modernise its oil and gas company reporting requirements to help investors evaluate the value of their investments in these companies.

The revisions of the guidance, known as Staff Accounting Bulletin No. 113, include:

  • changing the price used in determining quantities of oil and gas reserves;
  • eliminating the option to use post-quarter-end prices to evaluate write-offs of excess capitalized costs under the full cost method of accounting;
  • removing the exclusion of unconventional methods used in extracting oil and gas from oil sands or shale as an oil and gas producing activity; and,
  • removing certain questions and interpretative guidance which are no longer necessary.
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Agenda for joint ARG and GPF meeting

01 Nov 2009

On Tuesday 10 November 2009, 10:00am to 17:00pm, representatives of the IASB will meet with the Analyst Representative Group and the Global Preparers Forum at the offices of the IASB.

The meeting will be open to public observation. The meeting agenda topics are:
  • Update on the IASB work plan
  • Revenue Recognition
  • Liabilities - Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets
  • Financial Instruments - Impairment and Hedging
  • Consolidation
  • XBRL Update

 

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