Heads Up on FASB oil and gas ED
17 Sep 2009
Deloitte United States has published a Heads Up Newsletter discussing the FASB's recently issued Exposure Draft (ED) of a proposed Accounting Standards Update, Oil and Gas Reserve Estimation and Disclosures.
The purpose of the ED is to align the current reserve estimation and disclosure requirements of Accounting Standards Codification Topic 932, Extractive Industries - Oil and Gas, with the requirements in the SEC's final rule, Modernization of the Oil and Gas Reporting Requirements (PDF 629k, link to SEC website), which was issued in December 2008. The proposed amendments would be effective for annual periods ending on or after 31 December 2009. The IASB has a research agenda project on Extractive Industries.
