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Heads Up: FASB Proposes to Modernize Oil and Gas Company Reporting

Volume 16, Issue 32

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The attached issue of Heads Up discusses 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, which was issued in December 2008.

Read more in the file attached below or visit the Heads Up Archive for past issues.

Heads Up and other information on accounting and financial disclosure also can be found in the Technical Library: The Deloitte Accounting Research Tool. Technical Library, a subscription-based research tool, includes material from the the Financial Accounting Standards Board (FASB), Emerging Issues Task Force (EITF), AICPA, Securities and Exchange Commission (SEC) and International Accounting Standards Board (IASB), in addition to our own accounting manual and interpretative accounting guidance. Updated every business day, the Technical Library has an intuitive design and navigation system. Powerful search features enable users to locate information quickly, at any time and from any computer. Additionally, Technical Library subscribers receive periodic e-mails highlighting recent additions to the Technical Library.