Heads Up: FASB Proposes to Modernize Oil and Gas Company Reporting
Volume 16, Issue 32
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.
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