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Statement No. 19 Financial Accounting and Reporting by Oil and Gas Producing Companies STATUS Issue Date: December 1977 Effective Date: For fiscal years beginning after December 15, 1978 and interim periods within those years (but amended by FAS 25) Affects: Supersedes FAS 9 Affected by: Paragraph 9 superseded by FAS 71 Paragraphs 48 through 59 superseded by FAS 69 Paragraphs 48 and 63 amended by FAS 25 Paragraph 61 amended by FAS 96 and FAS 109 Paragraph 62 amended by FAS 96, FAS 109, and FAS 121 Paragraph 271 and footnotes 11 and 12 superseded by FAS 25 Other Interpretive Pronouncements: FIN 33 FIN 36 Abbreviations for Accounting Pronouncements FAS - FASB Statements FIN - FASB Interpretations FTB - FASB Technical Bulletins APB - APB Opinions AIN - AICPA Interpretations ARB - Accounting Research Bulletins CON - FASB Concepts EITF - EITF Issues Q&A - FASB Implementation Guides SUMMARY This Statement specifies that companies should follow the successful efforts method of accounting for the costs of acquiring, exploring, and developing mineral resources. This Statement also specifies the means by which capitalized cost should be amortized and addresses the accounting for mineral property conveyances, the disclosure to be included in the financial statements, and the accounting for income taxes. Copyright by Financial Accounting Standards Board. All Rights Reserved. Used by Permission.
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