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Statement No. 69
Disclosures about Oil and Gas Producing Activities-an amendment of FASB Statements 19, 25, 33, and 39
STATUS
Issue Date: November 1982
Effective Date: For fiscal years beginning on or after December 15, 1982
Affects: Supersedes FAS 19, paragraphs 48 through 59
Supersedes FAS 33, paragraphs 51(b), 52(b), and 53(a)
Supersedes FAS 39, paragraphs 10, 11, and 12
Supersedes FAS 40, paragraph 6
Supersedes FAS 41, paragraph 7
Supersedes FAS 46, paragraph 8
Affected by: Paragraphs 7, 8, and 41 and footnote 3 amended by FAS 95
Paragraphs 26, 30(c), 40, and 41 amended by FAS 96 and FAS 109
Paragraphs 35 through 38 and footnote 10 superseded by FAS 89
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 establishes a comprehensive set of disclosures for oil and gas producing activities and replaces requirements of several earlier Statements. The requirement to disclose the method of accounting for costs incurred in oil and gas producing activities and the manner of disposing of related capitalized costs is continued for both publicly traded and other enterprises. None of the other requirements in this Statement is extended to enterprises that are not publicly traded, thereby eliminating existing requirements for them to disclose information about proved oil and gas reserve quantities, capitalized costs, and costs incurred.
Publicly traded enterprises with significant oil and gas activities, when presenting a complete set of annual financial statements, are to disclose the following as supplementary information, but not as a part of the financial statements:
a. Proved oil and gas reserve quantities
b. Capitalized costs relating to oil and gas producing activities
c. Costs incurred in oil and gas property acquisition, exploration, and development activities
d. Results of operations for oil and gas producing activities
e. A standardized measure of discounted future net cash flows relating to proved oil and gas reserve quantities
This Statement eliminates a previous requirement to disclose capitalized costs in complete sets of interim financial statements.
In addition, this Statement permits historical cost/constant dollar measures to be used for oil and gas mineral interests when presenting current cost information under the provisions of FASB Statement No. 39,
Financial Reporting and Changing Prices: Specialized Assets-Mining and Oil and Gas.
Copyright by Financial Accounting Standards Board. All Rights Reserved. Used by Permission.
©2000 New York State Society
of Certified Public Accountants. Legal Notices.
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