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Statement No. 9
Accounting for Income Taxes: Oil and Gas Producing Companies-an amendment of APB Opinions No. 11 and 23
STATUS
Issue Date: October 1975
Effective Date: For financial statements issued on or after December 1, 1975
Affects: Supersedes APB 11, paragraph 40
Amends APB 23, paragraph 2
Affected by: Superseded by FAS 19
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 addresses allocation of income taxes related to intangible drilling and development costs (IDC) that are deductible in determination of taxable income, but are capitalized and amortized in the determination of pretax accounting income. This Statement requires companies to allocate the tax effect of IDC that enters into the determination of taxable income and pretax accounting income in different periods. The Statement also provides guidance for companies that elect to include excess statutory depletion in a computation of interperiod tax allocation.
Copyright by Financial Accounting Standards Board. All Rights Reserved. Used by Permission.
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