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Statement No. 39
Financial Reporting and Changing Prices: Specialized Assets-Mining and Oil and Gas-a supplement to FASB Statement No. 33
STATUS
Issue Date: October 1980
Effective Date: For fiscal years ending on or after December 25, 1980
Affects: Amends FAS 33, paragraphs 30(a) through 30(c), 35(c)(1) through 35(c)(4), and 52
Supersedes FAS 33, paragraphs 51(b), 52(b), and 53
Affected by: Paragraph 10 superseded by FAS 69
Paragraph 11 superseded by FAS 69
Paragraph 12 superseded by FAS 40, FAS 41, and FAS 69
Paragraph 12 amended by FAS 46
Superseded by FAS 89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
FASB Statement No. 33,
Financial Reporting and Changing Prices, requires companies that meet specified size tests to disclose certain supplementary information on both a historical cost/constant dollar basis and a current cost basis. This Statement:
Applies the provisions of Statement 33 for measuring current costs to the mineral resource assets of mining and oil and gas enterprises.
Requires the disclosure of information about quantities, production, and selling prices of mineral resources other than oil and gas reserves.
The information required by this Statement, like the information required by Statement 33, is experimental. This Statement will be reviewed comprehensively, at the same time as Statement 33, after a period of not more than four years.
In recent years, extensive new disclosure requirements have been imposed on the oil and gas industry. The Board intends to study further the usefulness of those requirements in providing information about the effects of changing prices. It intends to work with the oil and gas industry and the Securities and Exchange Commission to refine the requirements and to develop improved methods of presentation.
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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