Disclosures about Oil and Gas Producing Activities—an amendment of FASB Statements 19, 25, 33, and 39 (Issued 11/82)
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:
- Proved oil and gas reserve quantities
- Capitalized costs relating to oil and gas producing activities
- Costs incurred in oil and gas property acquisition, exploration, and development activities
- Results of operations for oil and gas producing activities
- 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.