Project Update
Oil and Gas Disclosures
Last Updated: November 10, 2009 (Updated sections are indicated with an asterisk *)
The staff has prepared this summary of Board decisions for information purposes only. Those Board decisions are tentative and do not change current accounting. Official positions of the FASB are determined only after extensive due process and deliberations.
Project Objective
*Due Process Documents
Summary of Decisions Reached to Date
*Next Steps
Board/Other Public Meeting Dates
Background Information
Contact Information
Project Objective
The objective of this limited-scope project is to amend Topic 932, Extractive Activities – Oil and Gas, to align with the SEC’s recently issued Final Rule, Modernization of the Oil and Gas Reporting Requirements (the “Final Rule”).
*Due Process DocumentsOn September 15, 2009, the FASB published, for public comment, a proposed Accounting Standards Update, Extractive Industries—Oil and Gas (Topic 932): Oil and Gas Reserve Estimation and Disclosures. The comment period for the proposed Update ended on October 15, 2009.
Proposed Accounting Standards Update
Comment Letters
Comment Letter Summary
Summary of Decisions Reached to Date
See the proposed Accounting Standards Update, Extractive Industries—Oil and Gas (Topic 932): Oil and Gas Reserve Estimation and Disclosures.
The Board will discuss the comments received on the proposed Accounting Standards Update and redeliberate the conclusions reached in the proposed Update.
Board/Other Public Meeting Dates
The Board meeting minutes are provided for the information and convenience of constituents who want to follow the Board’s deliberations. All of the conclusions reported are tentative and may be changed at future Board meetings. Decisions become final only after a formal written ballot to issue a final standard.
The following are links to the minutes for each meeting.
| August 5, 2009 | Board Meeting—Proposed Amendments to the FASB Accounting Standards Codification™ Topic 932, Extractive Industries – Oil and Gas. |
| February 18, 2009 | Board Meeting—Agenda Announcement |
Background Information
The landscape of the oil and gas industry has changed considerably since the establishment of current oil and gas disclosure requirements in 1978 and 1982. The SEC’s Final Rule makes key changes to the industry’s disclosure requirements to better align these requirements with practice as it has evolved. The objective is to provide investors with “a more meaningful and comprehensive understanding of oil and gas reserves.” Taking into consideration over 70 comment letters from its constituents, the SEC refined its proposed rule and issued the Final Rule on December 31, 2008.
On February 18, 2009, the FASB chairman announced that a project has been added to the Board’s agenda to amend Statement 19, as amended, to conform with the SEC’s Final Rule. In its Final Rule, the SEC stated its full support in working with the FASB to align its newly created disclosure and accounting requirements with relevant FASB standards.
Contact Information
Adrian Mills
FASB Practice Fellow
aemills@fasb.org
Vita Martin
Postgraduate Technical Assistant
vmartin@fasb.org
Louis Phillips
Postgraduate Technical Assistant
lphillips@fasb.org