Summary of Statement No. 19

Financial Accounting and Reporting by Oil and Gas Producing Companies (Issued 12/77)

Summary

This Statement specifies that companies should follow the successful efforts method of accounting for the costs of acquiring, exploring, and developing mineral resources. This Statement also specifies the means by which capitalized cost should be amortized and addresses the accounting for mineral property conveyances, the disclosure to be included in the financial statements, and the accounting for income taxes.