Summary of Statement No. 39
Financial Reporting and Changing Prices: Specialized Assets-Mining and Oil and Gas--a supplement to FASB Statement No. 33 (Issued 10/80)
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.