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The SFAS No 69 details supplementary disclosure requirements for the oil and gas industry, most of which are required only by public companies Both public and nonpublic companies, however, must provide a description of the accounting method followed and the manner of disposing of capitalized costs Audited nancial statements led with the SEC must include supplementary disclosures, which fall into four categories: 1 2 3 4 Historical cost data relating to acquisition, exploration, development, and production activity Results of operations for oil- and gas-producing activities Proved reserve quantities Standardized measure of discounted future net cash ows relating to proved oil and gas reserve quantities (also known as SMOG [standardized measure of oil and gas]) For foreign operations, SMOG also relates to produced quantities subject to certain long-term purchase contracts held by a party involved in producing the quantities
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The supplementary disclosures are required of companies with signi cant oil- and gas-producing activities; signi cant is de ned as 10 percent or more of revenue, operating results, or identi able assets The Statement provides that the disclosures are to be provided as supplemental data; thus they need not be audited The disclosure requirements are described in detail in the Statement, and examples are provided in an appendix to SFAS No 69 If the supplemental information is not audited, it must be clearly labeled as unaudited However, auditing interpretations (Au Section 9558) require the nancial statement auditor to perform certain limited procedures to these required, unaudited supplementary disclosures Proved reserves are inherently imprecise because of the uncertainties and limitations of the data available Most large companies and many medium-sized companies have quali ed engineers on their staffs to prepare oil and gas reserve studies Many also use outside consultants to make independent reviews Other companies, which do not have suf cient operations to justify a full-time engineer, engage outside engineering consultants to evaluate and estimate their oil and gas reserves Usually, reserve studies are reviewed and updated at least annually to take into account new discoveries and adjustments of previous estimates The standardized measure is disclosed as of the end of the scal year The SMOG re ects future revenues computed by applying unescalated, year-end oil and gas prices to year-end proved reserves Future price changes may only be considered if xed and determinable under year-end sales contracts The calculated future revenues are reduced for estimated future development costs, production costs, and related income taxes (using unescalated, year-end cost rates) to compute future net cash ows Such cash ows, by future year, are discounted at a standard 10 percent per annum to compute the standardized measure Signi cant sources of the annual changes in the year-end standardized measure and year-end proved oil and gas reserves should be disclosed
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Brock, Horace R, Jennings, Dennis R, and Feiten, Joseph B, Petroleum Accounting Principles, Procedures, and Issues, Fourth Edition Professional Development Institute, Denton, TX, 1996 Council of Petroleum Accountants Societies, Bulletin No 24, Producer Gas Imbalances as revised Kraftbilt Products, Tulsa, 1991 PricewaterhouseCoopers, Financial Reporting in the Mining Industry for the 21st Century, 1999 Financial Accounting Standards Board, Financial Accounting and Reporting by Oil and Gas Producing Companies, Statement of Financial Accounting Standards No 19 FASB, Stamford, CT, 1977 Suspension of Certain Accounting Requirements for Oil and Gas Producing Companies, Statement of Financial Accounting Standards No 25 FASB, Stamford, CT, 1979 Disclosures about Oil and Gas Producing Activities, Statement of Financial Accounting Standards No 69 FASB, Stamford, CT, 1982 O Reilly, V M, Montgomery s Auditing, Twelfth Edition John Wiley & Sons, New York, 1996 Securities and Exchange Commission, Financial Accounting and Reporting for Oil and Gas Producing Activities Pursuant to the Federal Securities Laws and the Energy Policy and Conservation Act of 1975, Regulation S-X, Rule 4-10, as currently amended SEC, Washington, DC, 1995 Interpretations Relating to Oil and Gas Accounting, SEC Staff Accounting Bulletins, Topic 12 SEC, Washington, DC, 1995
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