ACCEPTABLE ACCOUNTING METHODS in Visual Studio .NET

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294 ACCEPTABLE ACCOUNTING METHODS
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(v) Conveyances SFAS No 19 and Reg S-X Rule 4-10(m) provides rules to account for mineral property conveyances and related transactions Conveyances of production payments repayable in xed monetary terms, that is, loans in substance, are accounted for as loans Conveyances of production payments repayable in xed production volumes from speci ed production are deemed to be property sales whereby proved reserves are reduced but the proceeds from sale of a production payment are credited to deferred revenue to be recognized as revenue as the seller delivers future petroleum volumes to the holder of the production payment Gain or loss is not recognized for conveyances of (1) a pooling of assets in a joint venture to nd, develop, or produce oil and gas or (2) such assets in exchange for other assets used in oil- and gas-producing activities Gain is not recognized (but loss is) for conveyance of a partial property interest when substantial uncertainty exists as to the recovery of costs for the retained interest portion or when the seller has substantial obligation for future performance such as drilling a well For other conveyances, gain or loss is recognized unless prohibited under accounting principles applicable to enterprises in general (b) THE FULL COST METHOD (i) Basic Rules follows: Under Reg S-X Rule 4-10, oil and gas property costs are accounted for as
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All costs associated with property acquisition, exploration and development activities shall
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be capitalized by country-wide cost center Any internal costs that are capitalized shall be limited to those costs that can be directly identi ed with the acquisition, exploration and development activities undertaken by the reporting entity for its own account, and shall not include any costs related to production, general corporate overhead or similar activities Capitalized costs within a cost center shall be amortized on the unit-of-production basis using proved oil and gas reserves, as follows: Costs to be amortized shall include (A) all capitalized costs, less accumulated amortization, excluding the cost of certain unevaluated properties not being amortized; (B) the estimated future expenditures (based on current costs) to be incurred in developing proved reserves; and (C) estimated dismantlement and abandonment costs, net of estimated salvage values [The current rule is referring to undiscounted future decommissioning, restoration and abandonment costs, net of estimated salvage values ( net abandonment costs ) In early 1996, the FASB issued an exposure draft for a proposed SFAS on accounting for certain liabilities related to closure or removal of long-lived assets If adopted as drafted, the new SFAS would amortize capitalized costs that include a charge corresponding to the accrued liability for net abandonment costs The liability re ects a present value discounted at a safe rate of interest] Amortization shall be computed on the basis of physical units, with oil and gas converted to a common unit of measure on the basis of their approximate relative energy content, unless economic circumstances (related to the effects of regulated prices) indicated that use of revenue is a more appropriate basis of computing amortization In the latter case, amortization shall be computed on the basis of current gross revenues from production in relation to future gross revenues (excluding royalty payments and net pro ts disbursements) based on current prices from estimated future production of proved oil and gas reserves (including consideration of changes in existing prices provided for only by contractual arrangements) The effect on estimated future gross revenues of a signi cant price increase during the year shall be re ected in the amortization provision only for the period after the price increase occurs In some cases it may be more appropriate to depreciate natural gas cycling and processing plants by a method other than the unit-of-production method
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