The SEC has issued Final Rules adopting, essentially in the same form, the FASB's disclosure rules relating to oil and gas activities. In addition, the commission has issued proposed rules amending Rule 4-10 relating to full costing.

Current Developments. Spring 1983, pp. 5‑6.

Mr. Burke discusses alternative methods that might be used by the general partner to account for its investment in a limited oil and gas partnership. He then illustrates the effects of the different methods. In addition, Mr. Burke reports the results of a survey of accounting methods used by 100 general partners in limited partnerships.

Accounting for the General Partner's Investment in a Limited Partnership. Burke, Kenneth, Spring 1983, pp. 7‑14.

Vollintine and McCune review the requirements of FAS 69 which establishes new disclosures requirements relating to oil and gas producing activities of publicly-held companies. The authors present a comprehensive example illustrating the disclosures required, including the analysis of changes in the discounted present value of future cash flows from the production of proved oil and gas reserves.

Computational Guide to Statement of Financial Accounting Standards No. 69. Vollintine, Carey and McCune, Richard, Spring 1983, pp. 15‑36.

The SEC's December 1982 "Final Rules" adopting. in general, the requirements of FAS 69, are reproduced for the benefit of readers who do not have ready access to the rules.

SEC's Final Rules on Disclosures. Securities and Exchange Commission, Spring 1983, pp. 37‑44.

In this article Mr. Mark analyzes the requirements contained in the recently issued IRS Final Regulations governing reporting procedures for the windfall profit tax. Mr. Mark explains the rationale of the requirements and points out potential problems that may arise under the Regulations.

Windfall Profit Tax Procedures under the Final Regulations. Mark, Richard S., Spring 1983, pp. 45‑62.

The authors report on a study they have made of the procedures being used by successful-efforts companies in capitalizing interest related to assets used in oil and gas activities. They conclude that the range of practices is so wide that guidelines for capitalization should be issued by an authoritative body.

Capitalization of Interest by Oil and Gas Companies. Gallun, Rebecca; Pearson, Della; and Seller, Robert, Spring 1983, pp. 63‑70.

Because reserve estimates are of great Importance in oil and gas financial reporting, accountants should have a basic understanding of the procedures used in reserve estimation and of the inherent subjectivity of those estimates. Mr. Bell, who is both a petroleum engineer and a CPA, reviews the nature of petroleum reservoirs and methods for analyzing petroleum reserves in terms easily understood by accountants.

The Petroleum Reserve Estimation Process—an Introduction for Accountants. Bell, Alan D., Spring 1983, pp. 71‑82.

In this article Ms. Wright reviews the basic accounting principles underlying the idea of applying a "ceiling" on capitalized costs of oil and gas assets. Then the author presents the results of a survey of 22 public accountants with oil and gas expertise conducted by the Extractive Industries Accounting Research Institute.

Applying a Ceiling to Capitalized Costs under Successful Efforts Accounting—an Analysis of the EIARI Survey. Wright, Charlotte, Spring 1983, pp. 83‑100.

Mr. Landrum, too, examines the question of whether a ceiling should be placed on the capitalized costs of proved oil and gas properties. He concludes that a ceiling is appropriate, but that it should not be applied on field-by-field or lease-by-lease basis.

Successful-Efforts Companies: Oil and Gas Properties-Realization Test. Landrum, Tony, Spring 1983, pp. 101‑106.

In the first of two articles in this issue dealing with equalization procedures in unitizations, Mr. Campbell reviews various procedures that may be used in equalizing costs of wells and facilities and discusses the appropriate accounting treatment that should be given by participants.

Accounting for Development Cost Equalization in Unitizations. Campbell, Alan D., Spring 1983, pp. 107‑114.

In this, the second article on unitization. Mr. Scott discusses the concept of "disproportionate spending" as a procedure for equalizing development costs in unitizations. The author illustrates this process, used in major ventures in Alaska. and analyzes the accounting treatment by the participants.

Cost Equalization of a Major Oil Field. Scott, Michael, Spring 1983, pp. 115‑126.

Mr. Coffee reviews recent surveys and literature indicating inconsistent practices in accounting for exploration and development costs in the coal industry. Then he reports on the results of a survey of the financial officers of 172coal producing companies and 52 representatives of national public accounting firms concerning the effects of inconsistent accounting practices.

The Impact of Inconsistent Accounting Practices in the Coal Extraction Industry. Coffee, Carl D., Spring 1983, pp. 127‑141.

The SEC's proposed amendments of the rules in Regulation SX for full costing are reproduced in their entirety. A brief summary of the rules is first presented.

SEC's Proposed Rules on Full Costing. Securities and Exchange Commission, Spring 1983, pp. 143‑159.