Developments in oil and gas accounting over the past four months.

Current Developments. Summer 1983, pp. 4‑4.

The forum provides an opportunity for readers to raise questions about accounting problems that have arisen in their activities.

Accounting Forum. Summer 1983, pp. 5‑10.

Buckner and Durand summarize the major reporting requirements of the North American Securities Administrators Association and the Securities and Exchange Commission for companies filing registrations of oil and gas programs .

Guidelines and Policies Impacting Security Filings by Entities Involved in Oil and Gas Operations. Buckner, Charles O. and Durand, Francis L., Summer 1983, pp. 11‑22.

Mr. Hendrix reviews the requirement of FASB Statement No. 69 relating to the disclosure of the Standardized Measure of Discounted Cash Flows Relating to Proved Reserves and illustrates the calculation of the impact of factors resulting in changes in value during the period.

A Consideration of the Standardized Measure of Cash Flows. Hendrix, John L., Summer 1983, pp. 23‑36.

Mr. Hunt describes and illustrates various types of analyses to assist management in evaluating an oil and gas company's operations and in making decisions. He examines such techniques as quarterly variation analysis, computing key operating statistics, and cash flow analysis.

Financial Operations Analysis: A Quantitative Approach to Management Decision Making. Hunt, Ezra C., Summer 1983, pp. 37‑54.

In this article Messrs. Barton and Zang explain and evaluate the SEC., interpretation in SAB 47 and its proposed rules relating to the exclusion of unevaluated costs from amortization of the full cost pool and for the reporting of gains or losses from brokerage activities and drilling arrangements.

Full Cost Accounting Exclusion of Unevaluated Costs from Amortization and Recognition of Gains on Sales of Unproved Properties. Barton, Larry M. and Zang, Daniel G., Summer 1983, pp. 55‑62.

Mr. Bell describes various contracts by which oil companies acquire exploration and production rights from host governments. These include production sharing contracts, joint ventures, full risk service contracts and normal service contracts.

New Ways of Obtaining International Exploration Rights. Bell, Alan D., Summer 1983, pp. 63‑68.

This article outlines procedures and controls that are useful in accounting for volumes and differentials attributable to exchange transactions. The importance of communication between participants in crude oil and product exchanges is stressed.

An Outline of Exchange Accounting for Petroleum Products. Brill, Karl D., Summer 1983, pp. 69‑74.

Mr. Mark analyzes various sections of the Technical Corrections Act of 1982 that affected the windfall profit tax on crude oil producers.

The Technical Corrections Act's Impact on the Windfall Profit Tax. Mark, Richard S., Summer 1983, pp. 75‑92.

Ms. Lilly reports on a research project in which bank loan officers. chartered financial analysts, and certified management accountants evaluated the usefulness Of 15 types of disclosures required of oil and gas producing companies. All three groups ranked estimated quantities of proved developed reserves as the most useful disclosure.

Proposed Disclosure Requirements in the Oil and Gas. Lilly, Martha, Summer 1983, pp. 93‑102.

Professors Kahn, Krausz, and Schiff present results of a research project in which they examined the reports of reserve data of 30 oil and gas producing companies. The authors conclude that, contrary to a report by Larry Walther and Mary Kay Evans in the Fall/Winter 1982 issue of the Journal, published reserve estimates may be unreliable. (Dr. Walther responds to this article on page 115).

Another View of the Reliability of Oil and Gas Reserve Estimates. Joshua, Nathan Kahn, Summer 1983, pp. 103‑116.

Effective tax rates for a sample of large oil companies based on the historical cost, constant dollar, and current cost bases for the years 1980 and 1981are examined. Messrs. Schneider and Putnam show that the effective tax rates based on current cost and constant dollar income are much larger than those based on historical costs.

Effective Tax Rates for Oil Companies Using FASB Statement No. 33. Schneider, Harold and Putnam, Karl, Summer 1983, pp. 117‑122.

The authors examined the effects of share prices of the five largest Penn Square Bank loan holders as information about The Penn Square closing became publicly available. They found that prices of stock of those five banks were adversely affected by Penn Square's failure.

The Impact on Bank Stock Returns of the Failure of Penn Square Bank. Etebari, Ahmad and Gobin, Daniel, Summer 1983, pp. 123‑132.

In this article the authors review the history of the sale of joint cost allocation under the Natural Cas Act of 1938 and demonstrate different cost allocation schemes that have been used.

Joint Cost Allocation under the Natural Gas Act: An Historical Review. Crespi, Jan and Harris, John K., Summer 1983, pp. 133‑142.

In this section. which appears for the first time in this issue, Mr. Campbell will review selected publications related to extractive industries accounting.

Review of Current Literature. Campbell, Alan D., Summer 1983, pp. 143‑144.