A number of oil and gas accounting questions have been transmitted to the Research Institute in recent months. Suggested answers to these questions have been prepared by various individuals who are well versed in the accounting problems of the oil and gas industry.

The Accounting Forum. Spring 1984, pp. 5‑8.

In this article, Messrs. Adkerson and Moore interpret the SEC's Financial Reporting Release No. 14, issued September 16, 1983, which amended the existing rules governing exclusions of costs from amortization by companies using the full-cost method. Illustrations of the "impairment test" to be applied to unevaluated properties are given and the impact on interest capitalization is discussed.

Calculating Full Cost Depreciation, Depletion, and Amortization under the New SEC Rules. Adkerson, Richard C. and Moore, David L., Spring 1984, pp. 9‑28.

In this article Mr. Brooks discusses capital budgeting procedures and reports for an oil and gas company and illustrates different approaches to ranking investment opportunities

Capital Budgeting in the Extractive Oil Industry. Brooks, Peter L., Spring 1984, pp. 29‑46.

Mr. Condit reports on the Petroleum Check Stub Data Exchange System developed by a committee of the Council of Petroleum Accountants Societies, of which he was Chair. Major features of the System are described in the article.

Petroleum Check Stub Data Exchange: A Cost Saving Timeshare System. Condit, Robert J., Spring 1984, pp. 47‑56.

Mr. lhloff, an attorney, reviews the litigation surrounding lease provisions that provide royalties are to be based on "market value" of gas produced. He reviews many court cases that have resulted from situations in which the actual sales price of gas has not been the same as "market price."

Natural Gas, Market Value Leases, and Excess Royalties: A Survey of the Litigation. lhloff, Tim, Spring 1984, pp. 57‑76.

The authors examine the characteristics of an "S Corporation" and explain the advantages and disadvantages of using this tax entity in oil and gas operations. Special emphasis is placed on those tax aspects that distinguish the S Corporation from partnerships.

The S Corporation and the Oil Business—A Mixture of Oil and Water? Anderson, Hershel M.; Mark, Richard S.; and McKee, Rebecca M., Spring 1984, pp. 77‑90.

Dr. Lee reports on her research project examining the factors that are perceived by public auditors to indicate risk in connection with their "association" with oil and gas reserve data. In addition changes in the audit that might be made because of changes in the degree of risk are discussed.

An Analysis of Audit Risk in Associating with Reserve Information of Oil and Gas Companies. Lee, Patsy, Spring 1984, pp. 91‑114.

In this comprehensive article, Professors Gallun and Pearson thoroughly analyze the disclosure of the standardized measure of the discounted present value of future net revenues from proved oil and gas reserves that is required of publicly-held oil and gas producing companies by the FASB's Statement of Financial Accounting Standard No. 69. The authors suggest several approaches to making some of the analyses required, including one approach that gives "exact" results

A Comprehensive Look at FASB Statement 69. Gallun, Rebecca A. and Pearson, Della A., Spring 1984, pp. 115‑166.

Short summaries of the articles in this journal.

Review of Current Literature. Campbell, Alan D., Spring 1984, pp. 167‑169.