The FASB issued an exposure draft in June 1993 concerning accounting for stock-based compensation. This issue's column discusses at length the possible repercussions of this controversial and far-reaching proposal. Also in June of this year, the SEC issued SAB No. 92 which deals with accounting for and disclosure of environmental costs.

Current Developments in Financial Accounting and Reporting. Jennings, Dennis R., Fall/Winter 1993, pp. 1‑7.

A report from the executive director on the activities, meetings, and projects of the Council of Petroleum Accountants Societies.

COPAS: An Update. Westbrook, Jack, Fall/Winter 1993, pp. 8‑14.

This issue's column is devoted to an examination of some of the environmental issues which U.S. companies must face as they expand their operations into Eastern Europe and the former Soviet Republics.

Current Developments in Environmental Issues. Wright, Charlotte and Wright, Steven Todd, Fall/Winter 1993, pp. 15‑20.

Dr. Brock answers readers' questions concerning capitalization of interest during the construction period of oil and gas assets and the treatment of payments to obtain interest in oil and gas properties.

The Accounting Forum. Brock, Dr. Horace, Fall/Winter 1993, pp. 21‑25.

During the 1980's, a convergence of unfavorable events triggered extensive restructuring and retrenchment within the U.S. petroleum industry. One result was an increase in foreign exploration and development. This article explores the shift from domestic to foreign operations that occurred in the oil industry during the period 1981-1990.

Changes in the Exploration and Development Activities of U.S. Petroleum Firms during the 1980s. Boone, Dr. Jeff, Fall/Winter 1993, pp. 26‑56.

In Canada, a new financial reporting standard has been issued which requires companies to estimate their clean-up costs and accrue a liability over the remaining period of production by a systematic and rational charge to income. This study explores the disclosure practices of Canadian oil and gas companies who must follow the new standard for clean-up costs.

Disclosure of the Future Removal and Site Restoration Cost Liability by Canadian Oil and Gas Companies. Tilleman, William A. and Wright, Michael E., Fall/Winter 1993, pp. 57‑81.

In the summer and fall of 1992, the authors of this article surveyed 383 domestic and international gas companies to determine the extent of price hedging in the natural gas industry. The purpose of their investigation was twofold: to develop a profile of firms that hedge with NYMEX natural gas futures and to gauge corporate receptiveness to NYMEX natural gas options prior to their introduction in October 1991.This article presents the result of their survey.

NYMEX Natural Gas Futures and Options: A Study of Price Risk Management. Pfeffer, Mary Graves and Vestrat, Glenn D, Fall/Winter 1993, pp. 82‑88.

Along with many attributes attractive to investors, royalty trusts present several disadvantages, such as their status as self-liquidating entities. This article provides general information about royalty trusts, including their advantages and disadvantages, as well as examining the recently created Santa Fe Energy Trust and the technique it employs in attempting to overcome one of the primary objections to previous royalty trusts.

Santa Fe Energy Trust: Attempting to Overcome the Specter of Liquidation. Crain, John L. and Jones, Kris T., Fall/Winter 1993, pp. 89‑97.

This article explores the repercussions of the Tax Reform Act of 1986 and focuses on the issue of how corporations need to modify their processes for evaluating capital investments in light of the two parallel tax systems created by the TRA.

Planning Implications of AMT for Capital Budgeting Decisions. Cook, Thomas J.; Grove, Hugh D.; and Rizzuto, Ronald J., Fall/Winter 1993, pp. 98‑115.

When the ceiling test required by the SEC of full cost oil and gas firms went into effect in 1986, many such firms reported lower earnings and lower net worth. Since then many studies have analyzed the impact of the ceiling test on full cost companies. The purpose of this article is to explain the cross-sectional variation of the stock price effects of the ceiling test write-off for full cost companies using contracting and political cost variables.

The Determinants of Stock Market Reaction to Ceiling Test Write-Off of Full Cost Oil and Gas Firms. AlDiab, Tasier F., Fall/Winter 1993, pp. 116‑139.