An update on recent activities of the FASB and SEC including new EITFs: accounting for restructuring charges and employer liability for termination benefits.

Current Developments in Financial Accounting and Reporting. Jennings, Dennis R., Summer 1994, pp. 1‑6.

A report on the activities of various committees and subcommittees of the Council of Petroleum Accountants Societies.

COPAS: An Update. Gear, Jon, Summer 1994, pp. 7‑20.

This issue's topic focuses on the manner in which environmental concerns have affected the way U.S. petroleum companies do business in Latin America.

Current Developments in Environmental Issues. Wright, Charlotte, Summer 1994, pp. 21‑23.

Mr. Johnston examines the myriad variety of petroleum fiscal systems throughout the world, covering fiscal, concessionary, and royalty/tax systems; economic rent; negotiations; contracts and joint ventures. Following the article are a glossary of terms and a list of abbreviations and acronyms our readers may find helpful.

International Petroleum Fiscal Systems: Production Sharing Contracts. Johnston, Daniel, Summer 1994, pp. 24‑75.

Comparing fiscal systems in order to assess the most favorable countries in which to invest is a complex task. Reliance on a single indicator can often be misleading; a better approach is to compare the prospectively of a country with the fiscal regime in place. Active in the field of international economics for over twenty years and the creator of GIANT, Petro consultants' international economics software system, Mr. Smith is currently vice president of Petro consultants, Houston.

Methodologies for Comparing Fiscal Systems. Smith, Dennis, Summer 1994, pp. 76‑83.

Contracts with some of the most complex fiscal structures utilize investor's rate of return (IRR) to control either the ongoing taxation rates or production shares imposed upon the petroleum companies. This article evaluates the performance of three such IRR. controlled contracts. Mr. Wood has worked in the global petroleum industry for many years; he is now deputy exploration manager for International Petroleum Corporation (IPC) in the U.K.

Economic Performance of Rate of Return Driven International Petroleum Production Contracts. Wood, David A., Summer 1994, pp. 84‑102.

Resource rental regimes are often subtle, highly complex arrangements requiring the finesse and tact of a diplomat to negotiate an agreement balancing the economic objectives of the state and the economic objectives of the oil company. Mr. Marshall is partner in charge of the energy services tax group with Ernst & Young, London.

Resource Rental Regimes. Marshall, James A., Summer 1994, pp. 103‑114.

The primary concern in negotiating production sharing contracts is to protect the progression from exploration to development to production rights and vested property rights in the event of a discovery. This paper addresses special concerns that deal with those rights. Mr. Dur is chief negotiator for Triton Energy in Dallas; he has played an integral role in the acquisition of rights and the formation of Triton's worldwide ventures, including Colombia and the Malaysia-Thailand joint development area.

Negotiating PSC Terms. Dur, Stan, Summer 1994, pp. 115‑124.

This article examines the typical fiscal regimes currently in force within ASEAN. Mr. Khin is director of Afka Co. Pte. Ltd., a consulting firm in Singapore, and past chairman of the national oil company of Myanmar (Burma). Mr. Liang is the features editor for PetroMin magazine in Singapore.

Petroleum Fiscal Regimes in the Association of Southeast Asian Nations. Khin, Jimmie Aung and Liang, Wu Xue, Summer 1994, pp. 125‑132.

Rapid political change has misled western businesses to assume that their counterparts in the post-Soviet Republics (PSRs) are eager to embrace western social and business ideas. This paper analyzes some of the local business realities confronting western investments in the PSRs. Mr. Darnell is a CPA and heads Business Advisory Services in Houston.

Managing Western Investments in the Post Soviet Republics. Darnell, Ray, Summer 1994, pp. 133‑145.

Since opening its doors to foreign investment in the late 1970's, the People's Republic of China has encouraged foreign participation in its petroleum industry. To deal with onshore and offshore projects, the PRC has drafted two model production sharing contracts which form the basis for bilateral negotiations. Mr. Kinney is an attorney specializing in international joint ventures; he is with the energy group at Clyde & Co., Hong Kong.

Petroleum Laws and Model Contract Terms: Production Sharing in China. Kinney, Brent D., Summer 1994, pp. 146‑168.

In order to properly account for the allocation of revenues and expenses, a thorough understanding of the specific terms and features of the PSC is essential. Ms. Geddie, controller and tax manager with Warrior Oil Company of Dallas, has worked extensively with production sharing contracts since 1987.

The Accountant's Perspective on the PSC. Geddie, Carroll, Summer 1994, pp. 169‑175.

This article reviews the U.S. tax law relative to Americans working in Russia, including the U.S./Russia tax treaty and the U.S. and Russian social security systems. Mr. Anderson has sixteen years of experience in all phases of financial accounting and tax compliance with an emphasis on complex corporate and partnership accounting and taxation matters. He has been the director of the tax department at Hein + Associates in Houston since 1987.

U.S. Taxation of Americans Working in Russia. Anderson, W. Richard, Summer 1994, pp. 176‑188.

Without relief from double taxation, very little foreign oil and gas exploration activities would take place. Mr. Anderson and Mr. Johnston discuss various ways that the U.S. and foreign governments address this issue .

Double Taxation. Anderson, Rich and Johnston, Daniel, Summer 1994, pp. 189‑198.

The Foreign Corrupt Practices Act (FCPA) imposes unnecessary costs and disadvantages on American businesses competing in a global economy with other international businesses not restrained by this type of legislation. Mr. Yeates and Mr. Comeaux are Houston attorneys with the firm of Jackson & Walker. Mr. Kinsella is a Philadelphia attorney with Schrader, Harrison, Segal, & Lewis.

The Accounting Provisions of the Foreign Corrupt Practices Act. Yeates, J. Lanier; Kinsella, N. Stephan; and Comeaux, Paul E., Summer 1994, pp. 199‑203.

In order to illustrate how post-project audits of individual project oil and gas accounts can be a potent management tool, the authors analyze an actual, typical successful oil and gas project from the investment to acquire exploration rights to abandonment. Mr. Lohrenz is an associate professor in the Department of Petroleum Engineering and Geo-sciences at Louisiana Tech University and a frequent consultant in the oil and gas industry. Mr. Posey is a professor in the School of Professional Accountancy at LTU.

Post-Project Audit of an Actual Oil and Gas Exploration and Development Project Account. Lohrenz, John and Posey, Clyde L., Summer 1994, pp. 204‑220.