An update of recent SEC and FASB rulings and activities including the SEC's clarification of accounting for "goodwill" and the recent release regarding purchase accounting. FASB news includes an exposure draft on stock-based compensation and an EITF on involuntary termination benefits.

Current Developments in Financial Accounting and Reporting. Jennings, Dennis R., Spring 1995, pp. 1‑10.

A report from the executive director on the various committees and subcommittees of the Council of Petroleum Accountants Societies.

COPAS Update. Gear, Jon, Spring 1995, pp. 11‑22.

In this issue, Dr. Wright focuses on the environmental consequences of the Republican's "Contract with America".

Current Developments in Environmental Matters. Wright, Charlotte, Spring 1995, pp. 23‑25.

The Accounting Forum answers questions concerning the recorded value of equipment removed from joint operation and transferred to the operator's warehouse and accounting for the sale of "recovery oil" received under production sharing agreements.

Accounting Forum. Brock, Horace, Spring 1995, pp. 26‑27.

Concern over the existence of non market-responsive gas supplies prompted the passage of FERC Orders 380, 436, 500, and 636. The changes dictated by the new regulations have resulted in an increasingly competitive natural gas market.

Competitive Natural Gas: An Evolving Transition. Landers, Michael, Spring 1995, pp. 28‑39.

FERC Order 636 created a more favorable environment for gas marketing affiliates. Today's gas market features expanded business opportunities—marketing hubs, storage facilities, and marketing services—which have brought new players into the gas market.

New Infrastructure: Gas Marketing Affiliates. Wade, Gary, Spring 1995, pp. 40‑54.

In 1993, the Internal Revenue Service and the Department of the Treasury took major steps in breaking away from the prevailing Arkansas Best tax environment toward one more conducive to hedging activity. This article updates the reader on significant tax law changes affecting not only tax liability but also derivative strategy issues.

The Post Arkansas Best Environment: Tax Implications for Energy Hedgers. Graves, Mary and Vestrat, Glenn, Spring 1995, pp. 55‑61.

This article explores the changing roles, responsibilities, and business processes in the gas industry as presented in the COPAS Operator/Producer Roles & Responsibilities (OPRR) task force white paper and predicts what future changes could be made to improve efficiency.

Operator and Producer: Changing Roles, Responsibilities, and Business Processes in the Natural Gas Business. Caldwell, Carl, Spring 1995, pp. 62‑74.

As a result of thin margins and more aggressive enforcement, multistate state tax planning will play a significant role in the post-Order 636 natural gas industry. This article analyzes what FERC Order 636 has meant for the three most affected segments: the pipelines, the gas marketers, and the storage companies.

Multistate Tax Planning for Natural Gas Marketers, Pipelines, and Storage Companies in Light of FERC Order 636. Shipley, William and Stoner, Todd, Spring 1995, pp. 75‑87.

The newly formed Gas Industry Standards Board hopes to enhance the reliability of natural gas service through the establishment of electronic communication standards for business transactions within the gas industry.

Works Begins at the Gas Industry Standards Board. McQuade, Rae, Spring 1995, pp. 88‑97.