A new exposure draft from the SEC on derivative disclosures is expected to address the areas of accounting disclosures, impact of derivatives on balance sheet positions disclosed in the footnotes, and quantitative and qualitative information about market risks. A new statement of position from the AICPA, "Accounting for Contingencies," may mean significant changes in recording environmental liabilities, SFAS no.123, "Accounting for Stock-Based Compensation," encourages employers to adopt a prescribed fair value-based method for employee stock compensation plans.

Current Developments in Financial Accounting and Reporting. Jennings; Dennis, Fall/Winter 1995, pp. 1‑10.

This issue's update includes a review of Board activities at the Fall COPAS meeting in San Antonio from COPAS President Jon Gear, plus reports from the various COPAS committees and information on the new COPAS Accredited Petroleum Accountant Program.

COPAS Update. Gear, Jon, Fall/Winter 1995, pp. 11‑25.

Environmental policy and the Environmental Protection Agency (EPA) have been the focus of partisan politics in Congress. Rather than follow the normal procedure of tackling and debating specific reform issues, the 104th Congress has adopted the rather unconventional approach of attaching reform legislation to spending and budget legislation.

Current Developments in Environmental Issues. Wright, Charlotte, Fall/Winter 1995, pp. 26‑28.

Jointly operated gas wells often generate complicated gas balancing situations, particularly when the co-producers report under different accounting methods. The IRS has attempted to address this issue by requiring the joint operators to adhere to the same reporting methods.

Final IRS Regulations for Gas Balancing. Melgren, Eric, Fall/Winter 1995, pp. 29‑36.

Over the last several years, researchers at the Institute of Petroleum Accounting have investigated how petroleum industry professionals utilize finding cost statistics. This paper compiles and analyzes the results of the previous studies.

A Review of Finding Cost Studies. Coe, Teddy L., Fall/Winter 1995, pp. 37‑46.

As part of a continuing series in the Institutes' study of the utility of finding cost data, Dr. Boone evaluates the use of finding costs by investment analysts and the association between finding costs and subsequent earnings.

The Use of Finding Costs in Investment Analysis. Boone, Jeff, Fall/Winter 1995, pp. 47‑59.

Some oil industry analysts allege that petroleum companies overinvested in unwise and unprofitable exploration projects during the 1980s. This article compares the returns-to-spending performance of a selected group of oil and gas companies across the decade to evaluate the accuracy of this theory.

Exploration Efficiency in the 1980s. Nichols, Nancy and Boone, Jeff, Fall/Winter 1995, pp. 60‑81.

In international petroleum transactions, not only are the rules of the game different, the rules change with every host government jurisdiction in which the game is played. Without the benefit of competent accounting advice for each phase of the negotiation, the potential arises for costly mistakes.

The Accountant's Role in Negotiating and International Petroleum Transaction. Alexander, Frank C., Fall/Winter 1995, pp. 82‑86.

An overview of selective topics on doing business in China from an oil and gas perspective with the objective of preparing a company for the opportunities that the China oil and gas industry has to offer while avoiding the pitfalls along the way.

Doing Business in China. Watts, W. P., Fall/Winter 1995, pp. 87‑102.

Information available in public records of major oil companies can be used to evaluate the environmental accountability of a firm and, thereby, provide concerned investors with a means of influencing the environmental consciousness and behavior of a business.

Using Financial Reporting as a Tool to Protect the Environment. Copeland, Benny R., Fall/Winter 1995, pp. 103‑116.