Recent accounting pronouncements and the impact of recent market changes have altered the way financial statements are prepared in Great Britain. This article examines the repercussions on the issues of decommissioning, take-or-pay contracts, impairment, and associate or joint ventures.

Controversial Accounting Developments: Decommissioning, Take-or-Pay Contracts, Impairment, and Joint Ventures. Lynch-Bell, Michael, Fall/Winter 1996, pp. 1‑13.

SFAS No. 121, adopted in 1995, concerns accounting for the impairment and disposal of long-lived assets and only applies to successful efforts companies. This survey reports on the progress of implementing this new standard.

Implementation of SFAS No. 121 in the Oil and Gas Industry: A Survey. Nichols, Linda M. and Gallun, Rebecca A., Fall/Winter 1996, pp. 14‑25.

An updated and detailed performance report on majors, independents, pipelines/utilities, and diversified companies. For independents, benchmark ratios are subdivided into financial, exploration, strategy/success, and asset quality/operations performance categories.

1994 and 1995 Key Indicators of Performance for Oil and Gas Firms: All Sectors and Quartile Benchmarks for Independents. Johnsen, Tommi; Rizzuto, Ron; and Grove, Hugh, Fall/Winter 1996, pp. 26‑50.

Use of the interest rate swap as a risk management tool has increased dramatically over the past few years. The result has been proposed accounting and reporting changes on derivative accounting for the oil and gas industry and an increase in market volatility.

Interest Rate Swaps in the Oil and Gas Industry: The Financial Environment and Accounting/Reporting Considerations. Bean, LuAnn and Jarnagin, Bill D., Fall/Winter 1996, pp. 51‑68.

The FASB's new accounting standards, specifically SFAS Nos. 90, 92, and 101, deviate from previous legislative and regulatory mandates on several crucial points, including FERC's system of accounts, retroactive rate-making, original cost rate-making, and PUC rate-making.

Conflict between Rule Makers: The FASB and FERC. Finnegan, Thomas R., Fall/Winter 1996, pp. 69‑91.

Although the drilling window for Section 29 tax credits has closed, some producers are still trading these now worthless credits to unwitting buyers.

The Typical Leveraged Section 29 Natural Gas Deal. Daubert, Christopher S. and Snyder, Duane E., Fall/Winter 1996, pp. 92‑101.

The chairperson of the committee that drafted the new COPAS accounting procedure governing joint operating agreements explains the logic that informs this document.

COPAS—1995 Accounting Procedure: A New Direction. Wilson, E.M. (Terraine), Fall/Winter 1996, pp. 102‑113.

The FASB has issued an exposure draft delaying implementation of certain sections of FAS 125. The EITF is considering Issue 96-2, Impairment Recognition on Transfers and Exchanges of Non-monetary Assets, and Issue 96-17, Non-utility Generators. The International Accounting Standards Committee accelerates the completion of the new international accounting rules. New SOP's address environmental remediation liabilities and internal-use software costs.

Current Developments in Financial Accounting and Reporting. Jennings, Dennis R., Fall/Winter 1996, pp. 114‑118.

A report on the fall COPAS meeting in Oklahoma City and the various standing committees and subcommittees of the Council of Petroleum Accountants Societies.

COPAS: An Update. Gear, Jon, Fall/Winter 1996, pp. 119‑134.

The AICPA's proposed SOP, Environmental Remediation Liabilities, focuses on the recognition, measurement, and display/disclosure of environmental remediation obligations.

Current Developments in Environmental Issues. Wright, Charlotte, Fall/Winter 1996, pp. 135‑138.