Drs. Wright and Berry investigate the value relevance of reserve quantity disclosures. Specifically, this study explores whether the market distinguishes between the value relevance of disclosures reporting reserves of crude oil and reserves of natural gas.

Value Relevant Reserve Disclosures: Oil Reserves versus Gas Reserves. Wright, Charlotte and Berry, Kevin T., Spring 1997, pp. 1‑14.

Using two cases from the Eighth Circuit Court of Appeals as a starting point, this article addresses the question of what duties are owed by a natural gas producer to royalty owners when the producer receives a settlement in a take-or-pay buy out.

Royalty Owners Share in Take-or-Pay Buy Out. Whitehead, Roy and Crain, John L., Spring 1997, pp. 15‑24.

A study of the impact of different accounting systems (full cost or successful efforts) on bond rating and bond yield decisions.

Bond Ratings, Bond Yields, and Accounting Policy Choice: Evidence from the Oil and Gas Industry. Chung, Dennis Y.; Lam, Stanley K.W.; and Pelletier, Richard V., Spring 1997, pp. 25‑44.

Tightening government oversight of environmental performance and compliance by natural resource firms has underlined the necessity of developing effective intra company environmental management systems. The why involve voluminous and Complex regulations, increasingly stringent enforcement, corporate goodwill, risk management, and international concerns.

Environmental Audits and Beyond: Developing an Effective Environmental Management System. Christiansen, Steven J. and Stucki, Clay W., Spring 1997, pp. 45‑107.

A recent report by the IASC Steering Committee compares U.S. GAAP to international accounting standards. A new exposure draft from the FASB on accounting for derivatives and hedging activities has with stiff opposition. A SEC staff meeting over viewed a wide variety of issues including pooling of interest, SAB 96, and splits and spin-offs. The SEC unanimously approved the proposed rules on derivatives and other financial instruments and also advised independent auditors to exercise an appropriate level of professional skepticism.

Current Developments in Financial Accounting and Reporting. Jennings, Dennis R., Spring 1997, pp. 153‑171.

A report from the executive director and an update of the activities of the various committees and subcommittees of the Council of Petroleum Accountants Societies (COPAS).

COPAS: An Update. Gear, Jon, Spring 1997, pp. 172‑184.

The topic of this issue's environmental report is the Draft Statement of principles on Contingencies and Provisions from the IASC which addresses the issues of product warranties, environmental liabilities, reorganizations costs, self-insurance, future operating costs, and liabilities or contingencies relating to pending or threatened litigation.

Current Developments in Environmental Issues. Wright, Charlotte, Spring 1997, pp. 185‑189.