Is royalty inherently defined by property law? If modern royalty law is based on how royalty was viewed historically, the actual, historical treatment of royalty is of extreme importance. In the second installment of a two-part article, Dr. Anderson traces the evolution of royalty from British common law to modern-day court interpretations.

Royalty Valuation: Should Royalty Obligations Be Determined Intrinsically, Theoretically, or Realistically? Why All the Fuss? What Does History Reveal? Anderson, Owen L., Fall/Winter 1998, pp. 1‑45.

This paper describes the advantages and disadvantages of basing joint cost allocation methods on product revenue or physical attributes for the allocation of upstream exploration, drilling, development, and production costs. Drs. Wright and Hall suggest that two engineering methods, functional analysis and design benefit, may provide acceptable alternatives.

Allocations of Upstream Exploration, Drilling, Development, and Productions Costs to Petroleum Products. Wright, Charlotte and Hall, Kenneth R., Fall/Winter 1998, pp. 46‑75.

This article describes the process one oil and gas company went through in order to safeguard its financial reporting software systems from Year 2000 compliance problems.

Software Evaluation for Year 2000 and Beyond—Oryx Energy's Approach. Stroup, Ricki, Fall/Winter 1998, pp. 76‑82.

This study examines the Year 2000 reporting practices of oil and gas firms based on their 1997 annual reports and Form 10-Ks. To understand companies' disclosure practices in the proper context, it is important to address several key issues including the potential consequences of the Year 2000 problem, Year 2000 legal developments, and relevant SEC pronouncements on this issue.

Year 2000 Problem Financial Statement Disclosures of Oil and Gas Companies. Styles, Alan and Cappel, James, Fall/Winter 1998, pp. 83‑100.

This article explores the impact of SFAS No. 69 disclosure requirements on the valuation placed by the stock market on securities. Dr. Pérez concentrates on the relevance of information about proved reserves and future cash flows and whether the choice of different accounting methods impacts users of financial statements in their evaluation of stocks.

The Impact of Supplementary Information on the Stock Market for the Oil and Gas Industry: An Empirical Study. Lopéz, José Angel Pérez, Fall/Winter 1998, pp. 101‑116.

In Libya, the financial reporting laws are used primarily to calculate the division of profits between oil companies, as co-ventures, and the Libyan state. The rules for financial reporting and accounting practices are dictated by the Libyan Petroleum Law and the Petroleum Regulations. This article reviews the current oil and gas accounting rules under the Petroleum Law and Petroleum Regulations and compares US and UK GAAP with actual oil and gas accounting practices in Libya.

Survey of Libyan Oil and Gas Accounting Practice. Mahmud, Mustafa Bakar and Russell, Alex, Fall/Winter 1998, pp. 117‑160.

FASB Board discussions have centered primarily on accounting for goodwill and other intangible assets and business combinations. SEC Chairman Arthur Levitt laid out a nine-point action plan in a major address on the state of accounting in September. Other SEC news centers on assigning fair-value to in-process research and development in purchase business combinations. AICPA assesses the possible impact of the Asian crisis on this year's audits. Congress passes the Year 2000 information-sharing bill.

Current Developments in Financial Accounting and Reporting. Jennings, Dennis R., Fall/Winter 1998, pp. 161‑176.

A report on the activities of the COPAS Board of Directors and the various committees and subcommittees.

COPAS: An Update. Gear, Jon, Fall/Winter 1998, pp. 177‑188.

In February 1996, the FASB issued a controversial exposure draft, Accounting for Certain Liabilities Related to Closure or Removal of Long-Lived Assets. The large number of comment letter responses caused the Board to reevaluate the project and issue a new exposure draft in August 1998 retitled, Accounting for Obligations Associated with the Retirement of Long-Lived Assets, which addresses some of those responses and attempts to clarify the FASB position.

Current Developments in Environmental Issues. Wright, Charlotte, Fall/Winter 1998, pp. 189‑192.