The authors use financial statement and SFAS 69 data to provide benchmarks in the areas of financial performance, exploration strategy/success, and asset quality/operations. The survey includes the entire spectrum of companies in the oil and gas industry: independents, majors, pipeline/utility companies, and diversified.

Oil and Gas Industry Performance Benchmarks for 1996 and 1997. Rizzuto, Ron; MacLeod, C. W.; Johnsen, Tommi; and Grove, Hugh, Spring 1999, pp. 1‑31.

U.S. oil and gas companies account for the exploration costs of dry wells differently under FC and SE accounting methods. Some evidence exists that economic decisions, including exploration activities, and accounting choice are intricately linked.

Simultaneity of Accounting Choice and Exploration Expenditures in the Oil and Gas Industry. Iyengar, Raghavan J., Spring 1999, pp. 32‑48.

The Crude Oil Windfall Profit Tax Act of 1980 included a tax credit for the production of alternative, or non-conventional, fuels designed to encourage the domestic development of alternative energy supplies. This article examines how one oil company has been able to utilize the tax benefits of the credit in the production of non-conventional fuels.

The Non-Conventional Fuel Tax Credit Disclosures of an Oil and Gas Company. Salzarulo, W. Peter, Spring 1999, pp. 49‑68.

The prospect of astronomical decommissioning costs influences decisions made throughout the oil production business. Future decommissioning costs have become a major consideration when contemplating new exploration or production.

Decommissioning of Offshore Installations. Bostock, John, Spring 1999, pp. 69‑77.

The projected merger of LASMO and Enterprise Oil resulted in potential damage to the credibility of the UK accounting profession and drew attention to the flexible accounting practices of the UK's oil and gas industry. Disputes arising out of the LASMO/Enterprise merger may force accounting regulators to set prescriptive mandatory accounting standards.

Lessons from the LASMO/Enterprise Affair. Russell, Alex and Lyon, Robert, Spring 1999, pp. 78‑86.

The FASB has issued a special report, International Accounting Standard: A Vision for the Future. EITF Issue No. 96-14 addresses accounting for the costs of modifying software for the Y2K problem. Mr. Jennings offers an overview of the remarks of SEC Chairman Arthur Levitt and SEC Chief Accountant Ted Lewis, as well as others, at the recent AICPA conference.

Current Developments in Financial Accounting and Reporting. Jennings, Dennis R., Spring 1999, pp. 87‑107.

A report on the activities of the Board of Directors and various committees and subcommittees of the Council of Petroleum Accountants Societies by the executive director.

COPAS, Inc. Gear, Jon, Spring 1999, pp. 108‑112.

International Accounting Standard 37, "Provisions, Contingent Liabilities and Contingent Assets," becomes effective July 1, 1999. Provisions of this standard potentially relate to numerous business activities including, but not limited to, future dismantlement, restoration, and environmental remediation.

Current Developments in Environmental Issues. Wright, Charlotte, Spring 1999, pp. 113‑114.