The first installment of a two-part article focuses on what the executive, legislative, and judicial branches of state government can do to increase the competitiveness of domestic oil exploration and production. The authors address the key problems that discourage domestic E&P and discuss what the governments of oil-producing states might do to reverse this trend.

The Use of Law to Promote Domestic Exploration and Production. Anderson, Owen L. and Smith III, Ernest E., Fall/Winter 1999, pp. 1‑72.

Using ratios from three previous benchmark studies, the authors analyze oil and gas stock returns for each of the six years, 1992-1997, from all sectors of the oil and gas industry: independents, majors, pipelines/utilities, and diversified.

Analysis of Oil and Gas Stock Returns with Benchmark Ratios. Johnsen, Tommi; Rizzuto, Ron; and Grove, Hugh, Fall/Winter 1999, pp. 73‑85.

As the International Accounting Standards Committee (IASC) launches a project which will ultimately lead to an international accounting standard for the extractive industries, reserve quantity and value disclosures are of critical importance. This article is a synthesis of a report which has been submitted to the IASC and which will provide the basis for their deliberations.

Relevance versus Reliability of Oil and Gas Reserve Quantity and Value Disclosures: The Results of Two Decades of Research. Wright, Charlotte and Brock, Horace R., Fall/Winter 1999, pp. 86‑110.

A May 1999 survey conducted by the API and the NGI indicates that the oil and gas industry is well on its way to being Y2K compliant, but other surveys by the GAO and others are not so optimistic. This disagreement has led the authors to investigate the current disclosure requirements, the types of disclosures oil and gas companies are making in their 10-Ks, and the impact of the disclosures on financial statement users.

Reporting Issue for the Year 2000 in the Oil and Gas Industry. Bean, LuAnn; Jarnagin, Bill D.; and Nichols, Charles, Fall/Winter 1999, pp. 111‑128.

The FASB recently issued an exposure draft on business combinations and intangible assets. The EITF has reached a consensus on how to account for unexpected adverse events associated with Y2K compliance. An exposure draft from the AICPA's Auditing Standards Board proposes amendments to SAS No. 61 ("communication with Audit Committees") and SAS No. 71 ("Interim Financial Information"). The SEC released SAB No. 99 which addresses materiality and SAB No. 100 on restructuring and impairment charges.

Current Developments in Financial Accounting and Reporting. Jennings, Dennis R., Fall/Winter 1999, pp. 129‑137.

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

COPAS: An Update. Gear, Jon, Fall/Winter 1999, pp. 138‑145.

The newly issued, final version of IASC Standard No. 37 addresses two issues of interest to companies attempting to account for future site closure, dismantlement, and environmental remediation costs: measurement of amounts and balance sheet recognitions.

Current Developments in Environmental Issues. Wright, Charlotte, Fall/Winter 1999, pp. 146‑147.

In this issue, Mr. Johnston examines the international gas industry, explaining some of the differences between the commercial prospects for gas versus that of oil and touching upon gas flaring, LPGs, gas-fired power generation, gas cycling, LNGs, and methanol.

Current Developments in Production Sharing Contracts and International Petroleum Concerns. Johnston, Daniel, Fall/Winter 1999, pp. 148‑167.