In September 2006, the FASB released FAS Statement No. 158, “Employers' Accounting for Defined Benefit Pension and Other Post-Retirement Plans,” that amends FAS Nos. 87, 88, 106, and 132® relative to defined benefit pension and defined benefit post-retirement plans. The changes specified in FAS No. 158 may have a significant impact on the financial statements of oil and gas companies and other financial information such as leveraged ratios, other ratios, debt covenants, and market perception of the company's financial results.

Impact of the New FASB Pension and Post-Retirement Statement on the Oil and Gas Industry. McAllister, Brian; Jarnagin, Bill; and Orchard, Lou, Spring 2007, pp. 1‑26.

Environmental issues are increasingly important in both developed and developing nations. No matter where a firm operates, the need to collect information on environmental performance and to provide a means for appropriate environmental decision making is becoming more important. Pressure to control pollution and to remediate environmental damage is unlikely to decrease. Taking a proactive stance toward environmental costs is potentially beneficial in terms of risk reduction, prevention of liabilities, and the preservation of firm reputation. Managerial accounting can provide assistance in identifying and controlling environmental costs in several ways.

Environmental Issues and Managerial Accounting: The IFAC Exposure Draft. Lee, Tanya, Spring 2007, pp. 27‑54.

Oil and gas drilling partnerships are common in the oil and gas industry. Unfortunately, drilling ventures do not always succeed and an investor may, in some cases, find himself owning a worthless partnership interest. This article explores the current state of the law regarding the abandonment of partnership interests with an emphasis on oil and gas drilling partnerships.

Establishing an Abandonment or Worthlessness Deduction for a Partnership Interest. Wilson, William H., Spring 2007, pp. 55‑63.

Emissions allowances are credits or allowances that a company receives from a regulatory agency that represent the “right” to emit a specified amount of pollution. Emission allowances gave raise to emission trading programs which are widely used by governments in an effort to regulate the emissions of a variety of pollutants, including greenhouse gases.

Current Developments in Environmental Issues. Wright, Charlotte, Spring 2007, pp. 64‑65.