This article covers the SEC's final rule amending its oil and gas reporting requirements (“Modernization of Oil and Gas Reporting Requirements) issued in 2008. Additional items include recent pronouncements and interpretations issued by the FASB: a proposed statement, “The Hierarchy of Generally Accepted Accounting Principles, a Replacement of FASB Statement № 162"; FAS statement 141R Business Combinations; EITF 08-6 Equity Method Investment Accounting Considerations; FASB exposure draft on “Accounting for Hedging Activities”; FSP FAS 157-3 “Determining Fair Value of a Financial Asset when the Market for that Asset is Not Active; and FSP FAS 115-2 and FAS 124-2, “Recognition and Presentation of Other-Than-Temporary Impairment.

Current Developments in Financial Accounting and Reporting. McFarland, Megan, Spring 2009, pp. 1‑9.

Thoughts and insights regarding the legacy of oil.

Patrimony—Sovereignty—Legacy. Johnston, Daniel, Spring 2009, pp. 10‑17.

On December 29, 2008, the U.S. Securities and Exchange Commission (SEC) adopted a final rule to revise oil and natural gas reserves reporting (Final Rule) requirements. This article discusses Final Rule revisions, changes, and updates to SEC rules.

SEC Modernizes Oil and Gas Reporting. KPMG Global Energy Institute, Spring 2009, pp. 18‑30.

This study compares the fraud-related performance of U.S. oil and gas firms to that of non-U.S. oil and gas firms for the period 1993-2007 by investigating fraud likelihood in the oil and gas industry in a global setting.

How Successful is the FCPA at Combatting Fraud: The Case of U.S. and Non-U.S. Oil and Gas Companies. Skousen, Christopher J. and Wright, Charlotte, Spring 2009, pp. 31‑43.