Petroleum Accounting and Financial Management Journal

Fall/Winter 2010 Vol. 29 № 3
Overview and Analysis of the IASB Extractive Activities Discussion Paper: Recommendations and Implications for Oil and Gas Accounting and Reporting 1
Charlotte Wright, Lanny G. Chasteen, and Christopher J. Skousen

In April 2010, the International Accounting Standards Board (IASB) Extractive Activities project team released its Extractive Activities Discussion Paper. The aim of the discussion paper is to solicit input regarding recognition, measurement, disclosure, and other accounting issues unique to the extractive industries. This article provides a summary and overview of some of the key issues.

Overview and Analysis of the IASB Extractive Activities Discussion Paper: Recommendations and Implications for Oil and Gas Accounting and Reporting. Wright, Charlotte; Chasteen, Lanny G.; and Skousen, Christopher J., Fall/Winter 2010, pp. 1‑20.

An Introduction to the TEFRA Partnership Procedures 21
Monique Gabel, Mark Ransick, and William Wilson

Many companies in the petroleum industry undertake their activities through entities treated as partnerships for federal income tax purposes. While most tax professionals are well aware of the tax return preparation and filing requirements for partnerships, many are less aware that most partnerships are subject to the mandatory TEFRA procedures. This article provides an introduction to those rules and attempts to help the reader navigate some of their complexities.

An Introduction to the TEFRA Partnership Procedures. Gabel, Monique; Ransick, Mark; and Wilson, William, Fall/Winter 2010, pp. 21‑35.

Upstream MLPs Make a Comeback 36
Byron Ratliff and Kasey Dunn

The master limited partnership (MLP) has long been a popular corporate structure for energy companies with midstream assets. But increasingly, the master limited partnership structure is getting a second look from the upstream sector. This article discusses the reason for the resurgence in popularity, the benefits for sponsors and investors, reducing the risks and managing the complexities.

Upstream MLPs Make a Comeback. Ratliff, Byron and Dunn, Kasey, Fall/Winter 2010, pp. 36‑41.

A Federal Tax Update 42
William Miranda

This article summarizes recent significant tax law changes and previews changes that could be coming, including oil and gas industry proposals.

A Federal Tax Update. Miranda, William, Fall/Winter 2010, pp. 42‑54.

The Economics of Wind Energy 55
Michael Schiller

The purpose of this article is to provide an understanding of the economics of wind farms, defining what a wind farm is and then focusing on their development processes and cost structure, major areas of risk, and their financing and accounting challenges.

The Economics of Wind Energy. Schiller, Michael, Fall/Winter 2010, pp. 55‑81.

Successfully Managing the IRS Audit 82
William A. Roberts

There are several important things to be aware of before negotiating with the IRS. This article gives an overview and guide in preparing and dealing with IRS examinations.

Successfully Managing the IRS Audit. Roberts, William A., Fall/Winter 2010, pp. 82‑98.

The Road to Convergence: An Update on Standard Setting Activities 99
Jeff S. Slate

This article discusses the sweeping changes in store for companies engaged in the exploration and production of oil and gas as a result of the numerous joint convergence projects of the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB).

The Road to Convergence: An Update on Standard Setting Activities. Slate, Jeff S., Fall/Winter 2010, pp. 99‑117.

SEC Oil and Gas Reserves Disclosures 118
Dave Loucks

This article highlights the major changes under the 2008 Securities and Exchange Commission's (SEC) Modernization of Oil and Gas Reporting Rule and the importance of looking at how your company and your peers complied with the rule in year one.

SEC Oil and Gas Reserves Disclosures. Loucks, Dave, Fall/Winter 2010, pp. 118‑124.