Mr. Collemi discusses the world wide transition to IFRS, challenges and opportunities for enterprises, economic and cultural issues, current accounting disparities in the extractive industry, moving IASB forward, and the IASB discussion paper on extractive industries and latest developments.

International Financial Reporting Standards (IFRS): Implications on the U.S. Extractive Industry. Collemi, Salvatore A., Summer 2011, pp. 1‑16.

This article discusses intangible drilling costs as it relates to AMT preferences, application to the oil and gas industry, and determination of non-productive wells.

Alternative Minimum Tax—Intangible Drilling Cost Preference. Scott, David H. and Swiech, Robert A., Summer 2011, pp. 17‑37.

This article discusses the environmental effects, imagined or real, of fracking, and mineral owners, their land, rights, obligations and consequence under the laws, rules and practices of the industry.

Modern Land Controversies & Issues—Unintended Land Consequences of Shale Exploration & Drilling. Hoffman, James A., Summer 2011, pp. 38‑42.

This article discusses the tax provisions in President Obama's 2012 budget that would eliminate oil and gas incentives, as well as coal incentives. In addition, the President's proposals to reinstate Superfund taxes, increase the financing rate for the Oil Spill Liability Trust Fund, repeal of the last-in, first-out (LIFO) inventory method, and Senate Bill 940, also known as the “Close Big Oil Tax Loopholes Act” are discussed.

Recent Proposals to Limit Tax Incentives for Oil and Gas Companies. Plummer, Elizabeth and Bibb, Kyle A., Summer 2011, pp. 43‑56.

In this article Mr. Howden discusses the joint venture nature of oil and gas investment and production, and the tremendous amount of information that needs to be shared. The need to share information provides an excellent opportunity to automate relevant transactions by using the internet and centralized data exchanges, which make the accounting and reporting process faster, easier and more economical.

Transaction Automation. Howden, Dave, Summer 2011, pp. 57‑61.

This article analyzes firm characteristics of sustainability leaders in the oil and gas industry. Commitment to corporate sustainability is considered a business strategy that aims at creating long-term shareholder value while managing risks not only in the economic dimension, but also in the environmental and social dimensions.

Corporate Sustainability Commitment, Firm Characteristics, and Stock Return Performance: Evidence from the Oil and Gas Industry. Sun, Qi, Summer 2011, pp. 62‑79.

This article summarizes updates and current status of Financial Accounting Standards Boards (FASB), Securities Exchange Commission (SEC) and International Accounting Standards Board (IASB) pronouncements, including convergence to International Financial Reporting Standards.

Current Developments in Financial Accounting and Reporting. McFarland, Megan and Laswell, Justin, Summer 2011, pp. 80‑85.

This Financial Accounting Standards Board (FASB) requires corporations disclose uncertain tax positions in financial statements. Starting with the 2010 tax year, the Internal Revenue Service (IRS) also requires that many corporate taxpayers identify such positions in their income tax returns. This article discusses industry-specific accounting and reporting items, and that oil and gas companies must also comply with UTP recognition and disclosure requirements in their financial statements and tax returns.

Financial Statements and Income Tax Returns Must Address FIN 48, Schedule UTP and International Business Disclosure Requirements. Roman, Laura L.; Thomas, Mary K.; Taylor, Joe K.; and Miller, Joshua A., Summer 2011, pp. 86‑98.

This article covers compliance and planning for oil and gas transactions considering current income and estate tax situations and then looks at new planning opportunities with recent changes in laws including our economic and political environment.

Income and Estate Tax Planning for Shale Gas Owner Transactions. Nestor, Donald B., Summer 2011, pp. 99‑108.