Standard setters and regulators have certainly been busy, though the debate continues on how much success they are finding with their efforts. This article summarizes recent FASB, IASB, SEC and PCAOB activities.

Current Developments in Accounting and Financial Reporting. Maloney, Bill, Fall/Winter 2012, pp. 1‑7.

This article describes various tax incentives related to production, energy conservation or environmental concerns that can have significant financial impact on businesses and their customers.

Tax Incentives Available for Energy Producers and Consumers Fluctuate and Require Continual Attention. Roman, Laura L., Fall/Winter 2012, pp. 8‑20.

Companies with significant oil and gas producing activities face a number of challenging disclosure requirements. This article describes each disclosure requirement, as well as some pitfalls to avoid and common issues raised by the SEC staff.

Oil and Gas Producing Activity Disclosures. Blice, Joe, Fall/Winter 2012, pp. 21‑46.

Increased IRS examination activity is making a targeted and coordinated effort to cover specific issues and industries. This article describes the IRS structure, pre-examination considerations, the examination, and post-examination procedures.

A Practical Guide to the New Round of IRS Examinations. Ungerman, Josh O., Fall/Winter 2012, pp. 47‑60.

Tom Wierman was approved by COPAS as the eighth Executive Director effective March 1, 2012. Mr. Wierman gives an update of COPAS activities and initiatives.

COPAS Update. Wierman, Tom, Fall/Winter 2012, pp. 61‑66.

This article provides an historical overview of the perspective of the national oil companies, the scope of their role in the energy industry, the justification and/or need for continued expansion by many of them, and the impact of these activities on their internal commercial activities in the countries where they decide to invest.

National Oil Companies: Where Are They Now? Broxson, Bob, Fall/Winter 2012, pp. 67‑92.

The value of an exploration and production company is primarily dependent upon its oil and gas reserves, its anticipated production, forecasted commodity pricing, and operating and development costs. The authors discuss the unique company factors which, along with contemporaneous market conditions, team to form the foundation of any oil and gas company valuation.

Valuation of Exploration & Production Companies. Jenson, Rick and Bedwell, Chris, Fall/Winter 2012, pp. 93‑108.

Software selections often seem simple at first glance. An organization decides that the current system is not satisfactory and a new one should be purchased. The methodology outlined in this article provides a guide for managers to consistently plan and execute successful software selections.

Software Selection Best Practices. Gerbel, Elizabeth, Fall/Winter 2012, pp. 109‑119.

Hedging is an important tool for reducing the risks inherent in the production of oil and gas reserves. This article describes the key to a successful hedging program including a commitment to dynamically manage the hedge portfolio over time to maximize its effectiveness as the market vacillates.

A Dynamic Approach to Effective Risk Management. Lang, Chris, Fall/Winter 2012, pp. 120‑126.