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2. Effect of Subsequent Event. If, after year end but prior to the audit report date, either (a) additional reserves are proved up on properties owned at year end, or (b) price increases become known, then such subsequent events may be considered in the year-end ceiling test to mitigate a write down of capitalized costs. 11, “Financial Statement Disclosures”). For more details, see SAB No. 47, Topic 12, D-3b. (iv) Conveyances. Reg. S-X, Rule 4-10(c)(6), provides that accounting for conveyances will be the same as for successful efforts accounting except that sales of oil and gas properties are to be accounted for as adjustments of capitalized costs with no recognition of gain or loss (“unless such adjustments would significantly alter the relationship between capitalized costs and proved reserves”).
3. 4. Historical cost data relating to acquisition, exploration, development, and production activity. Results of operations for oil- and gas-producing activities. Proved reserve quantities. Standardized measure of discounted future net cash flows relating to proved oil and gas reserve quantities (also known as SMOG [standardized measure of oil and gas]). For foreign operations, SMOG also relates to produced quantities subject to certain long-term purchase contracts held by a party involved in producing the quantities.
Company A would recognize a receivable for 100 percent of the revenue with the difference being recorded in a payable (or deferred revenue) account. ” This method correctly matches revenues and expenses but presents another accounting issue. If a property is significantly imbalanced, Company A may find itself in a position that reserves are insufficient to bring the well back to a balanced condition. If Company A is underproduced in this situation, a receivable (or deferred charge) may be recorded in the asset category that has a questionable realization.