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DOCUMENT RB5UME
06812 - [B22673241
roil and Gas Accounting Standards]. EME-78-100; B-178726. August
4, 1978. 5 pp.
Report to Harold M. Williams, Chairman, Securities and Exchange
Commission; by Elmer B. Staats, Comptrcller General.
Issue Area: Energy (1600); Accounting and Financial Eeporting
(2800).
Contact: Energy and Minerals Div.
Budget Function: Natural Resources, Environment, and Energy:
Energy (305); Miscellaneous: Financial Management and
Information Systems (1002).
Organization Concerned: Financial Accounting Standards Beard.
Congressional Relevance: House Committee on Interstate and
Foreign Commerce; Senate Committee on Energy and Natural
Resources.
Authority: Energy Policy and Conservation Act. Securities Acts
Amendments of 1975.
A provision of the Energy Policy and Conservation Act
requires that the Securities ard Exchange Ccmmissicn (SEC), with
the involvement of the Financial Accounting Standards Board
(FASB), develop accounting practices tc be followed by oil and
gas producers in reporting information to the Cepartuent of
Energy. The SZC is seeking to determine whether a formal
statement (Statement No. 19) issued ky EASB on Dece.ker 5, 1977,
is appropriate Zor meeting the reporting xeguirements under the
act and whether it should be followed for filing financial
stateiments with SEC. There is a need fcr ccmparability in
financial reporting by oil and qas producers which requires
de lopment of a uniform accounting standard. The SEC shculd
selct the most appropriate method tc ke used for prcparing
financial statements and should determine whether Standard No.
19 is appropriate. Concerns have been expressfid about Ectential
economic impacts of the statement such as effects on energy
supply development and on competition within the industry.
Although these impacts should be considered, the SEC's primary
responsibility in developing the standards under securit.es laws
is to provide information on which informed investment decisions
can be made and that will facilitate the ccmpilation of
comparable and reliable information for policymaking. (HTW)](ViewImageLocal?handle=hein.gao/gaobaaxtr0001&div=1&collection=&method=preview&ext=.png&size=3)