Peeling away financial reporting issues one layer at a time

Category for Oil and Gas

The Asset “Impairment“ Song and Dance (Part 1 of 2)

Two recent news items have made this an opportune time for a post — actually, two posts —  about the accounting for the “impairment” of an asset.

The SEC is considering whether Exxon violated the [Read More...]

Reining in “Non-GAAP Financial Measures”

At the recent AICPA-sponsored mega-conference on SEC and PCAOB developments (see KPMG’s summary, here), the SEC staff, and even its chair, devoted a significant amount of bandwidth to non-GAAP measures of financial performance.  Some [Read More...]

Oil Stocks are Taking a Beating — But in 10-K’s, Not So Much

I have already warned you that if high quality financial statements from oil and gas companies are what you are looking for this year,  you won’t find much of that in 2014 annual [Read More...]

The Futility of SEC Oil and Gas Disclosures: Part II

A couple of posts ago, I wrote about the SEC’s project for revamping the reserves disclosures made by oil and gas companies. In particular, I focused on appropriate prices to be used for [Read More...]

SEC on Oil and Gas Disclosures: Current Prices Aren’t “Meaningful”?

The issue I’m going to focus on is one that has been on everyone’s mind for the last few months, although in a somewhat different context: the price of oil.

The SEC has issued proposed [Read More...]