The FASAB extended the comment
deadline for the exposure draft, Accounting
for Federal Oil and Gas Resources, until
Jan. 11. The ED, published in May, proposes a new
framework of standards to recognize the estimated
value of royalties from federal oil and gas
leases, changes in those values over time, and the
amount of royalties designated for distribution to
other entities such as state governments. The
proposed framework, if adopted, is expected to be
applied to other natural resources.
Currently, no specific accounting standards for
federal oil and gas resources exist. There is also
no federal financial reporting about the quantity
or value of these assets.
The IRS’s 2016 Data Book, a “hot job” of particular interest at this time of year, and insight into how executive and audit committees view the insights from financial statement audits received attention recently. See how much you know with this short quiz.