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Government Accounting

Please note: This item is from our archives and was published in 2007. It is provided for historical reference. The content may be out of date and links may no longer function.

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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 ED and the specific questions raised are available at www.fasab.gov/exposure.html.