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Additional resources for Accountants' Handbook, Special Industries and Special Topics (Accountants' Handbook Vol. 2)
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”).
Conveyances of production payments repayable in fixed production volumes from specified production are deemed to be property sales whereby proved reserves are reduced but the proceeds from sale of a production payment are credited to deferred revenue to be recognized as revenue as the seller delivers future petroleum volumes to the holder of the production payment. Gain or loss is not recognized for conveyances of (1) a pooling of assets in a joint venture to find, develop, or produce oil and gas or (2) such assets in exchange for other assets used in oil- and gas-producing activities.
A temporary shutdown of a mining company’s facility can raise questions as to whether the company can continue as a going concern. (g) ACCOUNTING FOR THE IMPAIRMENT OF LONG-LIVED ASSETS. SFAS No. 121, “Accounting for the Impairment of Long-Lived Assets and Long-Lived Assets to Be Disposed Of,” provided definitive guidance on when the carrying amount of long-lived assets should be reviewed for impairment. Long-lived assets of a mining company, for example, plant and equipment and capitalized development costs, should be reviewed for recoverability when events or changes in circumstances indicate that carrying amounts may not be recoverable.