Nov 17, 2014NewsFlash: FASB Decides to Eliminate Extraordinary Items The Financial Accounting Standards Board (FASB) has released the proposed Accounting Standards Update (ASU) titled Income Statement—Extraordinary and Unusual Items: Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items . The ASU is intended to reduce costs and complexity in U.S. Generally Accepted … Read moreSep 29, 2014NewsFlash: 2013 Joint Venture Audit Deadline Fast Approaching The deadline for Non-Operators to initiate a Joint Venture Audit (JV audit) of 2013 capital expenditures for oil and gas non-operated working interests is fast approaching. To ensure your audit rights are available and keep valuable recoveries from walking out the door, it is important to get on the Operator’s schedule before the end of the … Read moreSep 15, 2014NewsFlash: FASB issues ASU on Going Concern Update requires management to disclose substantial doubt The Financial Accounting Standards Board (FASB) has issued Accounting Standards Update (ASU) No. 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern . The new standard … Read moreJul 14, 2014NewsFlash: Colorado Oil and Gas Royalty Reporting Changes New royalty reporting guidelines issued by the Colorado Board of Land Commissioners (State Land Board) are now in effect. Beginning July 1, an update to the State Land Board accounting system will cause changes in how royalties are reported. All payers are expected to be in full compliance with the new requirements by September 30, 2014. A new … Read moreJul 2, 2014NewsFlash: California manufacturing tax exemption effective July 1 A new California law is set to take effect July 1, 2014 that will allow manufacturers to obtain a partial exemption of sales and use tax on qualifying manufacturing and research and development equipment purchases. The partial exemption of 4.1875 only applies to the state sales and use tax, all local sales and use taxes will still apply. In … Read more


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