The requirement for extended disclosures for oil and gas reserves described in Chapter 2 followed a Congressional hearing on the poor disclosures that Shell Oil had for its reserves. A.Explain three major advantages of having the FASB as opposed to Congress develop GAAP on oil and gas reserves? 

You might consider the process for FASB and Congress for developing rules or new laws in answering this question.

A)Explain three major advantages of having the FASB as opposed to Congress develop GAAP on oil and gas reserves? You might consider the process for FASB and Congress for developing rules or new laws in answering this question.

B) If the FASB had required oil and gas reserves be part of the footnotes to the financial statements, what is the implication of having the disclosure as part of the audited financial statements vs. other forms of disclosure that are not audited?

Answer rating: 100% (QA)

A Explain three major advantages of having the FASB as opposed to Congress develop GAAP on oil and gas reserves You might consider the process for FASB and Congress for developing rules or new laws in ... View the full answer