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The requirement for extended disclosures for oil and gas reserves followed a Congressional hearing on the poor disclosures that Shell Oil had for its reserves.

The requirement for extended disclosures for oil and gas reserves followed a Congressional hearing on the poor disclosures that Shell Oil had for its reserves. Explain three major advantages of having the FASB as opposed to Congress develop GAAP on oil and gas reserves? What is the implication of having the disclosure as part of the audited financial statements?

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