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Statement on Auditing Standards Issued by the Auditing Standards Board October 1980 Supplementary Oil and Gas Reserve Information ( This SAS should be read and applied in conjunction with Statement on Auditing Standards No. 27, Supplementary Information Required by the Financial Accounting Standards B o a r d .) 1. FASB Statement No. 19, Financial Accounting and Reporting by Oil and Gas Producing Companies, requires an entity engaged in oil and gas producing activities to include in a complete set of annual financial statements disclosure of oil and gas reserve quantities and changes in reserve quantities. FASB Statement No. 25, Suspension of Certain Accounting Requirements for Oil and Gas Producing Companies, permits the disclosure of such reserve quantities to be made as supplementary information accompanying but outside the financial statements. 2. In documents filed with the Securities and Exchange Commission ( S E C ) , Regulation S- X requires that in addition to reserve quantities and changes therein, the disclosure of oil and gas reserve information should include the estimated future net revenues from proved oil and gas reserves, the present value of such net revenues and changes therein, and a summary of oil and gas activities prepared on the basis of reserve recognition accounting. These disclosures may be made as supplementary information outside the basic financial state- Copyright © 1980 by the American Institute of Certified Public Accountants, Inc. 1211 Avenue of the Americas, New York, N. Y. 10036 1234567890 AudS 89876543210 AICPA American Institute of Certified Public Accountants 33