Board invites comment on oil-and-gas disclosures, sets hearing for August 18.

This article reports on the issuance of an invitation to comment by Financial Accounting Standards Board (FASB) in preparation for a public hearing beginning August 18 in New York City concerning financial disclosures about oil and gas producing activities. The invitation to comment outlines the board expects to consider and raising specific questions about each. According to John M. Greely, FASB project manager, the board's project to develop a simplified system of disclosures by oil and gas producers is wider in scope than that of the Securities and Exchange Commission. In addition to listing basic issues that the FASB project will resolve, the invitation summarizes the 35 disclosure categories and reports results of a survey by the American Petroleum Institute of disclosures presented by 22 large producers of oil and gas.