The decision last week by a Financial Accounting Standards Board (FASB) task force to revoke a prior ruling that allowed the use of controversial mark-to-market accounting for energy-related contracts won’t result in as “big a hit” on the industry as some might think, said FERC’s chief accountant. Companies already sharply reduced the value of their contracts in response to the downturn in the market over the past year, he noted.
Articles from Standards
FERC last Wednesday lifted the curtains on a notice of proposed rulemaking (NOPR) on standardized generator interconnection agreements and procedures that will be made a part of existing and future open access transmission tariffs, a move that the Commission believes will help to encourage needed investment in energy infrastructure, discourage discrimination and ease entry for competitors while ensuring efficient siting decisions.
All the economic and political stars would have to be in alignment for even the relatively modest Canadian version of arctic natural gas development to make it into construction, says the senior partner.
The Calgary arm of a U.S.-based producer has found a key to keep access to the hazardous 30% of western Canadian natural gas – bend over backwards to make peace with increasingly fearful communities. Burlington Resources Canada Energy Ltd., a wholly-owned subsidiary of its Houston namesake, set a new standard for securing co-operation with development of “sour” gas, laced with hazardous hydrogen-sulphide.
The Financial Accounting Standards Board (FASB) issued a proposal for public comment that would, among other things, eliminate the pooling of interests method of accounting for business combinations. The move is directed at enhancing economic accountability and could act as a curb on questionable transactions. As part of its public consideration of the issues, the Board also will hold hearings on the subject early next year in New York and San Francisco. Comments on the proposal are requested by Dec. 7.
The Financial Accounting Standards Board (FASB) issued aproposal for public comment that would, among other things,eliminate the pooling of interests method of accounting forbusiness combinations. As part of its public consideration of theissues, the Board also will hold hearings on the subject early nextyear in New York and San Francisco. Comments on the proposal arerequested by Dec. 7.
The sun likely won’t set on the Gas Industry Standards Boarduntil at least the end of 2001. After about an hour of debateThursday, the GISB board of directors voted to extend GISB’s sunsetclause from Dec. 31, 1998 to Dec. 31, 2001. Had the board notextended the clause, GISB would have ceased to exist at year-end.The original resolution called for extending the clause to Dec. 31,2000. Some on the board wanted to do away with the clause. Hadthere been enough support for that, future disbanding of GISB couldresult only from a majority vote by the board. Others wanted thesunset clause not to come up again for four or five years. GISBExecutive Director Rae McQuade said she was happy with the boarddecision.