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October 20, 2009

Comments

Kevin Brown

Dear Tom

Another interesting post. I am glad I read your blog. It keeps me up to date on the goings on at the SEC and FASB.

As far as this ED, well I do not rep Big Oil and Gas. I have small producers and they use idnependent geologists for their pre codification FAS 69 disclosures even if not public. This info is very helpful for the impairment test under pre codification FAS 144 and as you know we use undiscounted cash flows. But another issue I have is that it did not discuss which pricing index to use and there are multiple oil and gas price indexes most of which are not publicly quoted except for Brent crude and of course West Texas Intermedicate.

Independent Accountant

What can we expect from the FASB that caved in to the banks on SFAS 157?

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