News Releases
ASC Offers Guidance for Disclosure of Oil & Gas Estimates
Dec 19, 2006
The Alberta Securities Commission (ASC) has issued a staff notice to advise income trusts and other flow-though entities of the expectations of ASC staff concerning the disclosure of their oil and gas estimates for the year. ASC Staff developed the notice (ASC Staff Notice 51-701) in response to a number of inquires from the petroleum industry regarding oil and gas disclosure since the Federal Government proposed to change the taxation of income trusts and other flow-though entities
“We’ve had some calls from income trusts and petroleum evaluators about how best to disclose oil and gas estimates in light of a potential change to their tax regime,” says ASC’s Chief Accountant, Fred Snell. “Our message is to continue to use existing tax laws when disclosing their oil and gas estimates, and we recommend including a disclaimer with these statements informing readers of the potential impact of the proposed amendments.”
A copy of the ASC Staff Notice 51-701 has been posted to the ASC website.