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In May 2020, the SEC amended Regulation S-X Rule 3-05 and Regulation S-X Rule 8-04. Registrants will be required to apply the new rules no later than the beginning of the registrant’s fiscal year beginning after December 31, 2020. Early compliance is generally permitted.
If certain criteria are met, a statement of asset acquired and liabilities assumed and a statement of comprehensive income that is modified to omit certain expenses such as corporate expenses may be prepared to comply with Regulation S-X Rule 3-05(e). In addition, in certain circumstances, Regulation S-X Rule 3-05(f)(2) allows oil and gas companies to present a statement of revenues and expenses that excludes expenses not comparable to the proposed future operations, such as depreciation, depletion and amortization, corporate overhead, income taxes, and interest for debt that will not be assumed.
Prior to the issuance and adoption of the Rule 3-05 amendments, a waiver from the SEC staff requesting to file abbreviated financial statements in lieu of full financial statements would have been required.
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