The Securities and Exchange Commission today outlined recommendations to modernize the reporting requirements of oil and gas companies — requirements that were last revised more than 25 years ago.
The new reporting requirements, outlined by the regulator’s division of corporation finance and office of the chief accountant, would instruct companies to utilize technological advances that have been formed in the last 25 years to report information.
They would also require energy companies to provide investors with additional information about their reserves.
“In the decades since adoption of the current requirements, there have been tremendous changes in the way reserves are measured and oil and gas companies do business, which are not yet reflected in our rules,” John White, director of the SEC's division of corporation finance, said in a statement.
Before the proposed reporting changes can take effect, the SEC must approve the new requirements and hold a public comment period.
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