Page:United States Statutes at Large Volume 89.djvu/1019

 PUBLIC LAW 94-163—DEC. 22, 1975 The Securities and Exchange Commission shall afford interested persons an opportunity to submit written comment with respect to whether it should exercise its discretion to recognize or otherwise rely on such accounting practice in lieu of prescribing such practices by rule and may extend the 24-month period referred to in subsection (a) as it determines may be necessary to allow for a meaningful comment period with repect to such determination. (c) The Securities and Exchange Commission shall assure that accounting practices developed pursuant to this section, to the greatest extent practicable, permit the compilation, treating domestic and foreign operations as separate categories, of an energy data base consisting of: (1) The separate calculation of capital, revenue, and operating cost information pertaining to— (A) prospecting, (B) acquisition, (C) exploration, CD) development, and (E) production, including geological and geophysical costs, carrying costs, unsuccessful exploratory drilling costs, intangible drilling and development costs on productive wells, the cost of unsuccessful development wells, and the cost of acquiring oil and gas reserves by means other than development. Any such calculation shall take into account disposition of capitalized costs, contractual arrangements involving special conveyance of rights and joint operations, differences between book and tax income, and prices used in the transfer of products or other assets from one person to any other person, including a person controlled by controlling or under common control with such person. (2) The full presentation of the financial information of persons engaged in the production of crude oil or natural gas, including— (A) disclosure of reserves and operating activities, both domestic and foreign, to facilitate evaluation of financial effort and result; and (B) classification of financial information by function to facilitate correlation with reserve and operating statistics, both domestic and foreign. (3) Such other information, projections, and relationships of collected data as shall be necessary to facilitate the compilation of such data base.

89 STAT. 959

Accounting practices.

ENFORCEMENT

SEC. 504. (a) Any person who violates any general or special order Penalties. of the Comptroller General issued under section 502(a)(1)(B) of this 42 USC 6384. Act may be assessed a civil penalty not to exceed $10,000 for each violation. Each day of failure to comply with such an order shall be deemed a separate violation. Such penalty shall be assessed by the Comptroller General and collected in a civil action brought by the Comptroller General through any attorney employed by the General Accounting Office or any other attorney designated by the Comptroller General, or, upon request of the Comptroller General, the Attorney General. A person shall not be liable with respect to any period during which the effectiveness of the order with respect to such person was stayed. (b) Any action to enjoin or set aside an order issued under section Civil actions. 502(a)(1)(B) may be brought only before the United States Court of Appeals for the District of Columbia. Any action to collect a civil

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