generally accepted auditing standards reclass threshold

#Generally accepted auditing standards reclass threshold update
#Generally accepted auditing standards reclass threshold full
#Generally accepted auditing standards reclass threshold series

On September 9, 2020, SFS exercised its option on behalf of the Partnership to complete the purchase of an office building and land in Pecos, Texas (the 'Pecos Property') from the Chairman of the Board of Directors (a common unit holder and previously the Partnership's Chief Executive Officer) for a total payment of $2.1 million. The Partnership is in the process of evaluating whether it will have a material impact on its consolidated financial statements. Entities will use the modified retrospective approach to apply the standard's provisions and record a cumulative-effect adjustment to retained earnings for additional receivable loss allowances, if any, as of the beginning of the first reporting period in which the guidance is adopted.

#Generally accepted auditing standards reclass threshold update

This update is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, with early adoption permitted. ASU 2016-13 changes the impairment model for most financial assets and certain other instruments, including trade and other receivables, and requires entities to use a new forward-looking expected loss model that will result in the earlier recognition of allowances for losses. In June 2016, the FASB issued ASU 2016-13, 'Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments' ('ASU 2016-13'). At Decemand 2019, the Partnership had receivables related to contracts with customers of $12.8 million and $27.9 million, respectively. Consideration under the oil and natural gas marketing contracts is typically received from the purchaser one to two months after production. Given the nature of the products sold, revenue is recognized at a point in time based on the amount of consideration the Partnership expects to receive in accordance with the price specified in the contract. Control is generally considered transferred when the following criteria are met: (i) transfer of physical custody, (ii) transfer of title, (iii) transfer of risk of loss and (iv) relinquishment of any repurchase rights or other similar rights. Specifically, revenue is recognized when the Partnership's performance obligations under these contracts are satisfied, which generally occurs with the transfer of control of the oil and natural gas to the purchaser. Revenue on these contracts is recognized in accordance with the five-step revenue recognition model. The Partnership enters into contracts with customers to sell its oil and natural gas production.

#Generally accepted auditing standards reclass threshold series

Non cash financing - Redeemable Series B Preferred Units Non cash settlement - capital lease liability Property additions included in accrued liabilitiesĪsset retirement obligations incurred, including revisions to estimates Purchase of Pecos Property by SFS from noncontrolling interestĬash and cash equivalents, beginning of period Proceeds from sale of saltwater disposal systemĭistribution to minority interest owners made by SFS Proceeds from sale of oil gathering system Net cash provided by operating activities Unrealized (gain) loss on derivative instrumentsĬhanges in operating assets and liabilities: Net (loss) income attributable to other partnersĪdjustments to reconcile net income to cash used in operating activities:ĭepreciation, depletion, and amortizationĪmortization of deferred gain on oil gathering systemĪccretion of discount on preferred unit issuance Net loss (gain) attributable to noncontrolling interest Gain on sale of saltwater disposal system

Gain (loss) on derivative instruments, net Total Liabilities, Preferred Units and Partners' Equity Liabilities, Preferred Units and Partners' EquityĬurrent portion of deferred gain on oil gathering system Other property and equipment, net ($0 and $1,463 attributable to a consolidated VIE)

#Generally accepted auditing standards reclass threshold full

Oil and gas properties, full cost method of accounting