Fully understand your comments Madtrader. Absolutely correct...

Fully understand your comments Madtrader. Absolutely correct about requirements now being different - discounted rates and future values were not even in my vocabulary until about 1973 when the company began quoting lease rentals based on future value calculations just to remain competitive. All other aspects of accounting were not brought up to speed.

My remaining industry source feels that either method of valuation is fine provided they are a tad conservative and evaluated by a CFO who is experienced with the type of PDPs being purchased. My personal opinion is that Keith John's comment that any revaluation using amortised cost method would not cause material change would seem reasonable if estimates were diligently made using fair value. There is obviously more to play out about interpretation of AASB 9.