Page 49 - IAGC The Voice 2017

The IAGC Forms New Global Data Licensing

Committee and Accounting Workgroup

The new Global Data Licensing Committee (GDLC) and Accounting
Workgroup were formed in early 2017 to better address data licensing and
accounting issues around the world in a more consistent manner.

The GDLC was formed to address the need for a more comprehensive global
strategy and response from the IAGC. The Committee provides input and
guidance into IAGC recommendations and policy positions on data licensing
issues impacting the multi-client seismic industry that inform IAGC's
regulatory engagement and educational efforts with government, E&P
industry and other stakeholders across its chapters (Americas, EAME, and
Asia Pacific).

The first action item for the GDLC is the production of an IAGC position paper
illustrating the benefits of the multi-client business model and the different
terms needed to create and attract a successful multi-client industry. Terms
recommended for inclusion include predictability and regularly scheduled
lease sales, regulatory certainty, risk assessment, frequency of lease rounds,
size of lease, confidentially terms, and cost-recovery. The position paper
and accompanying presentation will be used for educational purposes with
governments and relevant stakeholders.

The Committee coordinates with IAGC regional and chapter committees, as
appropriate, to address government regulatory proposals affecting the multi-
Strengthening client business model in specific regions and emerging markets, as needed,
to ensure consistency on overarching goals and objectives of the IAGC
relative to the multi-client business model and data licensing issues. It also
works cooperatively with IAGC's Global Legal Committee in recommending
changes or additions to IAGC's Statements of Principles and Model Master
the Health of Licensing Agreement.
The Accounting Workgroup facilitates the review and educational discussion
of new national and international accounting board rules that present unique
issues in the reporting or accounting of member company products and
services. The Workgroup is reviewing:
the Industry • IAS 38 Intangible assets requires change in amortization method for

seismic multiclient libraries.

• ASC 606 & IFRS 15 New Venture revenue rules affect how companies
recognize prefunding of multi-client acquisition.

The Workgroup consists of Governing Member-company personnel who can
pool their knowledge and provide recommendations on these accounting rules
to enable more efficient IAGC member company response and compliance.

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