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Accounting Policies, by Policy (Policies)
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Mar. 31, 2013
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| Subsequent Events, Policy [Policy Text Block] |
We
evaluate events that occur after the balance sheet date but
before financial statements are, or are available to be,
issued to determine if a material event requires our
amending the financial statements or disclosing the
event.We evaluated subsequent events through
May 7, 2013, the date we issued these financial
statements
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| Cash and Cash Equivalents, Policy [Policy Text Block] |
The
Trust invests cash in excess of daily requirements
primarily in bank deposit and savings accounts and
certificates of deposit with maturities of ninety days or
less.Such investments are deemed to be highly
liquid debt instruments and classified as cash equivalents
for purposes of the statements of cash flows.
Supplemental
cash flow information for the three month periods ended March
31, 2013 and 2012 is summarized as follows:
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| Segment Reporting, Policy [Policy Text Block] |
ASC
280, “Segment
Reporting,” establishes standards for the way
public business enterprises are to report information about
operating segments.In accordance with ASC 280,
the Trust utilizes the management approach as a basis for
identifying reportable segments.The management
approach is based on the way that management organizes the
segments within the enterprise for making operating
decisions and assessing performance.The
Trust’s management views its operations as one
segment and believes the only significant activity is
managing the land which was conveyed to the Trust in
1888.The Trust’s management makes
decisions about resource allocation and performance
assessment based on the same financial information
presented in these financial
statements.Managing the land includes sales and
leases of such land, and the retention of oil and gas
royalties.
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| Comprehensive Income, Policy [Policy Text Block] |
In
June 2011, the FASB issued Accounting Standards Update No.
2011-05, “Comprehensive
Income (Topic 220):Presentation of
Comprehensive Income” (“ASU
2011-05”).ASU 2011-05 amends existing
guidance by allowing only two options for presenting the
components of net income and other comprehensive
income:(1) in a single continuous financial
statement, statement of comprehensive income or (2) in two
separate but consecutive financial statements, consisting
of an income statement followed by a separate statement of
other comprehensive income.ASU No. 2011-05
requires retrospective application, and it is effective for
fiscal years beginning after December 15,
2011.We adopted the provisions of ASU 2011-05
as of January 1, 2012 using the single continuous statement
presentation.The adoption of this guidance did
not have a material effect on our financial
statements
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