[Solved] Using options to place a bet on the direction in which you believe the market is likely to move is called: A)speculation. B)hedging. C)a covered position. D)a naked position. Successful Efforts Method: An accounting approach used in the oil and gas industry where costs are capitalized only if successful in finding hydrocarbons. Provision: A liability of uncertain timing or amount. IFRIC 1: relates to the International Financial Reporting Interpretations Committee's guidance on the treatment of changes in decommissioning, restoration, and similar liabilities, affecting how entities account for such changes. AASB 137: An Australian accounting standard that deals with the accounting and reporting of provisions, contingent liabilities, and contingent assets.