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Energy Sector › Accounting Standards

Opportune LLP

Energy Private Equity Valuation In A COVID-19 World

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As private equity fund managers assess the economic impact of COVID-19, developing reliable valuation processes and procedures for their investments will ensure transparency to regulators and investors....more

Opportune LLP

Asset Impairment Testing: 3 Steps For Avoiding Pitfalls Under ASC 360

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Companies should take precautions to avoid potential pitfalls when performing long-lived asset impairment testing under ASC 360. ...more

Opportune LLP

How To Determine The Fair Value of E&P Assets For Business Combinations vs. Asset Acquisitions

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Determining whether an exploration and production (“E&P”) transaction is a business combination or asset acquisition isn’t a simple process. We’ve seen an increase in documentation requirements from regulators and auditors,...more

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IFRS Challenges For Corporate PPA Derivative Accounting

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Renewable energy power producers may not be aware of reporting challenges under International Financial Reporting Standards ("IFRS") for contracts often utilized in project finance to develop new wind or solar facilities....more

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Bringing Goodwill & Asset Impairment Testing into Focus

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Find out why adequetely addressing year-end goodwill and long-lived asset impairment testing procedures improves financial audits, reviews and allows for greater transparency. Market equity prices and indices continued to...more

Opportune LLP

Challenges in Determining a Lease’s Incremental Borrowing Rate

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Public companies are facing challenges when determining the discount rate to record leases on the balance sheet when applying ASC 842 under the new lease standard. The lease accounting standard requires the use of the rate...more

Opportune LLP

Crude Oil Price Decline Could Trigger Goodwill & Asset Impairment Testing For Energy Companies

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By Kevin Cannon With the recent decrease in crude oil prices and market capitalizations, auditors and regulators will now very likely have a renewed focus on impairment testing for goodwill and long-lived assets on the...more

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Commodity Hedging: Lessons Learned by Early Adopters of New Hedge Accounting Rules

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For public companies with a December 31, 2018, fiscal year-end, new hedge accounting rules will become effective on January 1, 2019. The FASB issued the new hedge accounting guidance on August 28, 2017, through Accounting...more

Opportune LLP

Profits Interests: Accounting & Valuation Considerations

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Executives at both public and private oil and gas companies commonly receive performance-based incentives. The objective is to link compensation closely to the financial results of a firm. These performance-based incentives...more

Opportune LLP

Tax Considerations for Energy Companies When Implementing New Lease Standards Under ASC 842

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On February 25, 2016, FASB issued its new lease accounting standard update (ASU) No. 2016-02, Leases, which codified ASC Topic 842 (Topic 842). Topic 842 is effective for calendar year-end public companies on January 1, 2019....more

Porter Hedges LLP

Business Litigation Alert: "SEC Launches Investigation Into Exxon's Accounting and Climate Change Practices"

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In the face of dropping oil prices, the SEC has launched an investigation into how Exxon Mobil Corp. has valued its assets. While the value of competitors' assets have dropped dramatically since oil prices have plunged,...more

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