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#011- How the Economy Currently Impacts Oil and Gas Accounting and Financial Reporting with Diane Kirk

In today’s episode, Tom and Phil are joined by Diane Kirk, Director and CPA at Plante Moran. They discuss how the current state of the economy has affected the oil and gas industry and some different scenarios that companies may face in the coming year. Some of the challenges they talk about include severance accounting due to layoffs, lease concessions, erosions of accounts receivable, the impact of the PPP loan on a company’s balance sheet, contract renegotiations, taxes and more.

Highlights:

3:08  Destination Imagination – What Diane does outside of accounting

4:45  How the current environment is challenging those in oil and gas accounting and reporting

14:28  Impact of PPP loans on a company’s balance sheet

15:32  Why the PPP loan wasn’t a huge help to the oil and gas industry as a whole

18:13 PPP Audits

20:54 The significant amount of bankruptcies in the industry this year

29:38 How reserves will be affected by current events

34:11 Asset impairments on financials in the upcoming year

38:32 Other challenges oil and companies are facing right now

About Diane Kirk:

Diane is the technical leader for the energy industry group at Plante Moran. She provides technical accounting and financial reporting expertise and support with an emphasis on complex debt and equity, derivatives, employee compensation, mergers and acquisitions, SEC regulatory compliance and reporting, and risk management. Diane is also actively involved in the training and development of the energy group team.

Diane has over 25 years of experience and focuses on distilling complex accounting topics and financial reporting into easy to understand language so that clients and team members can take appropriate actions. She has enjoyed helping to grow the oil and gas and energy practices while helping these clients address the challenges they face with running their business. 

Diane is a member of the AICPA, Colorado Society of CPAs, Colorado Oil and Gas Association, Western Energy Alliance, Women’s Energy Network, and the Council of Petroleum Accountants Societies (COPAS). She is also on the planning committee for the AICPA/PDI National Oil and Gas Conference and is a contributing editor to certain industry publications.

She was named a Top Women in Energy by the Denver Business Journal in 2018 and has spoken to client and industry groups and firm-sponsored educational events on such topics as accounting and reporting updates and industry hot topics.

Connect with Diane:

[email protected]

LinkedIn-Diane Kirk

About SherWare, Inc.

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SherWare creates software to simplify your accounting needs so you have more time to do the things that matter. We serve independent oil and gas operators, accountants and investors with a platform to manage their distributions and joint-interest billings on a platform — and we’re the only software on the market that can integrate with your QuickBooks company.
Click here to watch a demo of the software in action right now.

About COPAS:

COPAS provides expertise for the oil and gas industry through the development of Model Form Accounting Procedures, publications, and education. We are a forum for the active exchange of ideas which result in innovative business and accounting solutions.

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