Oil & Gas
The oil and gas industry not only has large, upfront capital requirements, but it also faces the challenges of particularly complex regulatory and tax standards. These issues are further compounded by the vast uncertainty the future impact of geopolitical, environmental, and new legislation will have on the industry.
Oil and gas companies truly need accounting that incorporates sound judgment in order to meet the demands of the large scope of challenges. GBH has extensive knowledge of the regulatory and reporting requirements of the AICPA, FASB, SEC, IFRS and IRS that are exclusive to oil and gas companies. We also have operational experience with oil and gas companies and are knowledgeable about oil and gas physical operations, revenue and joint interest billing accounting, reserve estimations, joint ventures and regulatory asset retirement requirements.
Stay On Top Of Changing Legislation
Tax reporting can be a further complication, depending on how the accounting is reported. Tax reporting can also be a large part of the costs of doing business in your industry. We stay abreast of how future changes in legislation will impact the success of your company. We also closely examine how changing markets and new technologies will affect your tax implications, financial reporting, and future revenue. In addition, we can help you navigate the fog of regulatory risks and requirements within the oil and gas industry.