The 2017 AICPA Oil & Gas Conference is shaping up to be an event to remember with record-breaking attendance, snow, networking, and sessions. If you couldn’t make it to Denver, here’s what’s trending with the world’s largest membership organization for accountants.
Clarity of oil and gas regulations
The theme of this year’s conference, Clarity for the Industry, tackles the murky waters troubling accountants across the entire energy value chain—regulations.
As most accounting teams are finalizing their adjustments for Revenue Recognition (ASC 606), the new Lease Accounting Standard becomes the center of attention before its implementation in 2019. Both regulations impact upstream and midstream accounting, so it’s critical for oil and gas companies to adapt their processes to account for these changes. AICPA presented several sessions focused on what is changing, how it impacts oil and gas, and how to prepare.
Digital future of oil and gas
Conference attendees are also getting a glimpse into the future, specifically around Robotic Process Automation (RPA). Both the first solution session of the conference and yesterday’s late afternoon session focused on this new digital innovation, which can significantly increase productivity and savings in oil and gas accounting. We even got a demo of a bot in action.
Geopolitical issues, pricing, and forecast
As the conference closes today, the focus shifts to geopolitical issues, pricing and valuation, and other important topics. Key sessions that Quorum is covering today include:
- Geopolitical Outlook 2018
- Capital Markets: IPO and PE
- Oil & Gas Pricing Forecast
- Valuation of Oil & Gas Properties, and more
Resources for accountants
Visit Quorum’s new website at www.quorumsoftware.com for the latest in oil and gas accounting solutions. It covers a lot of ground including how our accounting software and services address the top issues facing the industry.
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