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.
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.
Connect with Diane:
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