Accounting Methods: Private Companies Have Options
Different companies have different financial reporting needs. Is your current accounting method a good fit, or is it time for a change?
As a business owner in the oil and gas industry, you are front and center in a dynamic marketplace. Among price fluctuations, regulatory oversight, supply chain management, cost controls, and more, you need to be agile to adjust to an ever-changing and complex environment.
Innovative Approach. Experienced Team.
Lumsden McCormick has years of experience in proactively providing assurance, accounting, tax, and consulting services to oil and gas businesses. Our talented team of certified public accountants understand the operating challenges in this unpredictable industry, and we have the expertise to provide practical, proactive solutions to help you achieve your goals.
Our oil and gas team members are at the forefront of industry developments; in fact, we receive specialized professional development on technical matters, speak at conferences on pertinent issues, and proactively engage clients throughout the year. Additionally, our membership in the BDO Alliance USA provides us with national and global resources that we can share with you to address your specific needs.
Our oil and gas industry services include:
For more information about our accounting and consulting services for businesses in the oil and gas industry, contact Michē Needham or complete the form below.
The executive branch is looking to increase revenue for the IRS. Translation: expect to see an increase in the number of IRS audits being performed, including industries not traditionally targeted.Learn More
The accounting for leases is changing significantly. The required implementation of FASB ASC 842 will mandate that most leases are included on the balance sheet as a right-of-use asset, with a corresponding lease liability. The new standard will impact nearly all commercial businesses and nonprofit organizations and is effective for annual reporting periods beginning after December 15, 2021.Learn More