Energy Spotlight: Lease accounting - Transformational Change

PwC's energy practice is proud to announce the release of our most recent thought leadership publication: Energy Spotlight: Lease accounting - Transformational Change. This publication considers some of the impacts the proposed lease accounting standard will have on companies in the Energy Industry. This lease accounting overhaul would bring substantially all leases onto the balance sheet and change income statement recognition.

Highlighted in this publication are Energy industry-specific issues including:

  • Accounting for leases under joint operating agreements,
  • Application of oil and gas accounting guidance,
  • Whether drilling, transportation and storage contracts are leases,
  • Separating service components from leases, and
  • Tax implications

These proposals would have far-reaching impacts on an organization's business processes, systems and controls. We encourage you to share this with your clients and colleagues.