Outsourced Financial Reporting in Lieu of Full-time Hires for Large Energy Company
- Outsourced financial reporting
- 10K and 10Q filings
- Financial disclosures
- Oil and gas reporting
- Financial analysis and reconciliation
- Audit readiness
- Fresh Start Accounting
- Solution & Benefits
As the outsourced financial reporting manager we write the financial statements, footnote disclosures and do the oil and gas reporting. We assist with the preparation and review all of the reserve analysis, do the parent analysis for all of their assets and supplement information for management and the auditors. We also write the SMOG disclosures.
This serves to allow the client to receive a full spectrum of accounting support without having to hire an internal accounting team.
The company restructured and emerged from bankruptcy in 2012. The majority of the company is owned by a venture fund. The company had no real employees so they outsourced the CEO/CFO function and had no accountants. As they emerged from bankruptcy, it made sense rather than having a financial reporting manager in house, to outsource this function. PKF Texas serves as their outsourced Financial Reporting Manager.
As a public company and having a very complex transaction, they came out of bankruptcy with fresh start accounting and had complex debt instruments.