Accounting and Reporting for Oil & Gas
Up-to-Date Information and Insight for Dealing with Your Accounting and Reporting Challenges
November 22 and 23, 2011
CALGARY, ALBERTA
Conference Program Agenda - Day Two
Wednesday, November 23, 2011
| 7:30 - 8:30 |
Continental Breakfast |
7:30 - 8:30 |
8:30 - 8:45
Opening Remarks from the Chair
Claire Patra, Senior Manager, PricewaterhouseCoopers LLP
8:45 - 9:45
AcSB and IASB Update: The Latest in Accounting Standards
Mark Walsh, Principal, Accounting Standards Board of Canada
- Looking into the future: what new accounting standards are coming
- How will these new standards affect oil and gas companies
- Leveraging the standard setting process following IFRS adoption
- IASB's future priorities and agenda
 Mark Walsh, FCA, has been a principal with the Accounting Standards Board (AcSB) since 2001 and was the chair of the Emerging Issues Committee from 2004 to2009. He is the AcSB representative on the international project addressing accounting for oil and gas and mining activities. Prior to joining the AcSB, Mr. Walsh held senior financial positions with Imperial Oil Limited in Toronto and Calgary. An active member of Financial Executives International (Canada), he is Vice-Chair of the Canadian Financial Executives Research Foundation and a past Chair of the Committee on Corporate Reporting.
| 9:45 - 10:00 |
Networking Break |
9:45 - 10:00 |
10:00 - 11:00
Preparing Top-Quality MD&A Statements
Justin Friesen, Senior Manager, BDO Canada LLP
- What are the requirements for MD&A statements?
- Avoiding errors in your MD&A statements
- How to properly demonstrate trends and risks to investors
Recording the increased demand for oil and gas services
11:00 - 12:00
Accounting Solutions: Working in a Constantly Changing Technical Environment
Greg Kautz, Partner, Lumina Management Consultants
- When to use your financial system for reporting and when to use business intelligence tools
- Determining if your accounting controls are effective, burdensome, or even relevant
- Should your financial systems be used just for accounting rather than managing other business activities?
- How financial systems are affected by changing from Canadian GAAP to IFRS and U.S. GAAP
- Impact of people using shadow accounting systems
- Where will stand-alone accounting and enterprise resource planning (ERP) systems be in 10 years?
Greg Kautz, CMA is a professional accountant and management consultant and has over 30 years of business experience primarily in the oil and gas industry. He has extensive experience in financial management, corporate governance, supply chain management, information technology and strategic planning. Prior to joining Lumina, he held various executive and senior financial roles within the energy industry.
| 12:00 - 1:30 |
Luncheon Break |
12:00 - 1:30 |
1:30 - 2:30
Understanding Various Critical Accounting Issues for Oil and Gas Companies
Scott A. Bandura, Partner, Audit and Assurance, PricewaterhouseCoopers LLP
Claire Patra, Senior Manager, National and Global Accounting Consulting Services, PricewaterhouseCoopers LLP
- Industry practices demonstrated in Q1 2011 financial statements under IFRS
- Issuing flow-through shares to further exploration and project development activities
- Depletion methods for oil and gas companies
- Impairment for exploration and evaluation assets and producing assets
- Cash flow statement impacts seen in the oil and gas industry
- Joint venture accounting within the oil and gas industry
Scott Bandura has deep technical experience in Canadian GAAP, International Financial Reporting Standards and U.S. GAAP. He has focused on all aspects of IFRS for oil and gas companies and has been integral to developing PwC's position on various accounting matters related to the oil and gas sector and income trusts. He has written several discussion papers within the oil and gas industry and at the CICA IFRS Discussion Group.
Claire Patra is a national senior manager with deep technical expertise in Canadian GAAP, and IFRS. She is also part of PwC's National and Global Accounting Consulting Services (ACS) Group. Claire began working in Calgary, Canada in July 2010. While working in Calgary, Claire has focused on all aspects of IFRS for oil and gas companies including ensuring consistency with the transition to IFRS, educating clients through sessions on hot topics in the industry and has been heavily involved in the prospectus process for oil and gas clients. Claire is a member of the Global IFRS Business Combinations Topic Team
| 2:30 - 2:45 |
Networking Break |
2:30 - 2:45 |
2:45 - 3:45
Practical Solutions for Small- to Mid-Sized Companies
Jason Kingshott, Audit Partner, Meyers Norris Penny LLP
- Cost-effective resource gathering for smaller oil and gas companies
- Overcoming unique challenges: efficient spreadsheet presentation
- Understanding asset componentization
- Accounting for property, plant and equipment (PP&E)
Jason Kingshott assists public companies in fulfilling their regulatory requirements. He also provides audit, accounting, business advisory and IFRS transition services to both public and private companies. With over nine years of public practice experience in Canada, the U.S., and the Cayman Islands, Jason has an in-depth knowledge and understanding of Canadian and U.S. GAAP and IFRS. Jason's clients have represented a diverse range of industries, including oil and gas, financial services, technology, natural resources, not-for-profits, healthcare and manufacturing.
3:45 - 4:30
Cost-Effective Staffing for Unprecedented Times
Kevin Johnson, Regional Vice-President, Robert Half Management Resources, Western Canada
- Making sure that training encompasses the newest and latest
- Avoiding compliance issues: training reporting managers about the details
- How are most progressive companies reducing staffing costs?
- Preparing for the future, equipping the department with adequate staff
- Constructing a flexible cost effective staffing model
- How to quickly respond to changing business conditions
- Future accounting and finance positions
 Kevin Johnson's area of responsibility includes placing senior-level accounting and finance professionals into project and interim roles, liaising with clients to assess their staffing needs and managing a highly successful division. Prior to joining Robert Half, he held senior finance roles in the oil and gas and management consulting sectors. Additionally, Kevin has been highly involved as a board member and Chair of the CMA Calgary Chapter as well as a board member of Women In Need, a local non-profit organization.
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