Provides an FASB standards and SEC rule update potentially impacting companies in the oil and gas industry.

Standard Setter Update. Lindsay, Craig, Summer 2017, pp. 1‑5.

This article discusses the threat of ransomware and what can be done to address the risks.

Ransomware 101—How to Face the Threat. Schilling, Jeff, Summer 2017, pp. 6‑8.

The purpose of this article is to present and understand the importance of the cash-to-cash cycle (C2C) in business, offer oil and gas industry C2C benchmarks over time, and discuss opportunities for companies to increase efficiencies and profitability.

C2C in the Oil and Gas Industry: A Brief Review and Benchmarks. Hutchison, Paul D.; Farris II, M. Theodore; Adhikari, Subash, Summer 2017, pp. 9‑30.

Part II of a two-part article (see Part I in the Spring 2017 issue) examines COPAS accounting procedures and the operating agreement and addresses a number of specific issues, past and future that are legally affected by the Joint Operating Agreement.

COPAS Accounting Procedures, Legal and Practical Considerations, Part II. Bower, Karla and Baughman, Johnathan D., Summer 2017, pp. 31‑71.

The authors provide an understanding how fraud can occur and enhancing good old-fashioned skepticism and diligence with data analytics technologies to fight fraud in one of the most targeted functions—purchasing and procurement.

Fighting the "Fraud Plague" in Purchasing & Procurement. Burchett, S. Todd and Morrow, Lanny W., Summer 2017, pp. 72‑79.

This article, in Part II (see Part I in the Spring 2017 issue), discusses federal income tax rules impacting the tax results for the parties to the traditional farmout transaction, using a tax partnership to achieve the expected tax results for the traditional farmout transaction.

Tax Planning for Oil and Gas Joint Operations, Part II. Bradford, John T., Summer 2017, pp. 80‑111.

This article addresses several areas that a producer or processor should consider in their application of Accounting Standards Codification Topic 606, Revenue from Contracts with Customers, as standardizing revenue recognition principles to eliminate variations across industries and geographies.

Revenue Recognition Considerations for Producers and Natural Gas Processors under ASC 606. Sparger, John Robert, Summer 2017, pp. 112‑134.