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PASC COVID-19 Discussion Forum

The words “unprecedented” and “new-normal” are becoming common terms in today’s business environment.  With the economic downturn as a result of the COVID-19 pandemic, compounded in western Canada by the collapse in oil prices from global over-supply concerns and limited storage capacity, governments and business at the local, national and global levels are being challenged to rethink and retool in response.

In keeping with its mission to support the Canadian petroleum industry by identifying and addressing its accounting needs, PASC has set up a forum to discuss the accounting implications of operating under the current environment and any additional go-forward considerations to collaborate and discuss with your industry partners.

We invite members and industry stakeholders to begin the dialogue by submitting questions on the financial accounting, joint venture accounting, chargeability and joint venture audit implications and challenges we face now and as we move forward.  A multi-disciplinary group will do its best to provide suggestions and guidance with reference and due consideration to accepted accounting practices, existing PASC Accounting Procedures and typical agreements governing industry joint venture operations.

Please submit your questions to:  Subject Line:  COVID-19