Public midstream oil and gas entities continue to face ever-increasing complexity related to filing financial statements that are compliant with GAAP and the U.S. Securities and Exchange Commission (SEC). The SEC has been actively commenting on registrants’ filings and making public remarks about the importance of quality disclosures, especially around revenue recognition transition disclosures, non-GAAP measures and cybersecurity.

Many organizations are trying to make sense of the new and developing financial reporting requirements and the steps they can take to minimize SEC inquiry by increasing the decision-usefulness of financial statement disclosures.