Tullow, a large independent oil and gas exploration company, has selected Triple Point’s Commodity XL for hedge accounting to ensure compliance with International Accounting Standard (IAS) 39 disclosure and reporting for crude oil and natural gas.
Tullow has operations in Africa, Europe, South Asia and South America. The firm uses derivatives to hedge price movements in natural gas and crude oil and must comply with IAS 39 to receive beneficial hedge accounting treatment. Tullow was seeking improved efficiency and better control over its hedge accounting processes by moving away from spreadsheets.
“As Tullow’s major developments come on stream it is essential that our hedge accounting processes continue to be managed effectively. The Commodity XL product from Triple Point provides Tullow with a purpose built package that offers a complete auditable solution for hedge accounting and financial reporting and will be invaluable for managing an increasingly complex part of our business,” said Julia Ross, risk and marketing manager, Tullow.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.