This oil and gas accounting course takes a close look at the intricate world of oil and gas accounting, designed to equip you with the skills and knowledge to navigate this specialized industry confidently. Our oil and gas CPE covers a wide array of topics, including the successful efforts and full cost methods, reserve reporting, unit of production method, severance taxes, and joint interest accounting. These topics are crucial for understanding the unique accounting issues in the oil and gas industry.
By understanding the different steps in exploring, developing, and producing oil and gas properties, you'll be better positioned to handle the complex accounting requirements of this sector. This oil and gas tax accounting CPE also provides a detailed look at various cost classifications, production costs, and the documentation and accounting processes involved in oil and gas operations. With this comprehensive exploration of oil and gas accounting considerations, you'll be able to effectively manage and report on the financial aspects of energy operations, enhancing your credibility and expertise in this niche but critical industry.
Learning Objectives
Upon successful completion of this course, participants will be able to:
Chapter 1
Recognize the various steps in the process of exploring for, developing, and producing on an oil and gas property.
Identify the different types of wells.
Identify the documentation used to record produced oil and gas.
Recognize the contents of a lease arrangement.
Chapter 2
Define the different cost classifications associated with oil and gas activities.
Recognize the various types of production costs.
Describe the situations in which a joint operating agreement is used.
Define the contents of a lease database.
Chapter 3
Identify the different classifications of exploration costs.
Recognize the accounting for all aspects of drilling a well and subsequent well operations.
Identify the indicators of sufficient progress in regard to assessing the viability of a project.
Differentiate between the successful efforts and full cost methods.
Chapter 4
Differentiate between the successful efforts and full cost methods.
Chapter 5
Describe the calculation process for the unit of production method.
Chapter 6
Recognize the valuation rules relating to oil and gas inventory.
Chapter 7
Note the contents of a run ticket.
Identify the information contained within a division order.
Describe the accounting for producer gas imbalances.
Chapter 8
List the criteria used to report proved oil and gas reserves.
Recognize the indicators that can trigger a review of reserves.
Chapter 9
Recognize the accounting variations available when recording a nonmonetary exchange.
Chapter 10
Recognize all aspects of the accounting for joint interest arrangements.
Chapter 11
Describe the circumstances under which interest can and cannot be capitalized.
Chapter 12
State the situations in which asset retirement obligations can be deferred.
Note the rules used to determine the expected present value of an asset retirement obligation.
Recognize the accounting for environmental contamination costs.
Chapter 13
Describe the circumstances under which impairment testing should be conducted, as well as the rules for doing so.
Note the situations in which an asset can be classified as held for sale.
Chapter 14
Describe the disclosure requirements for reserves.
Chapter 15
Identify the appropriate costing to be used for exploration costs associated with mineral resources, as well as the indicators for when impairment testing should be conducted on mineral resources assets.
Chapter 16
Recognize the audit activities in which an auditor will be engaged when auditing an oil and gas firm.
Chapter 17
Recognize the different types of controls that are specific to an oil and gas firm.
Major Topics
Oil and Gas Operations
Oil and Gas Accounting
Successful Efforts Method
Full Cost Method
Depreciation, Depletion, and Amortization
Accounting for Production Costs
Revenue Accounting Reserve Reporting Transfers of mineral Interests
Joint Interest Accounting
Interest Capitalization
Asset Retirement and Environmental Obligations
Asset Impairment
Oil and Gas Disclosures
IFRS Accounting for Oil and Gas
Accounting Controls
