Oil and Gas Accounting

Price: $85.50

CPE Credits: 9.0

Category:

Course Number: AAOILGSB

oil gas accounting

Description:
Oil and gas operations have some of the most unique accounting issues found in any industry. Oil & Gas Accounting delves into acquisition, exploration, development, and production activities, covering many industry-specific accounting issues. Topics covered include the successful efforts method, full cost method, reserve reporting, the unit of production method, severance taxes, take-or-pay arrangements, transfers of mineral interests, and joint interest accounting, as well as industry-specific controls that should be installed. In short, this is the essential oil & gas desk reference for the accountant.  Table of Contents
Delivery Method: Online QAS Self Study.

Level: Overview.

Prerequisites: None

Advanced Preparation: None

Author: Steven Bragg, CPA

Publication: June 2018

Format: PDF
Pages: 208

Passing Grade: 70%

Exam Policies: Exam may be retaken. Course must be completed within one year of purchase.

CPE Sponsor Info : NASBA/QAS #109234. Click here to view specific state approvals.

By the end of the course participants should be able to:

  • 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.
  • 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.
  • 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.
  • Describe the calculation process for the unit of production method.
  • Recognize the valuation rules relating to oil and gas inventory.
  • Note the contents of a run ticket.
  • Identify the information contained within a division order.
  • Describe the accounting for producer gas imbalances.
  • List the criteria used to report proved oil and gas reserves.
  • Recognize the indicators that can trigger a review of reserves.
  • Recognize the accounting variations available when recording a nonmonetary exchange.
  • Recognize all aspects of the accounting for joint interest arrangements.
  • Describe the circumstances under which interest can and cannot be capitalized.
  • 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.
  • 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.
  • Describe the disclosure requirements for reserves.
  • 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.
  • Recognize the audit activities in which an auditor will be engaged when auditing an oil and gas firm.
  • Recognize the different types of controls that are specific to an oil and gas firm.

Description:
Oil and gas operations have some of the most unique accounting issues found in any industry. Oil & Gas Accounting delves into acquisition, exploration, development, and production activities, covering many industry-specific accounting issues. Topics covered include the successful efforts method, full cost method, reserve reporting, the unit of production method, severance taxes, take-or-pay arrangements, transfers of mineral interests, and joint interest accounting, as well as industry-specific controls that should be installed. In short, this is the essential oil & gas desk reference for the accountant.  Table of Contents
Delivery Method: Online QAS Self Study.

Level: Overview.

Prerequisites: None

Advanced Preparation: None

Author: Steven Bragg, CPA

Publication: June 2018

Format: PDF
Pages: 208

Passing Grade: 70%

Exam Policies: Exam may be retaken. Course must be completed within one year of purchase.

CPE Sponsor Info : NASBA/QAS #109234. Click here to view specific state approvals.

By the end of the course participants should be able to:

  • 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.
  • 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.
  • 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.
  • Describe the calculation process for the unit of production method.
  • Recognize the valuation rules relating to oil and gas inventory.
  • Note the contents of a run ticket.
  • Identify the information contained within a division order.
  • Describe the accounting for producer gas imbalances.
  • List the criteria used to report proved oil and gas reserves.
  • Recognize the indicators that can trigger a review of reserves.
  • Recognize the accounting variations available when recording a nonmonetary exchange.
  • Recognize all aspects of the accounting for joint interest arrangements.
  • Describe the circumstances under which interest can and cannot be capitalized.
  • 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.
  • 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.
  • Describe the disclosure requirements for reserves.
  • 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.
  • Recognize the audit activities in which an auditor will be engaged when auditing an oil and gas firm.
  • Recognize the different types of controls that are specific to an oil and gas firm.
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