Oil and Gas Accounting

Overview

This course provides an overview of the key principles with respect to oil and gas accounting. This includes an overview of the history of the petroleum industry, the organization of oil and gas companies, and the measurement principles of both oil and gas. This course includes specific topics related to reserves, different methods of accounting for costs incurred, impairments, and asset retirement obligations, as well as revenue recognition and DD&A (depletion, depreciation, and amortization). Finally, the course concludes with a discussion of the key supplemental oil and gas disclosures as well as both income tax and internal control considerations with respect to oil and gas producing activities.

Learning Objectives

After successfully completing this course, students will be able to:

  • differentiate between activities that are and are not oil and gas producing activities
  • recognize key characteristics of oil and gas products
  • differentiate between the different categories of reserves
  • differentiate between the types of wells drilled in oil and gas producing activities
  • differentiate between the types of costs incurred for oil and gas producing activities
  • identify key characteristics with respect to oil and gas leases
  • identify the method used and key components of calculating DD&A
  • recognize factors related to accounting for oil and gas sales
  • identify principles related to unproved and proved property impairments
  • identify the key characteristics of asset retirement obligations
  • identify the disclosures required by all oil and gas producing entities
  • identify the characteristics of significant oil and gas producing entities
  • recognize requirements with respect to supplemental oil and gas disclosures for certain oil and gas entities
  • differentiate between costs that are capitalized or expensed from an income tax perspective
  • identify internal control considerations related to oil and gas entities

Designed For

CPAs, managers, tax practitioners, other accounting and financial advisors

Advanced Preparation

None

WebCE® is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org. For more information regarding WebCE administrative policies such as refunds, cancellations and concerns, please contact Support Services at 877-488-9308.

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License or Certification

Regulator

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