Oil and Gas Companies: Accounting Fundamentals

Authored by James C. Coon
About this Course
This course provides an overview of the accounting principles for oil and gas exploration and production (ā€œE&Pā€) companies. This is an introductory course designed for accounting professionals who are new to the oil and gas industry. The basic concepts and principles of oil and gas accounting will be covered for two accounting approaches: the successful efforts method and the full cost method. Under United States Generally Accepted Accounting Principles (U.S. GAAP), companies must follow one of these two methods of accounting for oil and gas E&P activities. Upon successful completion of this course, you will be able to: Understand the oil and gas industry and differentiate between upstream, midstream and downstream activities; identify the types of upstream costs that are capitalized under the successful efforts method; perform oil and gas revenue calculations and prepare related journal entries; calculate depreciation, depletion and amortization (DD&A) using the units of production method; explain accounting requirements associated with asset retirement obligations; explain the impairment review process including how to calculate an impairment loss; identify concepts and principles that are unique to the full cost method; and recognize and explain the importance of required supplementary oil and gas disclosures.
$ 45.00
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NASBA Field of Study
Accounting
Level
Basic
CPE Credits
2.0
Prerequisites
Basic understanding of U.S. GAAP
Last Updated
06/16/2016
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