Course ID: OG101

Oil and Gas Accounting 101

Learn the special rules that govern tax accounting for oil and gas exploration and production activities. Know how to advise clients and provide compliance services whether the client is exploring, acquiring, developing or operating oil and gas properties. This course will provide a basic understanding of exploration and production activities and cover the proper accounting methods for these activities.


LEARNING OBJECTIVES
  • To review the process of exploring, acquiring, developing and operating oil and gas properties
  • Distinguish between optional accounting methods available to small independent producers
  • Properly categorize costs
  • Select the best method for calculating depreciation, depletion and amortization
  • Account for joint operations
  • Apply unique tax accounting rules for revenues from oil & gas production

MAJOR TOPICS
  • The life cycle of an oil and gas property
  • Accounting methods for oil and gas producing activities
  • Categorizing costs
  • Depreciation, depletion and amortization
  • Accounting for joint operations
  • Revenue accounting

DESIGNED FOR
CPAs and EAs serving oil and gas producers, Controllers and even owners of oil and gas production companies

FIELD OF STUDY
Taxes

PREREQUISITES
None

COURSE PRODUCER
Nichols Patrick CPE, Inc

CPE CREDITS
8.0

LEVEL
Basic

This course is avaliable for your group as:

Group Live
 

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