Oil & Gas Accounting Webinar
Overview
While the oil and gas industry continues to make large financial profits, companies recognize the geopolitical and macroeconomic uncertainty that still lies ahead. It is necessary to understand the opportunities and challenges that the oil and gas industry continues to face in order to continue operating with the expectations of financial success. Oil and gas companies are significantly affected by special accounting rules and are always at the mercy of the business cycle. Industry accountants must also wade through unique tax issues. This webinar will:
- Provide general insight into the workings of the oil and gas industry
- Discuss the methods used in accounting for oil and gas properties
- Describe the complex terminology used in oil and gas accounting
- Discuss oil and gas revenue and expenses
- Provide an understanding of the financial complexities and tax issues that affect the industry
Objective
To provide CPAs and other financial professionals with both a general understanding as well as specialized knowledge of accounting for the oil and gas industry. You will learn the different types of oil and gas interests, which costs to capitalize and which to expense, and the tax issues specific to the oil and gas industry. This webinar will help you feel more comfortable understanding the complex nature of how the industry operates and evolves.
Emphasis
- Oil and gas industry: background and current developments
- Methods of Accounting for Oil and Gas properties
– Full cost
– Successful efforts - Finding reserves
- Acquiring oil and gas leases
- Types of oil and gas interests
– Royalty interests
– Working interests - Drilling activities
– Exploration and development
– Intangible Drilling Costs (IDC) - Production and costs
– Production costs
– Capital expenditures - Oil and gas reserves
– Proved reserves
– Valuation of oil and gas assets
– Reserve report - Income taxes
- Full cost and successful efforts methods of accounting
- Special issues and reporting requirements
- Price determination
- Derivatives
- Financial reporting and disclosures
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