Overview:
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:
- Describe the complex terminology used in oil and gas accounting
- Discuss the numerous financial aspects of the business and how they tie together
- Provide an understanding of tax issues that affect the industry
Objective:
To provide accountants and auditors with specialized knowledge of accounting for oil and gas activities. You will learn about oil and gas interests, which costs to capitalize and which to expense and the tax issues specific to the oil and gas industry.
Emphasis:
-
Oil and gas reserves
- Estimations
- Proved reserves
- Valuation of oil and gas assets
- Reserve report -
Methods of Accounting for Oil and Gas properties
- Full cost
- Successful efforts - Proved properties
- Inventories
- Gas imbalances
- Mineral property conveyances
- Production payments
- Income taxes
- Asset Retirement Obligations (ARO)
- Derivatives
- Financial reporting and disclosures