Fundamentals of Oil and Gas Accounting Workshop
Department of Accounting, Finance and MIS
Prairie View A&M University
Department of Accounting
Louisiana State University
Dr. Crumbley is a former member of the Energy Taxation subcommittee of the AICPA, State Sales and Use Taxation Committee, National Taxation Association, and a past trustee and president of the American Taxation Association. He is also a member of the advisory board of Petroleum Accounting and has been the editor of Oil, Gas & Energy Quarterly for more than 40 years. He is the author of many books and articles.
Why Attend the Workshop: The petroleum industry is finally on an upward trajectory and accounting and financial expertise is needed.
Who Should Attend: Petroleum accountants and executives, CPAs, internal and external auditors, students, and academicians.
NASBA Field of Study: Accounting – Technical
Prior Knowledge Required: None
Program Knowledge Level: Basic
Delivery Method: Lecture, cases, problems, discussion
Recommended Credit Hours: 16 (may qualify for Real Estate and Law)
General Description: The participant will learn the fundamentals of petroleum accounting, including most aspects of oil and gas operations. Numerous problems and cases will be worked through in the workshop.
Learning Objectives: After completing this workshop, the participant will be able to:
- Identify exploration, acquisition, drilling, and development costs.
- Perform depletion, impairment, and abandonment entries.
- Deal with the types of reserves.
- Compare the pros and cons of successful efforts and full cost methods.
- Calculate the full – cost ceiling limitation.
- Discuss revenue accounting and sharing contracts.
- Recognize joint ventures and production.
- Account for basic conveyances.
- Explain international agreements and foreign currency transactions.
- Prepare for possible international standards.
- Perform ratio analysis, statement analysis, and production allocations.
- Analyze like-kind exchanges and unit -of- production method.
- Detect and deter fraud in the oil patch.
Session 1 (Basic): January 31, 2019, 8:00 am-4:45 pm
Session 2 (Intermediate): February 1, 2019, 8:00 am-4:45 pm
Registration Fee: $210 for both sessions; $130 for a single session
Registration Deadline: January 28, 2019 or until the maximum seating capacity is reached
Workshop Location: Prairie View A&M University - Northwest Houston Center, 9449 Grant Road, Houston, TX 77070
Contact: Dr. Rahim Quazi (email@example.com; 713-790-7286)