Advanced US GAAP For The Upstrean Oil & Gas Industry (3 days)

Agenda

 

  • Introduction to Oil & Gas Industry

  • Accounting principles for oil and gas producing activities

  • Full cost accounting method

  • Successful efforts accounting method

  • Exploration costs

  • Unproved property acquisition, retention, and surrender

  • Costs incurred in drilling and equipping oil and gas properties

  • Development stage

  • Production stage

  • Depreciation, depletion and amortization

  • Impairment and disposal of Oil and Gas long lived assets

  • Asset retirement obligations

  • Accounting for Oil, Gas, NGL sales and gas imbalances

  • Accounting for partnership interest (joint arrangements and production sharing arrangements)

  • Oil and Gas reserves

  • Business combinations in the upstream oil and gas industry

  • Accounting for conveyance

  • Production payments and net profit interests

  • Farm-outs, carried interest, and unitization

  • Accounting for income taxes

  • Disclosure requirements