Petroleum Accounting Issues for Audit & Tax Firms

This program focuses on FASB Directives and Pronouncements that are specifically directed and relevant to the oil and gas industry. It also deals with accounting principles generally embraced by oil and gas. These complex issues have been condensed into a one-day class specifically for audit and tax firms.

Who Should Attend:

Employees of audit and tax firms who perform such services for Exploration and Production companies. Employees of all experience levels would benefit.

Pre-requisites: “Introduction to Upstream” or a similar level of understanding is a recommended prerequisite for those employees who are new to oil and gas in order to gain an understanding of basic terminology, oil and gas industry operational and accounting principles.

Upon Completion of this Program, Participants will be Able to:

· Gain a working knowledge of the intent and implementation of FASB principles affecting oil and gas

· Understand how clients are affected by the FASB declarations and principles of accounting unique to oil and gas

· Work with clients at an intermediate or advanced level

Key Topics and Objectives:

Units of Production Amortization

Full Cost vs. Successful Efforts Considerations

Pipeline / Producer Imbalances

SMOG Disclosures (FAS 69)

Recent Accounting Opinions Affecting Oil and Gas Accounting

FAS 133 – Accounting for Derivatives

FAS 141 – Business Combinations

FAS 142 – Accounting for Goodwill

FAS 143 – Asset Retirement Obligations

FAS 144 – Impairment of Long-Lived Assets

FAS Interpretation 46 Variable Interest Entities

Quality programs – offered on-site and adapted for your company. Contact Jim Hoffman at 214.763.9644 or via email at jhoffman@pdi.org. Visit us online at www.pdi.org