This course is designed primarily for accounting professionals from other industries who want to gain an understanding of oil and gas operations accounting. However, it is useful for non-accountants who want to become familiar with the industry. This course provides an overview of this critical function from a Canadian perspective and includes the flow of revenues, royalties operation expenses and capital expenditures. Topics include, among others, production revenues, royalty income, royalty expenses, mailballots, payouts, joint venture billings, 13th month adjustments, cost allocations, statements of adjustments and oil sands.
Broad Learning Outcome:
Upon successful completion of this course, you will be able to demonstrate an understanding of the key issues of operations accounting in the Canadian oil and gas industry.
Supporting Learning Outcome Statements
Upon successful completion of this course, you will be able to:
- Discuss the role of operations accounting
- Describe how revenues are accounted for
- Describe how royalties are accounted for
- Describe how operating expenses are accounted for
- Describe the approval of and the accounting for capital expenditures
- Describe the joint venture accounting function
- Explain how oil sands projects are accounted for