ACCT70610

1.5 credit hours. Prerequisites: ACCT 60010 or a Masters in Accounting student. This course focuses on accounting and reporting issues affecting the energy industry. The material covered includes a review of how accounting information impacts finance and operations from the local to the global level. Uniquely energy related topics include intangible development cost law, accounting for oil and gas exploration, reserve estimation, accounting for unproved property, accounting for development stages of wells, accounting for joint operations, and production and volume measurement. Capitalization and the impact of the depletion model on taxes, current and projected income, and cash flows are also covered. Other topics covered include environmental liabilities are discussed along with revenue accounting structures.