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Principles of Joint Interest Accounting: Boot Camp (Fort Worth)
COPAS Energy Education
Principles of Joint Interest Accounting: Boot Camp
March 13 & 14, 2017 – 8AM to 5PM
2821 West Seventh Street
Fort Worth, TX 76107
Program Level: Basic Delivery: Group Live
CPE Credits: 16 Prerequisites: None Advance Prep: None Cost: $550 (Early Registration by February 16)
$650 (After February 16)
Instructor: Jeff Wright
Field of Study: Accounting
Refreshments and lunch provided.
For Individuals who wish to gain a broad understanding of Introductory Joint Interest Accounting. This course is suitable for petroleum industry new hires, business professionals, investment advisors, analysts, regulators, government employees, accountants, lawyers, community leaders, and the general public. Experienced attendees have found the course helps define Joint Interest Accounting as it pertains to their specialty area.
DESCRIPTION: This course covers the following topics:
- Establishing a Joint Venture – Operational and Financial Drivers and Types of Agreements
- Agreements – Types Used in Joint Ventures & Accounting Procedure Relationship to Governing Agreement
- Historical Perspective on COPAS Accounting Procedures
- Dissecting a COPAS Accounting Procedure
- Direct vs Indirect Costs - Accounting Procedure Language and Proper Charging
- Overhead - Development, Drilling, Production, MCO & Catastrophe
- Materials - CEPS, Casing & Tubing, Controllable vs. Non-controllable
- Special Joint Venture Adjustments - Non-consents, payouts, Well Pad adjustments
- Allocations - Accounting for Costs Benefiting Multiple Properties
- Joint Interest Billings – AFE and Operational Costs
- Accounting for Joint Venture Costs - Key alternatives, Application
OBJECTIVES: Upon completion of this course, you will be able to:
- Demonstrate knowledge of the key joint interest agreements and ownerships.
- Analyze and explain the different agreements for joint ventures in the oil and gas industry.
- Evaluate the major provisions of COPAS Accounting Procedures and how such accounting procedures have evolved over time.
- Apply concepts to properly analyze and account for costs onto a joint interest invoice.
- Explain the differences between direct and indirect costs and their effect on JI billing.
- Demonstrate the differences and procedures for overhead calculations with respect to various COPAS accounting procedures.
- Determine tangible equipment pricing in relation to accounting and reconciliation procedures to identify charges to the joint venture.
- Recognize unique joint interest accounting situations and apply concepts learned in determining when special JV adjustments apply.
- Explain key accounting alternatives to allocate costs to multiple joint ventures.
- Identify the proper accounting entries for various joint venture transactions.
- Apply key accounting controls to ensure financial and accounting control over transactions.
Council of Petroleum Accountants Societies (COPAS), Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.