Council Of Petroleum Accountants Societies - COPAS

Definition of 'Council Of Petroleum Accountants Societies - COPAS'


A non-profit professional organization created to discuss and solve the difficulties inherent in oil and natural gas accounting. COPAS was formed in 1961 and operates in the U.S. and Canada. Its members work for government agencies, universities, consulting firms, and oil and gas exploration and production companies.

Investopedia explains 'Council Of Petroleum Accountants Societies - COPAS'


COPAS discussions have created numerous standardized guidelines, procedures and best practices for efficient and effective accounting in the oil and gas industry. For example, one of the organization's publications offers a detailed outline of how to properly account for natural gas at each stage of production. Other publications address issues such as joint interest accounting, auditing, production volume, revenue accounting, financial reporting and tax considerations.


Filed Under:

comments powered by Disqus
Hot Definitions
  1. Marginal Analysis

    An examination of the additional benefits of an activity compared to the additional costs of that activity. Companies use marginal analysis as a decision-making tool to help them maximize their profits. Individuals unconsciously use marginal analysis to make a host of everyday decisions. Marginal analysis is also widely used in microeconomics when analyzing how a complex system is affected by marginal manipulation of its comprising variables.
  2. Treasury Inflation Protected Securities - TIPS

    A treasury security that is indexed to inflation in order to protect investors from the negative effects of inflation. TIPS are considered an extremely low-risk investment since they are backed by the U.S. government and since their par value rises with inflation, as measured by the Consumer Price Index, while their interest rate remains fixed.
  3. Gilt-Edged Switching

    The selling and repurchasing of certain high-grade stocks or bonds to capture profits. Gilt-edged switching involves gilt-edged security, which can be high-grade stock or bond issued by a financially stable company such as the Blue Chip companies or by certain governments.
  4. Master Limited Partnership - MLP

    A type of limited partnership that is publicly traded. There are two types of partners in this type of partnership: The limited partner is the person or group that provides the capital to the MLP and receives periodic income distributions from the MLP's cash flow, whereas the general partner is the party responsible for managing the MLP's affairs and receives compensation that is linked to the performance of the venture.
  5. Class Action

    An action where an individual represents a group in a court claim. The judgment from the suit is for all the members of the group (class).
  6. Retail Sales

    An aggregated measure of the sales of retail goods over a stated time period, typically based on a data sampling that is extrapolated to model an entire country. In the U.S., the retail sales report is a monthly economic indicator compiled and released by the Census Bureau and the Department of Commerce.
Trading Center