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.
BREAKING DOWN '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.