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. |
Related Definitions
Articles Of Interest
-
Uncovering Oil And Gas Futures
Find out how to stay on top of data reports that could cause volatility in oil and gas markets. -
Oil: A Big Investment With Big Tax Breaks
Oil and gas investments can provide unmatched deduction potential for accredited investors. -
Accounting For Differences In Oil And Gas Accounting
How a company accounts for its expenses affects how its net income and cash flow numbers are reported. -
Oil And Gas Industry Primer
Before jumping into this hot sector, learn how these companies make their money. -
Industry Handbook
In this feature, we take an in-depth look at the various techniques that determine the value and investment quality of companies from an industry perspective. -
Depreciation: Straight-Line Vs. Double-Declining Methods
Appreciate the different methods used to describe how book value is "used up". -
Financial Statement: Extraordinary Vs. Nonrecurring Items
When it comes to analyzing a company, successful analysts spend considerable time differentiating between accounting items that are likely to recur going forward from those that most likely will ... -
Get A Career In Showbiz Accounting
An accounting career doesn't have to be boring. If you love numbers, but want excitement as well, consider the field of showbiz accounting. -
What Management Accountants Do
If you like keeping track of a company's income and expenses but also want to hold a position with significant responsibility and authority, management accounting could be the job for you. -
GAAP And The IFRS Standards Convergence Efforts In 3 Substantial Areas
Understand the specific steps that have been taken in hopes of converging the GAAP and the IFRS accounting standards, despite the philosophically and culturally based methodological differences ...
Free Annual Reports