Council Of Petroleum Accountants Societies - COPAS

AAA

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 TERMS
  1. Commodity

    1. A basic good used in commerce that is interchangeable with ...
  2. Barrels Per Day - B/D

    A measure of oil output, represented by the number of barrels ...
  3. Generally Accepted Accounting Principles ...

    The common set of accounting principles, standards and procedures ...
  4. Futures

    A financial contract obligating the buyer to purchase an asset ...
  5. Sweet Crude

    A type of oil that meets certain content requirements, including ...
  6. Sour Crude

    The name given to barrels of crude oil that do not meet certain ...
Related Articles
  1. Industry Handbook
    Investing Basics

    Industry Handbook

  2. Oil: A Big Investment With Big Tax Breaks
    Investing Basics

    Oil: A Big Investment With Big Tax Breaks

  3. Oil And Gas Industry Primer
    Active Trading

    Oil And Gas Industry Primer

  4. Uncovering Oil And Gas Futures
    Active Trading

    Uncovering Oil And Gas Futures

comments powered by Disqus
Hot Definitions
  1. Ghosting

    An illegal practice whereby two or more market makers collectively attempt to influence and change the price of a stock. ...
  2. Elasticity

    A measure of a variable's sensitivity to a change in another variable. In economics, elasticity refers the degree to which ...
  3. Tangible Common Equity - TCE

    A measure of a company's capital, which is used to evaluate a financial institution's ability to deal with potential losses. ...
  4. Yield To Maturity (YTM)

    The rate of return anticipated on a bond if held until the maturity date. YTM is considered a long-term bond yield expressed ...
  5. Net Present Value Of Growth Opportunities - NPVGO

    A calculation of the net present value of all future cash flows involved with an additional acquisition, or potential acquisition. ...
  6. Gresham's Law

    A monetary principle stating that "bad money drives out good." In currency valuation, Gresham's Law states that if a new ...
Trading Center