Council of Petroleum Accountants Societies (COPAS)

What Is the Council Of Petroleum Accountants Societies?

The Council of Petroleum Accountants Societies (COPAS) is a non-benefit professional organization that gives guidance and education on accounting issues in the oil and gas industry. The organization shaped in 1961 with the mission to talk about and tackle the intricacies inherent in oil and natural gas accounting.

Understanding Council Of Petroleum Accountants Societies (COPAS)

COPAS is exceptionally organized, with several standing committees covering broad areas and sub-committees taking care of narrow and distinct aspects of the industry. Nine board members, each serving a three-year term, direct the association. COPAS works in the U.S. furthermore, Canada and currently has more than 4,000 members in 26 societies. Its members work for government agencies, universities, counseling firms, and oil and gas exploration and production companies.

COPAS conversations have made various normalized rules, procedures and best practices for efficient and effective accounting in the oil and gas industry. For example, one of the organization's distributions offers a point by point diagram of how to account for natural gas at each stage of production appropriately.

Different distributions address issues, for example, joint interest accounting, auditing, production volume, revenue accounting, financial reporting, and tax contemplations. As indicated by COPAS, various government agencies model a portion of their rules and procedures after the ones developed by the organization.

Thorough Services of COPAS

Beside giving distributions that keep accountants in the industry side by side of current accounting rehearses, COPAS arranges month to month lunch get-togethers, studios, and online classes, as well as annual four-day education occasions for new industry accountants. It is additionally responsible for the APA certification exams.

Do you have at least some idea how to estimate the size of dubious oil reserves? Assuming that you do, you could fit the bill to turn into an APA.

Council of Petroleum Accountants Societies' (Copas') Committees

All COPAS distributions are created by committees, which take care of exploring and reporting important issues to the COPAS board of directors. The COPAS website records 27 such committees and subcommittees, with areas of center going from Bylaws and Regulatory Affairs to Social Media.

Key committee bunches include:

Audit Committee

The audit committee is responsible for recognizing issues that could emerge during the implementation or interpretation of COPAS audit conventions in the petroleum industry. The committee is additionally responsible for changing, or helping different committees in the issuance of COPAS distributions connecting with oil and gas auditing.

Small Oil and Gas Companies Committee

This committee is responsible for recognizing the unique issues and concerns facing smaller ventures in the oil and gas industry. It creates COPAS rules, agendas, and different distributions important to assist companies with smaller staff follow industry standards, and hosts educational classes for the benefit of these companies.

Accredited Petroleum Accountant (APA)

In 1996, COPAS sent off the Accredited Petroleum Accountant program, a certification to ensure qualified accountants in the oil and gas industries. Initially comprising of eight information based exams, the system was refined in 2016 into a single exam that covered each part of the petroleum industry.

The APA certification is legitimate for one year, and must be recharged by meeting a required number of education hours. To qualify, the candidate must have a four-year degree with 12 credit hours in Accounting, as well as one year of experience in the oil and gas industry. Candidates can likewise qualify assuming that they have at least five years of work experience in the oil and gas industry.

Features

• COPAS was shaped in 1961, and has 26 member societies situated in the United States and Canada.
• The Council of Petroleum Accountants Societies (COPAS) is a non-professional organization that gives guidance on accounting issues in the oil and gas industry.
• COPAS likewise coordinates certification for Accredited Petroleum Accountants, an accounting qualification specifically tailored to the oil and natural gas industries.
• COPAS produces industry rules and standards for accounting at each stage of the petroleum industry, from exploration and drilling to delivery.

FAQ

The amount Does It Cost to Join the Council of Petroleum Accountants Societies?

COPAS comprises of 26 societies across Canada and the United States, every one of which has various requirements and fees for membership. It is likewise conceivable to turn into a limited member, without joining a participating society. A limited membership costs $25 for commencement, with a $130 annual renewal.

What Is the Benefit of Having an Accredited Petroleum Accountant (APA) Credential?

The Accredited Petroleum Accountant certification is an accounting qualification that is specific to the oil and gas industry. The APA exam centers around accounting for the costs associated with investigating, drilling, and conveying oil and gas, as well as the downstream costs of pipelines and transportation. This certification is valuable for accountants seeking employment in the oil and gas industry.

Could International Individuals and Companies at any point Join the Council of Petroleum Accountants Societies?

COPAS has just a single member society situated outside the United States, situated in Calgary, Alberta. All others are in the United States. In spite of the fact that it is workable for somebody outside those countries to turn into a limited member, it isn't clear if they could benefit, given the different international standards of the energy industry.