How COPAS Accounting Procedures Affect Non-Accountants

Law360, New York (November 18, 2013, 2:04 PM EST) -- The process of accounting for the shared expenses and revenues in oil and gas production, or joint interest accounting, is a specialized field. For many wells, it is governed by procedures drafted by the Commission of Petroleum Accountant Societies ("COPAS") which were most recently updated in 2005. Because these accounting procedures can significantly impact non-accounting matters, often in ways that may not be readily apparent and the amounts involved on even a single well can be millions of dollars, it’s important for even non-accountants in the...
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