A new online energy accounting class for CPAs will be offered this fall through the University of Wyoming College of Business, according to an announcement from the University.

“Accounting in the Energy Sector” will be taught by UW Department of Accounting Assistant Professor Robson Glasscock. The class, for CPAs in need of continuing professional education, will count as 45 credits.

"Accounting in the Energy Sector" will look to prepare students and current CPAs for accounting or financial reporting jobs within energy and exploration companies.

“The course covers the full cost and successful efforts methods of accounting with an emphasis on the differences between the two,” Glasscock stated. “These methods are unique to companies in the oil and gas industry. The course also will introduce students to basic financial accounting and reporting issues related to energy producing activities.”

Students will investigate current accounting practices of energy-producing companies related to exploration, acquisition, development and delivery of energy products. The course also will cover financial requirements of the Financial Accounting Standards Board and the Securities and Exchange Commission. The goal is to provide students with the foundation necessary to work in the energy industry as a financial statement analyst, manager, auditor or accountant, Glasscock says.

The course will also look to:

  • Explain the various acquisition methods for mineral interests in property and the terminology commonly used in the energy industry.
  • Describe and demonstrate the accounting for non-drilling exploration costs, acquisition costs of unproved property, drilling and development costs for the successful efforts companies.
  • Compare and contrast all of the items listed above with the accounting rules for full cost companies.
  • Explain and illustrate the accounting treatment for production activities, inventories and asset retirement obligations.
  • Describe and demonstrate the financial statement disclosures required for oil and gas companies.

More information on the class can be found by contacting the UW Accounting Department at (307) 766-3136 or acctdept@uwyo.edu.

For more information on the University's College of Business, head to their site here.