Self-Study Video

Oil and Gas: Terminology, Impairments, Depletion, AROs and Derivatives (Self-Study Video)

1 Credits: Accounting


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Oil and Gas: Terminology, Impairments, Depletion, AROs and Derivatives (Self-Study Video)

Self-Study Video
Course Level
CPE Credits

1 Credits: Accounting

Course Description

This course is designed to demystify the unique accounting aspects of the oil and gas industry. Participants will benefit from an in-depth exploration of the industry, gaining a solid grasp of key terminology that is essential for understanding and managing industry-specific accounting issues. The course covers crucial topics like depletion, impairments, asset retirement obligations, and oil and gas derivatives, providing participants with a comprehensive understanding of these critical areas.

Participants will learn to proficiently handle the documentation for oil and gas production, a vital skill for accurate record-keeping and compliance. The course also includes detailed guidance on conducting impairment testing and using the unit of production method, ensuring participants can effectively manage these complex processes. Furthermore, participants will gain insights into the intricacies of asset retirement obligations and oil and gas derivatives, enhancing their ability to make informed decisions in these areas. This course is an invaluable resource for professionals looking to excel in oil and gas accounting, offering practical knowledge and skills that can be immediately applied in the workplace.

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Learning Objectives

Upon successful completion of this course, participants will be able to:

  • Recognize the various steps in the process of exploring for, developing, and producing on an oil and gas property.
  • Identify the different types of wells.
  • Identify the documentation used to record produced oil and gas
  • Describe the circumstances under which impairment testing should be conducted, as well as the rules for doing so.
  • Describe the calculation process for the unit of production method
  • Recognize the key characteristics of asset retirement obligations and oil and gas derivatives
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Course Specifics

Course ID
Revision Date
February 1, 2022


Advanced Preparation


Compliance Information

NASBA Provider Number: 103220

CMA Notice: Western CPE makes every attempt to maintain our CMA CPE library, to ensure a course meets your continuing education requirements please visit Insitute of Management Accountants (IMA)

CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board. CFP Professionals must take each course in it’s entirety, the CFP Board DOES NOT accept partial credits for courses.

Meet The Experts

Kelen Camehl Headshot

Kelen is a recognized author and reviewer of CPE courses and has authored over 120 courses (300+ CPE credit hours) covering a range of accounting, auditing, financial reporting, regulatory, and ethics topics.  His courses are available for purchase from many online CPE providers including the AICPA.  Kelen also remained involved in CPA exam content development for nearly 10 years and authored more than a thousand multiple choice questions for various sections of the CPA exam.  He also serves as an Editorial Advisor for the AICPA’s “Journal of Accountancy”. Kelen has nearly 20 years of progressive finance and accounting experience. He …

Steven M. Bragg, CPA, is a full-time book and course author who has written more than 300 business books and courses. He provides Western CPE with self-study courses in the areas of accounting and finance, with an emphasis on the practical application of accounting standards and management techniques. A sampling of his courses include the The New Controller Guidebook, The GAAP Guidebook, Accountants’ Guidebook, and Closing the Books: An Accountant’s Guide. He also manages the Accounting Best Practices podcast. Steven has been the CFO or controller of both public and private companies and has been a consulting manager with Ernst & Young and …