Council of Petroleum Accountants Societies - COPAS
Categories: Accounting, Regulations
If there’s anything that America is good at, it’s setting up professional organizations that have absolutely zero power or statutory authority in their industries. But naturally, everyone wants to get in on the whole “credibility” thing.
Which brings us to the latest group of people who created a professional society just for the purposes of firing off thought leadership pieces in the middle of the night: Oil accountants.
Yes, oil accountants. The area of business that is somewhere on the list of authority figures between doll head tasters and the guys in charge of putting the spiral in landline telephone cords (used to be a thing). These guys created what is known as the Council of Petroleum Accountants Societies.
Founded in 1961, this group helps develop accounting practices for companies that explore and production. Its 3,500 members are part of 24 different societies in the U.S. and Canada, and consist of consulting firms, academics, and government agencies. They provide assistance in helping shape rules and regulations.