The Institute of Petroleum Accounting was created in 1980 to accomplish three principal objectives:
- To research and encourage others to carry out research in accounting, finance, taxation and economic problems of the extractive industries.
- To disseminate information about research activities of the Institute and about current developments in the extractive industries through the Petroleum Accounting and Financial Management Journal
- To encourage universities and colleges to become actively involved in educational programs related to the extractive industries.
Through its position within the university community, the Institute has access to research that directly impinges upon the accounting, finance, tax, and economics issues facing the petroleum industry today. The Institute's ties to professional accountants, financial managers, and executives within the extractive industries enable it to stay abreast of the concerns that industry professionals contend with on a day-to-day basis. From the beginning, the Institute has enjoyed a strong relationship with the oil and gas industry to the mutual benefit of both. The Institute is the conduit through which academic research in the oil and gas industry reaches the working professional.