Oil & Gas Accounting and Performance Measurement
Introduction
This training course ” Oil and Gas Accounting and Performance Measurement ” develops an essential understanding of Oil & Gas Exploration & Production (E&P) accounting, reporting and performance measurement issues and practices. It develops your ability to prepare, use and critically evaluate information on E&P activities, applying specialist industry knowledge and relevant analytical skills.
The course is designed to understand more about accounting and financial reporting practices in the upstream oil and gas industry.
Topics covered include the successful efforts and full cost methods of accounting, the classification of assets as tangible or intangible, the unit of production method for depreciation of capitalised costs, the testing for impairment of oil and gas assets, and accounting for removal and restoration of oil and gas facilities.
The main requirements of Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS) relevant to the Oil & Gas Exploration & Production industry are examined for each major phase in the field life cycle. The course is achieved through presentations, group discussions, worked examples, exercises and solutions and from published financial statements of companies.
Participants understand the role of the E&P Finance Department and developing awareness of issues, and preparing them for increased responsibility.
Course Objectives
By the end of this training course, participants will be able to:
- Develop understanding of the accounting standards and practices used by companies in the Oil & Gas Exploration & Production industry
- Appreciate the nature and financial implications of Production Sharing Contracts and other agreements between host governments and international companies
- Examine issues and guidelines in accounting for Joint Ventures
- Identify and know how to apply international and national accounting standards most relevant to the E&P industry
- Improve relevance and reliability of financial reports to better meet the needs of users
- Review and use publicly available information for benchmarking the business performance of companies in the E&P industry
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This training course will be held in ( Istanbul / Sharm El Sheikh / Malaysia / Dubai / Cairo / Alexandria / London / Austria / Amsterdam )
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