Financial Accounting, Reporting and Business Support in the Oil and Gas Industry Course

Accounting, Finance and Budgeting Training

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Financial Accounting, Reporting and Business Support in the Oil and Gas Industry Course

Course Overview:

The focus of the training course on Financial Accounting, Reporting and Business Support in Oil and Gas Sector is to prepare professionals in evaluating strategic issues in the oil and gas long term sector and the drivers which include financial, economic, and commercial aspects.

They will also be trained on the application of methods in financial accounting in measuring performance and reporting as well as helping in making decisions.

The course shall also include those accounting practices that are peculiar to the industry such as the application of the IFRS and IAS standards for accounting, cost accounting, accounting for revenues and management of assets. In addition, the training deals with risk management practices including hedging and contingence planning, Monte Carlo simulations, enhanced project controls, and performance reporting.

This course is appropriate for financial practitioners, project managers and oil and gas analysts aimed at providing participants with detailed knowledge of financial and operational aspect of the industry.

Course Objectives:

At the end of this Financial Accounting, Reporting, and Business Support in the Oil and Gas Industry Training course, participants will be able to:

Evaluate the long-term strategic issues facing the Oil and Gas industry
Analyze the financial, economic, and commercial drivers
Evaluate performance using key financial accounting methods and techniques
Deliver more timely and useful information to decision-makers
Improve project controls, measurement & performance reporting & overall corporate governance
Successfully build knowledge of the long-term strategic issues facing the Oil and Gas industry
Understand key financial accounting and reporting principles

Who Should Attend?

Financial Accounting, Reporting, and Business Support in the Oil and Gas Industry Training course is suitable for a wide range of professionals but will greatly benefit:

Accountants and Finance Professionals responsible for financial accounting, treasury, budget preparation, and management reporting
Process and Non-technical Professionals who require a more in-depth understanding of financial accounting reporting, project management, and forecasting techniques
Financial Planners and Cost Analysts
Line/Unit Heads with direct planning and budgeting responsibility
Account Personnel and Business Consultants

Course Outlines:

Oil and Gas Industry Overview & the Role of Accounting and Finance

The Nature of the Oil & Gas sector
Current & Future challenges within the sector – a question of Supply & Demand
The Role of the Finance Professional
Various financial reporting frameworks
Oil and Gas financial accounting and reporting principles

Oil and Gas Accounting Methods and Techniques

International Financial Reporting Standards (IFRS) & International Accounting Standards (IAS) relevant for oil and gas companies
Specific financial accounting treatment in the Oil and gas sector
Accounting for Costs – Acquisition; Exploration; Development & Production
Accounting for Assets - Asset Recognition; Depreciation Depletion and amortization and Asset Retirement
Accounting for Revenue

Partnerships and Understanding Financial Information