Seminar Overview
SAA & CONSULTING course aims to develop an essential understanding of oil & gas accounting, reporting and performance measurement issues and practices, through developing your ability to prepare, use and critically evaluate information on Upstream, Midstream & Downstream Oil & Gas activities, applying specialist industry knowledge and relevant analytical skills.
Seminar Objective
Specifically you will learn to:
- Develop an understanding of the accounting standards, policies and practices used by companies in the Oil & Gas 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 industry
- Improve relevance and reliability of financial reports to better meet the needs of users
Designed for
All individuals who have a basic understanding of accounting, and want to learn more about accounting and financial reporting policies and practices in the Oil & Gas and Petrochemical industry (upstream, midstream & downstream).
In particular, will be suitable for:
- Corporate Accountants, Financial Controllers, Treasury Officers, Management Accountants
- Finance Staff in General Accounting, Payables, Receivables, Inventory, Fixed Assets, etc.
- Joint Venture Accountants and Auditors
- External, Financial and Internal Auditors
- Financial and Investment Analysts
Seminar Outline
- The Latest Accounting Issues facing the Oil & Gas and Petrochemical Industry (upstream, midstream & downstream)
- The Impact of Commodity Prices, Currency & Interest Rate Fluctuations and Political and Environmental Developments
- An Overview of IFRS in relation to the Oil & Gas Industry, e.g.
- IAS 16: Property, Plant and Equipment and Depletion, Depreciation & Amortisation ( 'DD&A ')
- IAS 36: Impairment of Assets
- IFRS 6: Exploration for and Evaluation of Mineral Assets and the Accounting Approaches
- IFRS 9 Financial Instruments
- Break Even Oil, Cost Oil & Profit Oil
- The Use of Derivatives in the Oil & Gas & Petrochemical Sector to Manage the Commodity, Currency and Interest-rate Risks, etc.
- Creative Accounting
- Corporate Governance
- External Auditing - reporting to investors
- Internal Auditing - Defining and Developing the Internal Audit Process
