Oil & Gas Industry Awareness

Oil & Gas Accounting

Who should attend?

• Accountants, bookkeepers and finance managers in the Oil and Gas sector who need to understand the specific accounting and finance practices of the sector on an international level.

Objectives

• Identify key financial and accounting challenges facing companies in the oil and gas industry
• Establish the requirements for financial statement presentations and disclosures (Statement of recommended practice, IFRS, Sarbannes Oxley)
• Explain the different methods of accounting
• How to use accounts to improve performance and operational effectiveness

Course Content

What is different about oil & gas accounting

• The financial and accounting challenges
• The format of accounts
• Accounting policy requirements

Reporting and regulatory requirements

• IFRS – International Financial Reporting Standards
• Sarbannes Oxley

Two methods of accounting

• Successful efforts (SE) method
• Full cost method
• The implications of each
• How each method affects income statements, statement of assets, depreciation/amortisation and cash flow statements.

Statement of Recommended Practice (SORP)

• Examples of recommended practice.
• Using accounts to improve performance and operational effectiveness.
• Identifying and managing financial risk
• The challenge of operational and financial sustainability.

Putting it together

«  Practical instructor facilitated half-day session to develop accounting plans specific to client organization utilising the learning from the seminar.