Oil & Gas Industry Awareness

Monday, 29 October 2018 1:00 PM - Thursday, 01 November 2018 5:00 PM [AST]

Behind Rotana Hotel, Erbil, Erbil, 44001, Iraq

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Monday, 29 October 2018 1:00 PM - Thursday, 01 November 2018 5:00 PM [AST]

Life Support Team Building, Behind Rotana Hotel, Erbil, Erbil, 44001, Iraq.

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.

Cancellation policy

Cancellation up to three weeks before the event start date is allowed without penalty. After 3 weeks before the event a cancellation fee of $500 is applied. If cancellation is within a week of the event we are sorry but no refund is allowed. Substitutions are allowed at any time (someone else may take your seat). For no-shows there is no refund.

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