The Fundamentals and Advanced Issues in Oil and Gas Accounting

by Golden Masters for Training & Consultancy

This seminar, in the first two days, discusses the diverse accounting practices among companies in the worldwide extractive industry (oil and gas and mining) and equips delegates with fundamental but fully updated accounting principles for O

AED 17000

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Duration

5 days

Course Details

Course Description:

Finance and accounting in the oil and gas industry proves to be challenging with the constant changes from within the field. This is further established with its extremely high levels of speculative investment with absolutely no guarantee of a successful return. It is characterized by lengthy time periods between the initial investment and any returns and it attracts many regulatory accounting rules and standards.

The next three days will deal with advanced accounting issues on Oil and Gas operations. You will leave with a clear understanding of current international practices in finance and accounting within the international energy industry.

This is achieved through the analysis of accounting standards, financial statements, and the discussion of financial management implications of exploring/producing oil and gas. Gaining an understanding of accounting and financial statements and practices will also allow your company to trace your competitor’s actions and make strategic decisions competitively.

This training course will allow you to keep abreast with current knowledge of finance and accounting to achieve strategic planning and decision-making; which will boost your ability to survive and profit in the rapidly changing Oil and Gas industry.

Course Objective:

- Understanding the major accounting methods for oil and gas operations

- Practical corporate analysis

- Seeing better the role of finance and accounting in an Oil and Gas organisation

- An appreciation of financial reporting policies and practices applicable in Oil and Gas Industries

- An understanding of the requirements of International Financial Reporting Standards (including International Accounting Standards) relevant to Oil and Gas Industries

- An understanding of analysis of your company’s performance and how to compare the business performance of your company with the business performance of others in the industry

Course Certificate:

Masters Consultant certificate will be issued to all attendees completing minimum of 75% of the total tuition hours of the course.

OUTLINE:

- Overview of the industry & Introduction to Oil and Gas Accounting

- Oil and Gas accounting terminology

- Introduction to Oil and Gas Accounting: Accounting concepts and historical cost accounting methods

- Financial reporting standards and generally accepted accounting principles

- Acquisition of proved & unproved properties – under Successful-effort Accounting method

- Exploration costs – under Successful-effort Accounting method

- Development costs – under Successful-effort Accounting method

- Proved property cost disposition - under Successful-effort Accounting method

- Depletion and impairment and abandonment – under Successful-effort Accounting method

- Disposition of capitalized costs and Accounting for Cost Recovery

- Abandonment of Properties

- Accounting for Revenue

- Accounting for Cost Recovery

- Joint Interest Accounting

- Analysis of Oil and Gas Companies’ Financial Statements

- And much more

Masters Training Company was established in response to the growing need for quality training to support the business community within your Company, Department or Organization by providing a high standard of Training Programs, Courses, Seminars, Workshops and Consultancy Services to employees in a very competitive business environment.

Following the latest trends and ideas in Technology and Management techniques, and with its in-depth knowledge of the business environment, Masters Training Company is able to meet the special requirements of both local and international business throughout the Middle East. Masters Training & Consulting is an independent multinational firm with more than 25 years of experience in helping regional organizations develop their human capital in all fields of management.

Since 1990, we have been entrusted by our clients to provide the most reliable training and consulting products and services in the region. Our innovative and diversified range of training programs and consulting services are designed and delivered by an ever-growing team of full time multilingual consultants experienced in providing solutions relevant to this part of the world and applicable to today’s business challenges.

We pride ourselves on our track record in this regard and on our long-standing relationships with our clients, many of whom have been with us since we started business.

Our public training programs have attracted more than 300,000 participants from almost 3,000 organizations many of whom also entrust us with their needs for bespoke in-company programs. Our client base is steadily growing and so is our commitment to remain the regional leaders in the fields of training and consulting.

Masters is also an approved vendor from KHDA & ILM

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Sheikh Zayed Road Branch

Kherbash Tower, Office # 1803 & 1804, Sheikh Zayed Road, Dubai

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The Fundamentals and Advanced Issues in Oil and Gas Accounting

Contact the Institutes

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2 Reviews

0

Submit Your Course Review (For Enrolled Students Only)

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