Financial Accounting, Reporting and Business Support in the Oil and Gas Industry
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Financial Accounting, Reporting and Business Support in the Oil and Gas Industry Course
Introduction:
Financial Accounting, Reporting, and Business Support in the Oil and Gas Industry Training course provides you with the latest financial knowledge and skills, through the evaluation of strategic issues and challenges facing the industry.
It explores the internationally accepted accounting methods and techniques used in the Oil & Gas sector to report costs, asset values, and profit as well as techniques of financial evaluations. You will also examine the latest risk management techniques, enabling you to manage and control oil price, exchange rate, and interest rate volatility using derivatives.
In addition, we will explore project management techniques in this exciting course designed to develop and enhance your skills and knowledge of this unique industry.
You will explore the issues relating to governance risk and assurance, budgeting forecasts, cost estimation, capital contracting and procurement, earned value management, and measuring and reporting financial performance for effective decision-making.
This course provides delegates with key financial accounting and reporting awareness and forecasting and estimation skills, that are essential in managing and controlling Oil and Gas projects in times of increasing uncertainty and complexity.
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 & Gas sector
- Accounting for Costs – Acquisition; Exploration; Development & Production
- Accounting for Assets - Asset Recognition; Depreciation Depletion & Amortization and Asset Retirement
- Accounting for Revenue
Partnerships and Understanding Financial Information
- Joint Ventures and Product Sharing Agreements
- Financial Performance, Position, and Cash Flow Statements
- Ratio Analysis and Interpretation
- Analyzing and Interpreting ‘Energy Specific’ Ratios
- Comparative Analysis & Benchmarking
Risk Management
- Understand the Market and Risks
- Importance and Application of Risk Management
- Hedging using Derivatives
- Developing and Managing Contingencies
- Probabilistic Methodology using Monte Carlo Simulation
Capital Contracting and Project Performance and Reporting
- Identify The Business Needs & Developing, Measuring, And Reporting KPIs
- Project Lifecycle and Project Planning/Management
- Probabilistic Methodology Using Monte Carlo Simulation
- Developing and Challenging A Cost Estimate
- Earned Value Management for Oil And Gas
