Oil and Gas Accounting and Performance Measurement
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Oil and Gas Accounting and Performance Measurement Course
Introduction:
Oil and Gas Accounting and Performance Measurement training course builds up a fundamental comprehension of Oil & Gas Exploration & Production (E&P) accounting, reporting and performance measurement issues and practices. It enhances your ability to prepare, utilize and critically evaluate information on E&P activities, applying specialist industry knowledge and relevant analytical skills.
Course Objectives:
At the end of the Oil and Gas Accounting and Performance Measurement training course, you will be able to:
- Develop comprehension of the accounting standards, policies and practices used by companies in the Oil & Gas Exploration & Production industry.
- Identify and know how to apply international and national accounting standards most relevant to the E&P industry.
- Recognize the nature and financial implications of Production Sharing Contracts and other agreements between host governments and international companies.
- Improve relevance and reliability of financial reports to better meet the needs of users
- Review and use publicly available information for benchmarking the business performance of companies in the E&P industry.
- Examine issues and guidelines in accounting for Joint Ventures.
Who Should Attend?
Oil and Gas Accounting and Performance Measurement training course, is ideal 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
- Government Regulators and Auditors
- Financial and Investment Analysts
Course Outlines:
The Oil & Gas and Petrochemical Sectors – Identifying the Issues affecting Accounting & Performance Measurement
- Latest Events in the Oil & Gas and Petrochemical Sectors - price volatility and supply & demand changes
- Managing the Macro-economic Factors, e.g. interest rates, exchange rates, oil prices
- Resources & Reserves
- Strategic Choices currently facing the Sector
- Capital Investment Issues
- Performance across the Sector
Major Accounting Issues in the Oil & Gas Sector and Petrochemical
- Revenue Recognition
- Costs in Acquisition, Exploration, Development and Production of New Oil or Natural Gas Reserves
- The Crack Spread – issues facing Refineries and Petrochemical companies
- Break Even Oil, Cost Oil & Profit Oil
- IFRS in Relation to the Oil & Gas Sector and Petrochemical Sector
- IFRS 6 Exploration & Evaluation of Mineral Assets
Accounting for Assets
- IAS 16: Property, Plant and Equipment
- Depletion, Depreciation & Amortization (“DD&A”)
- IAS 36: Impairment of Assets
- IAS 37: Provisions, Contingent Liabilities and Contingent Assets
- IAS 38: Intangible Assets
- IAS 39 & IFRS 9 Financial Instruments: Recognition and Measurement
Measuring Financial Performance
- Cross Sectional & Time Series Analysis
- Financial Analysis: Income Statements & The Statement of Financial Position (Balance Sheet) Analysis
- Cashflow Analysis and Its Importance in the Oil & Gas sector
- Dupont Analysis – Evaluating and Improving Return On Equity (ROE)
- Evaluation of Share Price and Investment Performance
- Evaluating the Financial Performance of Leading International Companies in the Sector
Measuring Operational & National / Government Efficiency and Performance
- Measuring Reserves – Life; Reserves per Well; Replacement Ratio etc. and The Impact for Refineries and Petrochemical Companies
- Finding; Development & Production Capability & Efficiency
- Evaluating the Operational Performance of Leading International Companies in the Sectors
- Earned Value Added Analysis of Projects
- Evaluating the Fiscal Budgets of Oil & Gas Producing Countries
- National / Government Measures of Efficiency & Performance
