Eurotech Training Consultancy Recruitment Fadi Jawad

Petroleum Finance and Accounting Principle

Petroleum Finance and Accounting Principle

Petroleum Finance and  Accounting Principles

 

OBJECTIVES

  • Apply basic concepts and terminology for accounting and finance in oil and gas
  • Create accounting statements, from data accumulation to audited financial statements
  • Distinguish between different financial statements and their roles
  • Distinguish between financial, managerial, and contract accounting
  • Recognize the different oil and gas accounting methods
  • Determine the difference between profits and cash flow
  • Apply capitalization rules and depreciation methods
  • Recognize accounting treatments of joint ventures such as Production Sharing Agreements
  • Evaluate a ceiling-test
  • Read and interpret those confusing footnotes
  • Read and use the disclosures for oil and gas companies
  • Recognize how accounting decisions can affect earnings, cash flows and operational decisions
  • Understand Sarbanes-Oxley requirements and how they affect you
  • Calculate, understand and analyze financial reports and ratios

WHO SHOULD ATTEND?

Personnel new to the oil and gas accounting industry, others desiring to understand or refresh their knowledge of basic petroleum accounting concepts, other financial personnel needing to understand unique issues as they relate to the petroleum industry and technical people looking for the basic concepts of accounting and finance. Participants are encouraged to bring their company’s financial reports.

COURSE OUTLINE

  • Getting started: Financial terms and definitions, the language of business; Accounting rules, standards and policies
  • Constructing the basic financial statements
  • Classifying assets and liabilities
  • Comparing different accounting elements
  • Accounting for joint operations
  • Sarbanes – Oxley: What compliance means for all personnel; internal controls
  • Accounting and reporting
  • The latest issues: The role of International Financial Reporting Standards (IFRS) in today’s environment, IFRS 6; COPAS and SORP involvement; intangible drilling costs and their treatment; minority investments, Present Value 10 construction; Standardized Measure of Oil and Gas (SMOG) disclosures (FAS 69 and FRS 3)
  • Comparative Analysis of Financial Statements: Analyzing the financial statements, common sizing; rate of change; basic ratios; oil and gas industry standards; trends over time

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