acct-for-oil by Mind Merge, Inc.

acct-for-oil

This threeday course focuses on the accounting standards, corporate reporting and financial analyses that relate specifically to the oil and gas industry. This three‐day course focuses on the accounting standards, corporate reporting and financial analyses that relate specifically to the oil and gas industry. Both IFRS and US GAAP requirements will be considered. Case studies, financial reports, and financial disclosures from real‐world oil and gas companies will be used throughout the program to enhance and reinforce learning.

Course topics include: 1. Descriptions of • Financial accounting, • tax accounting, • contract accounting and • managerial accounting, The two broad methods used worldwide for O&G as well as all mining Accounting. • Introduction to O&G Accounting Standards practiced all over the world, with special emphasis on US GAAP and global convergence to International Accounting Standards.

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Apart from that, the session will briefly describe the different phases of operations in O&G upstream operations. Industry accounting practices in different countries (USA, UK, GCC, Australia, Canada, Indonesia, Nigeria, etc.) Contracts (Leases, concessions, production sharing contracts and risk service agreements) that influence Accounting Decisions. Short case studies/examples of each type of contract will be covered in this section. Successful Efforts (SE) accounting for pre‐license prospecting, non‐drilling exploration and license acquisition costs. Non drilling activities occurring during the exploration phase will also be briefly discussed. Successful Efforts (SE) accounting for exploratory drilling and appraisal costs. This section will also comprise description and evaluation of alternative treatments for appraisal costs. Successful Efforts (SE) accounting for the costs of development, including brief description of development activities ranging from building roads, staff housing and other infrastructure to drilling development wells and installing equipment to move oil/gas to storage, treatment or sales point. Successful Efforts (SE) accounting for depreciation, depletion and amortization (DD&A). Full Cost Accounting in O&G Upstream Operations. This section will also comprise arguments in favor of and against FC Method in O&G accounting. SE&FC Methods – Accounting for production costs and company evaluation Recognition of revenues, comprising royalties, joint operations, production sharing contracts, risk service agreements, etc. Accounting for asset impairments and future decommissioning and environmental costs. Practical examples and illustrative financial statements are used throughout the course.