Key Learning Objectives
- Obtain an overview of the key accounting frameworks that apply to the oil and gas industry
- Identify key accounting standards applicable to the oil and gas industry
- Gain insights into the relationship between international and Australian accounting standards
- Understand how key transactions are accounted for
- Develop an appreciation of the disclosure requirements of the accounting standards
About the Course
This course is a useful summary and update of what you need to know in terms of accounting. The course will review recent changes in accounting standards, and detail how these standards and changes might affect company accounts.
If there are no recent changes applicable for the course at the time of it being scheduled, the course will discuss future developments and detail some of the more complex/contentious reporting standards that affect the petroleum industry. It will also work through some detailed cases/problems.
Given the course is only one day, the goal will be to focus on a few key issues and go into a good amount of depth with each issue.
- Laptops are required
- Calculators are required
Who Will Benefit
- Financial accountants in oil and gas
- CFOs in oil and gas
- Those who prepare annual financial reports, budget documents in oil and gas companies
- Auditing companies, and accounting firms who specialise in oil and gas
- Staff in legal firms specialising in oil and gas audit work
“The instructor was inspirational, warm and built rapport with participants immediately and throughout the course. I learnt how to structure my communication in a succinct, clear and influencing way”
Senior Brand Manager, McDonalds Australia
This session will provide a brief summary of the role of a financial accountant in the oil and gas industry, along with a summary of key issues that the industry faces.
EXAMINING ANNUAL REPORTS
This session will provide a review of a select variety of annual reports. They have been specifically selected to illustrate what is good and bad practice. This will enable participants to take lessons back to their workplace
RESOURCES VS RESERVES
This will detail the difference between resources and reserves, how the differences are calculated and what they mean in a commercial sense. It will illustrate how the standards were developed, and how they are adhered to across the globe. Once this is understood, then the instructor will illustrate their significance in financial accounting and the interpretation of a company and project’s worth
ACCOUNTING STANDARDS SPECIFIC TO OIL AND GAS
- What they are
- COPAS and SOAP
- Australian Standards
- How to determine what standards to apply
- How to apply the standards to your statutory reporting frameworks
- Examples of key standards, DD&A, decommissioning, impairment and
ACCOUNTING FOR SALES REVENUE
- Industry best practices
- Relevant standards
ACCOUNTING FOR FINANCING ARRANGEMENTS
- Project finance
- Structured finance
- Corporate finance
On-site & in-house training
Deliver this course how you want, where you want, when you want – and save up to 40%! 8+ employees seeking training on the same topic?
Talk to us about an on-site/in-house & customised solution.