Oil and Gas Financial Accounting and Reporting Training Course

Why select the training course?

Finance accounting and reporting are a severe concern for many national and international organizations. This is especially so in the Oil and Gas sector, where stakeholders cut across different demography.

What are financial reporting requirements?

To regulate how the finances of major firms and organizations are managed, there are international standards that must be met. These financial reporting requirements are internationally accepted standards and policies that determine how information is provided to stakeholders. These requirements will enable the stakeholders to make informed decisions regarding their vested interests in the sector. These financial reporting requirements and more regulations involved in Oil and Gas Financial Accounting and Reporting will be explained in this training course by Rcademy.

What is the difference between financial reporting and financial statements?

Financial reporting and financial statements are interrelated concepts with significant differences. Many people are confused about the intersection between the two images, but Oil and Gas financial accountants are expected to know better. Financial reporting provides information to stakeholders to make informed decisions, while a financial statement results from financial reporting.

Both financial reporting and financial statements are essential in administering the finances of an Oil and Gas firm. Companies hire professional financial accountants who specialize in the Oil and Gas sector to ensure that the duties are carried out efficiently. After taking Rcademy’s Oil and Gas Financial Accounting and Reporting training course, you will be prepared for this opportunity.

The Oil and Gas Financial Accounting and Reporting Training Course by Rcademy is an exciting course for those who do not have experience working as an oil and gas accountant. This course will expose you to how assets and liabilities relating to Oil and Gas are calculated and utilized efficiently. This course has been simplified, covering all you need to know to work as an oil and gas accountant.

Who should attend?

This Oil and Gas Financial Accounting and Reporting Training Course by Rcademy is great for anyone interested in petrochemical accounting and reporting. Thus, here are some of the people who should attend the course:

• Accountants and finance professionals in charge of financial accounting and management reporting
• Account personnel and business consultants
• Internal and external auditors of Oil and Gas companies operating under IFRS
• Financial planners and cost analysts
• Line and unit heads with direct planning and budgeting roles
• Process and non-technical professionals who need a deep understanding of financial accounting, reporting, forecasting, and project management skills

What are the course objectives?

The Oil and Gas Financial Accounting and Reporting Training Course by Rcademy aims to improve the professional know-how of its target students. Therefore, it aims to help participants:

• Acquire relevant skills to succeed as finance professionals in the Oil and Gas industry
• Differentiate the forms of accounting common in the Oil and Gas sectors
• Improve project controls, measurements and performance reporting, and corporate governance, amongst others.
• Understand and analyze financial reports and Oil & Gas ratios
• Know the financial, economic, and commercial drivers of the industry
• Understand how accounting decisions affect earnings, cash flows, and operation decisions
• Study the issues facing the Oil and Gas industry and plan accordingly
• Evaluate performance using primary financial accounting methods and techniques
• Know the accounting treatments of joint ventures and associated contracts
• Deliver timely and valuable information to decision-makers

How will the course be presented?

The Oil and Gas Financial Accounting and Reporting training course by Rcademy is designed to be participant-centered. Due to this approach, the teaching methods and all the steps in the process are oriented towards making participants gain the most out of the course. The topics cover everything you need to know about Oil and Gas financial accounting and reporting.

Professionals with significant experience in research, teaching, and contributing to their areas of specialization teach these topics. During the program, each participant will be required to finish the tasks in each topic and gradually accrue value from the course. At the end of the course, every successful participant will receive certificates to prove their qualification.

What are the topics covered in this course?

Module 1: Introduction to Financial Accounting in the Oil and Gas Sector

• Understanding the nature and features of the Oil and Gas sector
• Issues facing the Oil and Gas industry
• Principles guiding Oil and Gas financial accounting and reporting
• Reserves and resources
• The roles of various finance professionals

Module 2: Techniques of Accounting in the Oil and Gas Sector

• International Accounting Standards for Oil and Gas Companies
• Accounting Techniques in Oil and Gas
• Accounting for revenue
• Accounting for assets
• Accounting for costs

Module 3: Financial Information in the Oil and Gas Sector

• Financial statements
• International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP) Differences
• Joint ventures and product-sharing agreements
• Ratio analysis and interpretation
• Profitability of Oil and Gas companies

Module 4: Performance Measurement and Improving Efficiency

• Understanding financial analysis
• Analyzing capital investment using different financial indicators: Payback, IRR, ARR, NPV
• Comparative analysis and benchmarking
• Evaluation of assets and reserves of Oil & Gas companies

Module 5: Risk Management and Auditing

• Understanding the risks in the Oil and Gas sector
• Risk assessment
• Compliance and legal requirements
• The Roles of the Board and the audit committee
• Efficient planning, stability, and growth

Module 6: Reserves, Production, and Cost of Sales

• Classification of Oil and Gas reserves
• Production costs – lifting, maintenance, royalties
• Depreciation, depletion, and amortization (DD&A)
• Ceiling or Impairment Tests
• Decommissioning, removal, and restoration

Module 7: Taxation of Oil and Gas

• Taxes applicable to the Oil and Gas industry
• Legal Framework for the Taxation of the Oil and Gas Industry
• Institutional Framework for the Taxation of the Oil and Gas Industry
• Differences between revenue-based taxes and income-based taxes
• Accounting for and presenting revenue-based taxes
• Accounting for taxation under IAS 12

Module 8: Accounting for Acquisitions, Asset Exchanges, and Conveyances

• Types of acquisition, exchange, and conveyances in the Oil and Gas sector
• Asset acquisitions from business combinations and their impact on accounting
• Measuring goodwill arising from business combinations
• Asset exchanges involving cash consideration and disposals of properties
• Asset exchanges in the exploration phase, the relevance of GAAP in an IFRS system
• Pooling of interests, unitisation, and farm-in, and farm-out arrangements
• A comparison of GAAP treatments to IFRS emerging treatments

Module 9: Performance Metrics

• Common metrics used by analysts
• A Review of the metrics
• Computing the metrics through the published property, reserves, and operational information

Module 10: Revenue Recognition

• Overview of Revenue Recognition
• Comparison of Oil and Gas revenue recognition treatments under the old and new reporting standards