Accounting for JV's and PSCs
26-30 Jul 2021
15:00 Singapore time
19-23 Jul 2021
09:00 London time
16-20 Aug 2021
09:00 Houston time
This course is aimed at accounting professionals wishing to deepen their knowledge of IFRS accounting in the upstream oil and gas sector with a particular emphasis on the issues posed when operating production sharing contracts with joint venture partners. It considers in detail the accounting practices that have developed in relation to successful efforts methods in the core areas of exploration, development and production and joint venture accounting under national accounting practices such as US GAAP before considering the interpretation and application of relevant IFRS. We will also consider alternative accounting treatments such as full cost capitalisation in so far as permitted by IFRS.
What will you learn?
- Determine appropriate accounting policies consistent with IFRS, in particular those to be applied during exploration consistent with IFRS 6 and in development and production.
- Apply accepted capitalisation rules and depreciation methods within E&P, considering the impact at the project level.
- Account for the impact of asset impairments.
- Analyse the financial consequences of production sharing agreements on economics and reserves.
- Describe the main clauses contained with joint operating agreements and production sharing contracts.
- Apply the accounting procedures set out in joint operating agreements and production sharing contacts
- Identify differences in accounting treatments of costs for IFRS reporting and cost recovery purposes and identify commons sources of disputes.
- Analyse and interpret the result of E&P businesses including the use of accepted oil and gas reserves-based ratios.
- Contrast and compare the commonly found accounting treatments in the industry under both IFRS and US GAAP frameworks.
Who should attend?
This course is for accountants working within the E&P sector of oil and gas businesses which have or will be adopting IFRS. In particular the course is aimed at those businesses involved in production sharing contracts.
Questions about the course?
Why don't you schedule a free Microsoft Teams meeting with one of our advisors at your convenient time?
Meet your trainer
Alan is an accounting and finance professional with over thirty years’ experience. For the past twenty two years Alan has specialised in consulting and the delivery of in-house and public training, delivering programmes in financial reporting, financial management and analysis of financial information with a focus on upstream oil and gas.
His experience includes delivery and development of in-house training programmes in IFRS for oil and gas for BP, Eni, Kogas, Gazprom, Petronas, Nigerian LNG, Mubadala and Ugandan Revenue Service and has run numerous public courses in the Far East, Middle East, Africa and Europe in financial reporting for oil and gas for a wide range of international and national oil companies and public regulators.
Due to the global pandemic all our courses are now delivered virtually using MS Teams & Zoom platforms
All our classroom sessions are suspended due to the global pandemic. We will resume our classroom style delivery once the pandemic is over and travel restrictions lifted
All our courses are available In-House and can be tailored to your specific needs. If you are interested in having this course In-House either in your office or in any location of your choice, please complete the form below and one of our advisors will be in touch with you shortly.
Do you have ten or more people interested in attending this course? Do you want to tailor it to meet your company’s exact requirements? If you’d like to do either of these, we can bring this course to your company’s office. You could even save up to 50% on the cost of sending delegates to a public course and dramatically increase your ROI.
If you want to run this course at a location convenient to you or if you want a completely customised learning solution, we can help.
We produce learning solutions that are completely unique to your business. We’ll guide you through the whole process, from the initial consultancy to evaluating the success of the full learning experience. Our learning specialists ensure you get the maximum return on your training investment
Questions about the course?
Why don't you schedule a free Microsoft Teams meeting with one of our advisors?
Restrict your travel not your training
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