Fundamentals of JV Accounting in the Oil and Gas Industry

Course Code: OGC 4620

86 Course Visits

Course Sector:

Oil, Gas and Chemical

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Course Dates and Locations

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No.

Date

Days

Location

Fees

Enrollment

22 - 26 Sep 2025

5 Days

Dubai, UAE

$4,250

02 - 06 Nov 2025

5 Days

Muscat, Oman

$4,250

03 - 07 Nov 2025

5 Days

Antalya, Turkey

$4,950

Introduction

Training course introducion / brief

Joint Ventures (JVs) have become universal across major industries, particularly in the oil & gas sector, where they play a crucial role in corporate portfolios and address various developmental challenges. The diverse array of JV structures, encompassing formation and partner contributions, offers both advantages and drawbacks. JVs facilitate collaboration and risk-sharing, preserving corporate autonomy and circumventing the risks associated with mergers or acquisitions. Therefore, it's imperative for managers and employees in the Oil & Gas sector to grasp the fundamentals of JV accounting, enabling them to proficiently manage and evaluate joint venture accounts and enhance the organization's accounting capabilities.

This training course is designed to provide participants with the essential and key aspects of accounting and financing joint venture operations. It will cover significant financial accounting principles and standards, equipping participants with the knowledge to assess the impact of JV projects on company performance

Training Course Methodology

This course is designed to be interactive and participatory, and includes various learning tools to enable the participants to function effectively and efficiently. The course will use sessions, exercises, and case applications, and presentation about proven-by-practice methods, new insights and ideas about emotional intelligence and its effects in a corporate world.

Gain a comprehensive understanding of the various joint ventures, formations, and structures prevalent in the oil & gas sector.
Differentiate between accounting methods suitable for joint ventures.
Identify the key financial accounting principles and standards applicable to the industry.
Evaluate the diverse types of Joint Venture agreements and their accounting implications.
Utilize different techniques to ascertain its interest in a jointly controlled entity.
Implement the appropriate accounting treatments for costs in accordance with IFRS reporting standards.
Assess the impact of Significant Influence on financial reporting.

Process design
Unit Operator
Environmental
Process safety engineer
Gasoline blender engineer
Lab supervisor
Supply chain engineer
Distillates analyst
Models engineer
Chemical Operator
Chemical Plant Operator
Chemical Process Technician
Control Room Supervisor
Gas Plant Process Operator
Gas Production Operator
Gas Terminal Operations and Storage
Gathering Pipeline engineer
Oil Terminal / Storage engineer
Pipeline Maintenance / Equipment / Compliance / Repair
Pipeline Testing / Technician / Supervisor / Safety
Plant Equipment Operator
Plant Operations Technician
Plant Shutdown
Plant Supervisor
Power Distribution
Power Plant Manager
Process Supervisor
Refinery Operations Technician / Manager
Terminal Operator / Manager
Utilities Operator

OVERVIEW OF JOINT VENTURE IN THE OIL & GAS SECTOR

Identifying a Joint Venture in the Oil & Gas sector
Major Features and Characteristics of Joint Venture
Different types of Joint Venture
Partnership and Joint Venture
Joint Venture and Consignment
Advantages and disadvantages of a joint venture

FUNDAMENTALS OF ACCOUNTING IN JOINT VENTURE

Concept of accounting for Joint Venture
Characteristics of accounting for Joint Venture
Types of Accounting for Joint Venture
Jointly Controlled Operations
Jointly Controlled Assets
Jointly Controlled Entities
Accounting for Joint Ventures Journal Entries
Benefits & Limitations of Accounting for Joint Ventures

ACCOUNTING TREATMENT FOR JOINT VENTURE

What is the accounting treatment of joint ventures?
Record Joint Ventures Accounting Transactions
Methods which can keep joint venture accounts
When separate books are not kept?
When different books are kept?
Memorandum Joint Venture Account

THE EQUITY METHOD & PROPORTIONAL CONSOLIDATION OF JV ACCOUNTING

Equity Method of Accounting
Proportional Consolidation Method of Joint Venture Accounting
Determine if the equity method is applicable
Considerations for Investment Banking
Applying the equity method of accounting to a joint venture

CONTEMPORARY TRENDS IN JOINT VENTURE

Accounting of Tax Treatment
Revenue Recognition
IFRS 11 Joint Arrangements
Operator and Non-operator Contributors
Reporting of Expenditures
Accounting for Joint Venture Losses

Boost certificate of completion

BOOST's Professional Attendance Certificate “BPAC” is always given to the delegates after completing the training course, and depends on their attendance of the program at a rate of no less than 80%, besides their active participation and engagement during the program sessions.

ENDORSED EDUCATION PROVIDER

Flexible deadlines

Customized dates accordance to your schedule

Shareable Certificate

Earn certificate upon completion

COURSE METHODOLOGY

Our Training programs are implemented by combining the participants' academic knowledge and practical practice (30% theoretical / 70% practical activities).

At The end of the training program, Participants are involved in practical workshop to show their skills in applying what they were trained for. A detailed report is submitted to each participant and the training department in the organization on the results of the participant's performance and the return on training. Our programs focus on exercises, case studies, and individual and group presentations.

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TRAINING COURSE: Fundamentals of JV Accounting in the Oil and Gas Industry