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Course Code: FNBN 2736
15 Course Visits
Oil & Gas Accounting & Reporting
Course Sector:
Finance, Accounting and Banking
Course Dates and Locations
Choose a date and location to book your seat
No.
Date
Days
Location
Fees
Enrollment
01
5 Days
London, UK $4,950
02
5 Days
Dubai, UAE $4,250
03
5 Days
Riyadh, KSA $4,250
04
5 Days
Abu Dhabi, UAE $4,250
Introduction
Training course introducion / brief
Oil & Gas Accounting
Oil and gas accounting is a specialized field that requires a deep understanding of industry-specific financial reporting standards, cost structures, and regulatory compliance. Given the capital-intensive nature of the sector, proper accounting and reporting are crucial for accurate financial decision-making, investment evaluation, and regulatory compliance. Companies must account for various stages of operations—exploration, development, production, and decommissioning—while adhering to financial reporting standards such as IFRS and US GAAP. In addition, revenue recognition, reserves valuation, joint venture accounting, and asset impairment are critical areas that impact financial performance.
This course provides a comprehensive overview of oil and gas accounting and reporting principles, equipping participants with practical skills to manage financial transactions and prepare accurate financial statements. Over five days, attendees will explore key topics such as revenue recognition, cost accounting, financial disclosures, and taxation. The training includes case studies, hands-on exercises, and real-world financial reporting examples to reinforce learning. By the end of the program, participants will have the expertise to navigate financial reporting complexities, ensure compliance, and contribute to informed financial management in the oil and gas industry.
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 the topic and its effects in a corporate world.
Course Objectives
At the end of the training course, participants will be able to
- Understand the unique accounting principles and financial reporting standards specific to the oil and gas industry, including IFRS and US GAAP.
- Apply key accounting treatments for exploration, development, production, and abandonment activities.
- Analyze financial statements of oil and gas companies, interpreting key performance indicators and financial metrics.
- Ensure compliance with industry regulations, taxation frameworks, and financial disclosure requirements.
- Utilize financial reporting techniques to enhance transparency, manage risks, and support strategic decision-making.
Course Audience
Who is this course for, and can benefit the most
coming soon
Course Outline
The course aims and learning outcomes
Fundamentals of Oil & Gas Accounting
- Overview of financial accounting principles in the oil and gas industry
- IFRS vs. US GAAP accounting standards for oil and gas operations
- Key financial statements: Balance sheet, income statement, and cash flow statement
- Cost classification: Capital expenditures (CAPEX) vs. operating expenditures (OPEX)
- Accounting for exploration, development, and production activities
- Depreciation, depletion, and amortization (DD&A) methods
- Case study: Financial statement analysis of an oil and gas company
Revenue Recognition and Cost Accounting
- Revenue recognition principles under IFRS 15 and ASC 606
- Production sharing contracts (PSCs) and their impact on financial reporting
- Accounting for royalties, bonuses, and government take
- Direct and indirect cost allocation in upstream, midstream, and downstream operations
- Joint venture accounting and cost-sharing agreements
- Inventory accounting for crude oil, refined products, and materials
- Exercise: Calculating revenue and cost allocation in different contractual arrangements
Financial Reporting and Disclosure Requirements
- Financial disclosure requirements under IFRS and SEC regulations
- Asset impairment testing: Indicators, calculation, and accounting treatment
- Reserve reporting and valuation: Proved, probable, and possible reserves
- Decommissioning, asset retirement obligations (ARO), and environmental liabilities
- Lease accounting under IFRS 16: Treatment of oil and gas leases
- Hedging and derivatives accounting in oil and gas risk management
- Case study: Analyzing financial disclosures of major oil and gas companies
Taxation, Compliance, and Regulatory Reporting
- Overview of tax structures in the oil and gas industry
- Deferred tax accounting and tax provision calculations
- Withholding tax, VAT, and other indirect tax considerations
- Reporting requirements for international oil and gas operations
- Compliance with energy sector regulations and corporate governance
- ESG (Environmental, Social, and Governance) reporting and sustainability accounting
- Practical exercise: Tax accounting and compliance case study
Advanced Accounting Techniques and Financial Decision-Making
- Accounting for mergers, acquisitions, and divestitures in oil and gas
- Risk management and financial controls in oil and gas accounting
- Forecasting and budgeting techniques for oil and gas companies
- Financial performance indicators and benchmarking analysis
- Digital transformation in oil and gas accounting: AI and automation trends
- Integrated financial modeling for investment evaluation and decision-making
Providers and Associations
Providing the best training services and benefits to our valued clients
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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