Joint Venture Accounting and IFRS for the Oil & Gas Industry 2015

12 November 2013 - 14 November 2013
Manila, Phillippines

In-House Training

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Course Introduction

The complexity of the oil and gas industries frequently results in projects being undertaken by joint ventures, alliances and other strategic groupings. Forming a successful alliance, whatever its format, is a complex process requiring a high degree of experience and expertise. This course explains the nature and form of joint ventures and summarises the requirements of IAS 31 and IFRS11 Interests in Joint Ventures and the relevant requirements under IFRS and US GAAP.

This 5-day training course also covers a number of issues regarding the relationships between operators and non-operators in joint ventures, the financing of joint venture operations and the reporting of joint costs. Our expert instructors also describe internal accounting for the costs and revenues from joint operations from the individual participant’s point-of-view.

By attending this training course, you will gain the following

Understand and know how to apply a series of major financial accounting principles and standards that are particularly relevant to upstream oil and gas activities
Master essential knowledge of standards and frameworks in the IFRS relevant to oil & gas joint venture activites
Demonstrate proficiency and understanding of the key ideas and concepts of Joint Venture accounting.
Understand differences between IFRS and US GAAP in Joint Venture accounting.
Understand the different types of Joint Venture agreements found worldwide and the accounting implications of each.
Understand the different methods of Joint Venture asset accounting; full cost and successful efforts including acquisitions, DD&A, transfers, impairments, and asset retirement obligations.
Understand accounting issues related specifically to joint interests.
Understand revenue allocations under different types of agreements, as well as issues of overlift/underlift.
Understand accounting for interest conveyances including carried interests, unitizations and equalizations.
Read and interpret supplemental disclosures of upstream companies.

Key Topics Covered

Characteristic Features of the Oil and Gas Industry
Overview of the Accounting policies for oil upstream Oil and Gas business
Scale of operations
Nature and timing of cash flows
Risks analysis and management
Determination of success
Understanding a joint-venture (JV) agreement and Reasons Why Oil and Gas Companies Participate in Them
Typical Provisions of Joint Venture Agreements
What a JV agreement states about accounting?
Understanding JV billings - how to process a JV billing statement
IAS 31 and IFRS11 Interests in Joint Ventures
The IFRS ad US GAAP Requirements Regarding Joint Ventures
Accounting for Conveyances Between Joint Venturers
Accounting for farm in and farm out
Relationship Between Operator and Non-operator Participants
The Financing of Joint Ventures – Billing Statements and Cash Flow Reporting
Reporting of Expenditures
Budgets and Approvals
Cost Allocation Methods and Issues
Revenue Recognition Relating to Over and Under-lifting
Unitisations and Adjustment of Interests
Accounting issues and payments related to joint venture operations
Accounting for Production Sharing Agreements
Overview of the IASB Joint Arrangements Exposure Draft
Audits

This Training Course is Specially Designed For

This program will be of most benefit to energy industry professionals who are currently working in the accounts department of the oil and gas industry or require additional knowledge in Joint Venture Accounting in the Oil and Gas industry.

Accounting Executive/Managers
Financial Reporting Managers
Financial Executives / Managers / Controllers/Directors
Budgeting Officers/Executives/Managers
Cost Controllers, Executive & Managers
Auditors/Auditing Managers
Treasurers/Managers
Taxation & Reporting Executives/Managers
JV/Production Sharing Executives/Managers/Advisors
Business/Investment Analysts & Managers
Asset Officers/Mangers
Economists
Regulatory Compliance Officers
Business Development Executives & Managers
Commercial Analysts, Executives & Managers

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Cash Back

Terms & Conditions Apply

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Speaker Opportunities

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