An Intensive 5-Day Training Course
Fundamentals of Joint Venture Accounting
in the Oil and Gas Industry
Improve your Way & Knowledge in Joint Venture Accounting
Scheduled Dates
27 Nov - 01 Dec 2023 | Singapore | $5,950 |
04 - 08 Dec 2023 | London - UK | $5,950 |
22 - 26 Jan 2024 | Dubai - UAE | $5,950 |
08 - 12 Jul 2024 | Singapore | $5,950 |
19 - 23 Aug 2024 | Dubai - UAE | $5,950 |
25 - 29 Nov 2024 | Singapore | $5,950 |
02 - 06 Dec 2024 | Dubai - UAE | $5,950 |
Why Choose this Training Course?
Why Choose this Training Course?
This PetroKnowledge Joint Venture Accounting training course is designed to develop the essential skills necessary to prepare and evaluate joint venture accounts and to improve the organization’s account function. Our course is aimed at accounting professionals wishing to deepen their knowledge of the accounting procedures applied to joint venture.
This PetroKnowledge training course also covers several issues regarding the relationships between operators and non-operators in joint ventures, the financing of joint venture operations and the reporting of joint costs.
This is an intensive and highly practical Fundamentals of Joint Venture Accounting in the Oil and Gas Industry training program concentrating on aspects of accounting that are unique to this industry. As well It will enable you to know how to apply a series of major financial accounting principles and standards that are particularly relevant to upstream oil and gas activities.
What are the Goals?
What are the Goals?
By the end of this Fundamentals of Joint Venture Accounting in the Oil and Gas Industry training course, you will be able to understand:
- The structure of joint ventures in the oil and gas industry
- The applied structured methodology for conducting oil industry in joint venture
- The different accounting method for joint ventures
- The account for interests in joint operations
- The main clauses contained within joint operating agreements
- The accounting procedures set out in joint operating agreements and production sharing contacts
- The differences in accounting treatments of costs for IFRS reporting and cost recovery purposes
- Application of series of major financial accounting principles and standards that are particularly relevant to oil and gas activities
- The different types of Joint Venture agreements and the accounting implications of each
- Accounting issues related specifically to joint interests
Who is this Training Course for?
Who is this Training Course for?
This PetroKnowledge Joint venture Accounting training course is designed to develop accounting knowledge and skills, providing details of the latest policies and procedures. It will be greatly benefit to:
- Joint Venture Accountants and Auditors
- Government Regulators and Auditors
- Financial and Investment Analysts
- Project Managers & Team Members
- Financial Analysts
- Accounting Executive / Managers
- Financial Reporting & Treasurers / Managers
- Financial Executives / Managers / Controllers / Directors
- Budgeting Officers / Executives / Managers
- Cost Controllers, Executive & Managers
- Taxation & Reporting Executives / Managers
- JV Executives / Managers / Advisors
- Business / Investment Analysts & Managers
- Regulatory Compliance Officers
- Commercial Analysts, Executives & Manager
How will this Training Course be Presented?
How will this Training Course be Presented?
Participants to this PetroKnowledge Joint Venture Accounts training course will receive an explanation and demonstration of the accounting issues relating to joint venture arrangements. The training methodology includes case studies, group live instruction, presentation and discussion of worked examples, group discussion and interactive participation is encouraged.
Organisational Impact
This Joint Venture Accounting training course is of direct relevance to the joint venture account and as a result the organizations will benefit greatly from their employees participation. The organization will gain from:
- More effective finance support for front-line departments
- Greater relevance and reliability of accounting and financial
- More strategic thinking and focus on performance
- More effective use of accounting methods
- Preparation of staff for increased responsibility
Personal Impact
This Fundamentals of Joint Venture Accounting in the Oil and Gas Industry training course will be of personal benefit to delegates by providing you with:
- A better understanding of the context and importance of the work you do
- Greater awareness of industry practices, problems and solutions
- Increased understanding and assurance to complete tasks successfully
- Increased self-confidence and motivation at work
- Greater job satisfaction in providing quality support to management
- Greater ability to supervise, develop and motivate colleagues
Daily Agenda
Day One: Introduction to Accounting in Oil & Gas industry
- Characteristic Features of the Oil and Gas Industry
- Overview of oil and gas accounting
- The impact of commodity prices, currency & interest rate instability
- Differences between IFRS principles and US GAAP
- Joint venture agreement in Oil & Gas Sector
Day Two: Joint Venture Nature & Forms
- Joint Venture Definition, Features and Characteristics
- Typical Provisions of Joint Venture Agreements
- Relationship between Operator and Non-operator Participants
- Corporate Joint Ventures
- Limited Partnership
- Undivided Interest
- Limited Liability Companies / Partnership
Day Three: Accounting for Joint Venture
- Methods of accounting for joint venture:
- Proportionate consolidation
- Equity method
- Alternative treatments
- Choice of legal framework
- Accounting for the tax treatment:
-
- Formation
- Maintenance of Accounting
- Allocation & Substantial economic effect
- Level of involvement
- Undivided Interests
Day Four: JV Accounting in Practice
- Accounting for Contributed Property
- Revenue Recognition Relating to Over and Under-lifting
- Budgets and Approvals
- Cash-calls Billing Statements and Reporting of Expenditures
- Responsibility of Operator to Provide Sufficient Timely Information
- Audits
Day Five: Major Accounting Issues in Joint Venture
- Accounting Issues related to Joint Venture Operations
- IFRS 11 Joint Arrangements and IAS 28 Investments in Joint Ventures
- Relationship between Operator and Non-operator Participants
- The Financing of Joint Ventures – Billing Statements and Cashflow Reporting
- Reporting of Expenditures
- Cost Allocation Methods and Issues
Certificate
- On successful completion of this training course, a PetroKnowledge Certificate will be awarded to the delegates
In Association With
GLOMACS Training
Our collaboration with GLOMACS aims to provide the best training services and benefits for our valued clients
Visit Website ›Oxford Management Centre
Our collaboration with Oxford Management Centre aims to provide the best training services and benefits for our valued clients.
Visit Website ›