Course Objectives:
To understand the complexities and unusual circumstances that the upstream sector of the oil and gas industry presents to accountants. To understand the basic concepts and policies which underpin the preparation and presentation of financial statements of companies engaged in oil and gas exploration and production activities.

Who Should Attend?

Planners,accounting personnel in the oil and gas industry

Prerequisite Courses

None

Course Overview

• Unique features of oil and gas industry and its accounting.
• Accounting for Pre-Development Costs
• Successful efforts and full cost methods
• IFRS 6: Exploration for and Evaluation of Mineral Resources
• Non-drilling exploration costs, Drilling exploration costs Development costs, and Production.
• Cost centres.
• Depreciation, depletion and amortization.
• Provisions, contingent liabilities and contingent assets.
• Dismantlement, restoration and abandonment.
• Asset impairment under both successful efforts and full cost accounting methods.
• Reserves and its uses in accounting, reporting and financial analysis.
• Disclosure requirement relating to oil and gas producing activities.
• Accounting for taxation


Learning Goal
Participants should gain knowledge of: