Petroleum Finance and Accounting Principles

Description

Making the most ecient use of your resources is critical to the success of any company. Finance and accounting comprise the universal business language and help you manage those resources eectively. Planning and decision making that occur in an informal nancial context permit better application of resources and promote competitive advantage. The aim of this course is to improve delegates’ job performance by enhancing their understanding of current international practices in nance and accounting within the E&P industry. This is achieved through an examination of (a accounting standards, policies, and practices in the oil and gas industry, and (b) the accounting and nancial management implications of exploring for and producing oil and gas. An understanding of accounting also allows a company to trace a competitor’s actions from its nancial statements and to plan accordingly. The latest issues: The role of International Financial Reporting Standards (IFRS) in today’s environment, IFRS 6; COPAS involvement; intangible and tangible asset disclosure and their treatment; Joint operations, Reserves disclosure – Standardized Measure of Oil and Gas (SMOG), (FAS 69 and FRS 3) Capitalized Asset assessment – Present Value 10 construction; Comparative Analysis of Financial Statements: Analyzing the financial.