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
Course Introduction
This 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 Oxford Management Centre 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 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.
Objectives
By the end of this Oxford 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 with 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
Training Methodology
Participants to this Oxford 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 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
Who Should Attend?
This 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
Course Outline
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
J V 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
Oxford Management Centre Certificate will be provided to delegates who successfully completed the training course.
Accreditation
In association with
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FREQUENTLY ASKED QUESTIONS
To check on availability please call Registrar’s Office at +971 50 985 0174. If you have any questions or enquiries please feel free to contact us
- Telephone: +971 50 985 0174
- E-mail: [email protected]
Yes, we provide assistance in securing both hotel reservations & entry visa on all our international training venues, for delegates attending our training courses. For further information / assistance, please contact our Customer Service at:
- Telephone: +971 50 985 0174
- E-mail: [email protected]
Yes, Oxford Management Centre is accredited by the following professional bodies;
National Association of State Board of Accountancy (NASBA)
The Oxford Management Centre is registered with NASBA as a sponsor of Continuing Professional Education (CPE) on the National Registry of CPE Sponsors. NASBA have final authority on the acceptance of individual courses for CPE credit.
Yes, discounts are available. For further information please call +971 50 985 0174 or email, [email protected]
Note: Discounts are not applicable with any other special offer that may be available.
There are 2 easy ways to register:
- Online: Select the training course you want to register for, Click the “Book Your Place” button on the course page, complete the form and click submit.
- E-mail: Send your details to [email protected]
We request that all cancellations be made at least one week before the class start date. You may reschedule this class without any penalty. If not, a $250 fee will be charged for cancellations received less than one week before a class begins and for no-shows. Cancellation penalties and any fees incurred by Oxford Management Centre will be deducted from refunds.
For more information request, email [email protected] or call +971 50 985 0174.
The classroom training fees include course presentation, relevant materials, physical & digital documentation, lunch and refreshments served during entire training. Accommodation and transportation are not included in the training course fees.
While, online training fees cover the course presentation and digital documentation and relevant materials.
The Oxford Management Centre Certificate of Completion with corresponding CPE credits shall be awarded to delegates who has successfully completed the training course.
Payment must be received before the training course commences. You can make payment by bank draft, cash, credit card or wire transfer.
Note: If the payment is not received, Oxford Management Centre has the right to refuse admission.
Upon receipt of your registration form, we will send you the following by e-mail:
- Registration Confirmation
- Invoice/Receipt (where appropriate)
If you register online you will receive an e-mail within 24 hours confirming your registration.
