Petroleum Finance and Accounting Principles - PFA - In House Training

PetroSkills
Training overview
Corporate / Group Training
On-site
5 days
Start dates
Worldwide
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Course description

Making the most efficient 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 effectively. Planning and decision making that occur in an informal financial 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 finance 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 financial 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 financial 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 statements, common sizing; rate of change; basic ratios; oil and gas industry standards; trends over time.

Who should attend?

Personnel new to the oil and gas accounting industry - accounting, finance, or economists, others desiring to understand or refresh their knowledge of basic petroleum accounting concepts, financial personnel needing to understand unique issues as they relate to the petroleum industry, and technical or asset team members looking for the basic concepts of accounting and finance. Participants are encouraged to bring their company's financial reports. This course may qualify for up to 34 hours of CPE for US CPAs.

Training content

Getting started: financial terms and definitions, the language of business; accounting rules, standards, and policies; Constructing the basic financial statements; Classifying revenues, assets, liabilities, and equity; Comparing different accounting elements; Accounting for joint operations; Accounting and reporting

About PetroSkills

PetroSkills

PetroSkills - World's No. 1 Training Provider for the Oil & Gas Industry

PetroSkills is the leading professional education provider for the Petroleum Industry, with the largest classroom training portfolio for technical and management operations in this sector. In North America, PetroSkills' programs are delivered at important business hubs for the industry, around...


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Contact info

PetroSkills


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www.petroskills.com


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