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Joint Venture Accounting and IFRS for Oil and Gas
28th October 2015
The complexity of the oil and gas industries frequently results in projects being undertaken by joint ventures, alliances and other strategic groupings. Forming a successful alliance, whatever its format, is a complex process requiring a high degree of experience and expertise. This course explains the nature and form of joint ventures and summarises the requirements of IAS 31 and IFRS11 Interests in Joint Ventures and the relevant requirements under IFRS and US GAAP.
This 3-day training course covers concisely a number of issues regarding the relationships between operators and non-operators in joint ventures, the financing of joint venture operations and the reporting of joint costs. Our expert instructor also describe internal accounting for the costs and revenues from joint operations from the individual participant’s point-of-view.
This course is kept up to date with developments in best practices and evolution of accounting standards.
Who Should Attend
This program will be of most benefit to energy industry professionals who are currently working in the accounts department of the oil and gas industry or require additional knowledge in Joint Venture Accounting in the Oil and Gas industry.
- Accounting Executive/Managers
- Financial Reporting Managers
- Financial Executives / Managers / Controllers/Directors • Budgeting Officers/Executives/Managers
- Cost Controllers, Executive & Managers
- Auditors/Auditing Managers
- Taxation & Reporting Executives/Managers
- JV/Production Sharing Executives/Managers/Advisors
- Business/Investment Analysts & Managers
- Asset Officers/Managers
- Regulatory Compliance Officers
- Business Development Executives & Managers
- Commercial Analysts, Executives & Managers
Benefits of Attending
- Describe how IFRS is applied by companies in the oil and gas industry
- Classify joint arrangements following IFRS principles ie as joint venture or joint operation
- Describe the responsibilities for accounting by the operator
- Discuss model accounting procedures
- Identify problem areas for operator accounting and discuss dispute resolution
- Carry out operator reporting to partners in the joint arrangement including cash call requests, joint billing statement and cut-back entries
- Select appropriate revenue recognition points and account for under and over-lifting
- Account for transactions between venturers; in particular those with little or no cash consideration such as unitizations and farm-in/ farm-out
- Perform investor reporting under IFRS equity method for their interest in joint ventures
- Describe recent IFRS developments pertinent to oil and gas