Build your understanding & appreciation of how finance adds value to the oil & gas project lifecycle through this course. Cover key aspects of financial accounting & reporting in alignment with AASB & IFRS. Key Learning Outcomes> Undertake a summary of the oil and gas industry and the current challenges> Recognise the principles of oil and gas financial accounting and reporting> Compare key oil and gas accounting methods> Understand full cost vs successful efforts> Learn to account for exploration, production, drilling and development costs> Understand depreciation, depletion and amortisation in an oil and gas context> Explain asset impairment, restoration and abandonment provisions> Gain a working knowledge of revenue accounting> Illustrate the accounting treatment of joint ventures and production sharing contracts> Consider other financial and supplemental disclosures> Analyse financial statements and KPIs that drive decision making> Understand cost and estimation, and managing contingenciesAbout the CourseThis course will provide accounting and finance professionals with an enhanced awareness and understanding of the main technical accounting and finance issues directly related to oil and gas accounting.Management, engineering and other skilled professionals will gain insight into the primary scorekeeping functions of their company and industry and an appreciation for the unique nature of oil and gas accounting. Investment and banking individuals will gain greater insight into how accounting information in the oil and gas industry indicates performance and valuations.The course will begin with a general introduction to the industry and a quick review of the basics of accounting and financial statements. We will then highlight the big picture issues that make accounting in the oil and gas industry different from accounting in many other industries, including capitalisation and expensing of cash outlays and valuation of assets.
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