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Advanced Oil and Gas Accounting: International Petroleum Accounting (2)

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This is a 5-day intensive short course in London, UK, designed specifically for all who work with financial information and measures of performance for Oil & Gas Exploration & Production activities, and people seeking to advance their career by improving their understanding of industry financial management. The target people seeking to broaden knowledge to improve job performance include:

  • Ø Finance Directors and Managers;
  • Ø Financial Controllers;
  • Ø Chief Accountants;
  • Ø Treasury Officers;
  • Ø Asset Accountants;
  • Ø Joint Venture Accountants;
  • Ø Management Accountants;
  • Ø Internal and External Auditors;
  • Ø Government Regulators;
  • Ø Financial Analysts;
  • Ø Public Accountants;
  • Ø People who have good Financial Accounting Skills and who are interested in learning Oil and Gas Accounting.

Duration: 5 Days

By the conclusion of the specified learning and development activities, delegates will be able to:

  • Ø Determine to what entity is SFAS 143 applicable;
  • Ø Identify the results of legally enforceable obligations;
  • Ø Site examples of AROs where the company is normally legally obligated;
  • Ø Know what should be considered in identifying obligating events that require recognition of an asset retirement obligation;
  • Ø Determine the effect of initial recognition of asset retirement obligation liability;
  • Ø Learn that ARO must be initially measured based on fair value in compliance with SFAS No. 143;
  • Ø Distinguish the traditional approach from Expected cash Flow Approach;
  • Ø Define a credit-adjusted risk-free rate;
  • Ø Explain the concept of market risk premium;
  • Ø Find out when companies should recognise the changes in the liability for the retirement asset obligation resulting from the passage of time or revision to either the timing or the amount of the original estimated future cash flows;
  • Ø Discuss how the changes in the asset retirement obligation due to the passage of time should be measured;
  • Ø Learn how accretion expense is computed through the interest method of allocation;
  • Ø Know when loss or gain recognised upon settlement of ARO;
  • Ø Determine how changes due to revised estimates of the amount or timing of the original undiscounted cash flows are recognised;
  • Ø Know how frequently an ARO should be assessed to determine whether a change in the estimate of the ARO is necessary;
  • Ø Determine the effects of the existence of a fund or provision of assurance by a firm that it will be able to satisfy its asset retirement obligations;
  • Ø Explain conditional AROs;
  • Ø Identify what must be disclosed by a company reporting a liability for its asset retirement obligations;
  • Ø Determine the applicability of SFAS No. 144;
  • Ø Classify assets according to its group;
  • Ø Define “impairment” in accordance with SFAS no. 144 definition;
  • Ø Determine whether a long-lived asset to be held and used is impaired and explain the three-step approach to recognise and measure an impairment loss;
  • Ø Cite circumstances that may trigger impairment testing;
  • Ø Know when a company is requires to test long-lived asset for recoverability;
  • Ø Establish how impairment is measured;
  • Ø Ascertain the accounting and reporting requirements related to long-lived assets that are to be disposed of either by sale, abandonment or exchange for other productive assets;
  • Ø Determine when long-lived assets to be sold are still classified as “held for sale;”
  • Ø Distinguish the process involved in natural gas measurement from oil measurement;
  • Ø Know the present method of selling natural gas as distinguish from the method employed in the past;
  • Ø View an example of division contract;
  • Ø Determine the correct division of the revenue from sale of oil and gas among owners of economic interest according to the ownership interest shown on the division order;
  • Ø Be familiar with the process involved in unitization of properties;
  • Ø Determine who is responsible for paying the severance taxes, the royalty owners and other owners of economic interest;
  • Ø Give the step-by-step process in recording oil revenue;
  • Ø Cite the usual reason of producing companies for exchanging crude oil;
  • Ø Know the importance of converting gas measurements to MMBtu and to Mcf for purposes of recording gas revenue;
  • Ø Ascertain the appropriate thing to do to allow venting or flaring of gas;
  • Ø Determine the condition required to allow selling of unprocessed natural gas;
  • Ø Discuss the procedures involved in natural gas processing;
  • Ø Know the importance of gas storage;
  • Ø Find out the requirement of contracts with take-or-pay provisions;
  • Ø Know when revenue of crude oil and natural gas sales should be recognised;
  • Ø Know when, who and how payments to royalty owners and other owners of economic interest are made;
  • Ø Discuss about gas imbalances;
  • Ø Differentiate produces gas imbalances from pipeline gas imbalances;
  • Ø Discern how oil and gas are allocated;
  • Ø Determine what causes payment of minimum royalty;
  • Ø Enumerate the different nondrilling costs;
  • Ø Know the accounting treatment for acquisition costs;
  • Ø Know the tax treatment of costs related to drilling operations;
  • Ø Specify some typical lease and well equipment;
  • Ø Categorise the revenue arising from the production and sale of oil and gas products;
  • Ø Identify the two important expenses connected with lifting and treating the oil and gas and differentiate one from the other;
  • Ø Enumerate the situations under which losses from unproductive property may be taken for tax purposes;
  • Ø Discuss the concept of percentage depletion and give the circumastance under which it is allowed;
  • Ø Determine what areas of oil and gas are applicable to “property;”
  • Ø Know what IDCs are recaptured as ordinary income;
  • Ø Know how acquisition costs should be treated;
  • Ø Know how revenue by a lessor as his share of production is treated;
  • Ø Cite the importance of joint operations in oil and gas exploration and production.

We offer very attractive discount for groups of 3 and more people, from the same organisation, taking the same course. This discount is between ten percent (10%) and thirty three percent (33%), depending on the group size. Even with these discounts, we can also deliver courses for groups in the country of your choice.

Please feel welcome to contact me, at any time. My e-mail addresses are: fria@hrodc.com; and fria.hrodc@outlook.com

My Direct telephone number is +442071935906

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