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      Upstream E&P Accounting: Istanbul in Istanbul


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      September 23, 2019

      Monday   9:00 AM

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      EVENT DETAILS
      Upstream E&P Accounting: Istanbul

      Course Overview The course provides a comprehensive overview of the methods used in oil and gas accounting. Participants will learn the background to oil and gas accounting, how to record expenditure and revenue, and monthly/quarterly and year-end accounting routines. The course is designed for Personnel within the industry Course outline Background to oil and gas accounting Overview of life cycle of an oil and gas projectTechnology behind the industryDisclosure of commercial reservesMajor issues facing upstream oil & gas accountants Accounting and reporting system Fundamental principles of financial reportingDeveloping a robust chart of accounts – variables / fieldsEntity reporting and consolidationsNominal accounts, main and sub codesPyramid structure to facilitate recording joint interest billingsEstablishing and reporting against cost centresGenerating budget and AFE cost control reportsUse of charge codesJoint venture bill codes and corporate costsSingle and dual currency ledgersExchange rates and revaluation entriesCapturing and recording data / journal entries / all data on the systemJournal entries, supporting documentation and postingJournal entries, supporting documentation and postingWhat data is on the system / location of dataBacking up and protecting your database – separation of tasksCash basis v accruals basis reportingAdjustments and correcting entries Recording cash calls and monitoring costs Payment and receipt of cash calls, bank accountsRecording costs of monitoring non-operated projects Recording expenditure, estimating and analysis Exploration and appraisal costsDrilling and completion costsProject development expenditureOperating expenditureDirect and indirect time written costs and allocated overheadsParent company overhead chargeAccruals and estimatesRecording joint interest billing – estimated and actual Recording revenue and DD & A Measurement of production and production recordsRevenue accounting and sales receiptsCalculating underlift / overlift position, booking revenueCalculating revenue under take or pay gas contractsRecording royalty and production taxes Reserve classifications and reporting and their use in accountingCalculation and recording of DD&ARecording provision for decommissioningWORKSHOP:Prepare a set of production accounting recordsCalculate the entries to book oil revenue in an overlift positionCalculate the entries to book gas revenue in a pay position Monthly routine accounting cycle Month end closing routine – checklistPreliminary and final closeKey account analysis and reconciliationsStandard monthly reports & key performance indicatorsInclusion of non financial reportingInventory accounting: materials & suppliesWORKSHOP:Prepare a set of monthly accounts and basic reportsPrepare a set of quarterly accounts and basic reports Quarterly / year end accounting routine Quarter end closing routine – preliminary and final closeQuarterly reportingAdjustments to make financial statements IFRS / GAAP compliantAdditional entries for year endPreliminary closing routing for year endClosing entries at year endFinal close, analysis and prepared by client schedulesPreparing a set of year end accountsWORKSHOP:Preparing a set of quarterly accounts and basic reportsPreparing a set of year end accounts and basic reportsMake required adjustments for a set of year end accounts to comply with IFRS / GAAP reporting requirements Variance analysis and reporting routine Preparing monthly variance analysis commentaryPreparing quarterly variance analysis commentaryPreparing year end variance analysis commentaryMonthly non financial reporting and analysisQuarterly / year end non financial reporting and analysisWORKSHOP:Write the variance analysis commentary for a set of monthly reportsWrite the commentary for a set of non financial quarterly reportsWrite the variance analysis commentary for a set of year end reports Course terms and conditions

      Categories: Business & Networking

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