Financial Accounting, Reporting & Business Support in the Oil and Gas Industry - Tailored Course
About This Course
The Academy course on Financial Accounting, Reporting & Business Support in the Oil and Gas Industry is designed to provide participants with the skills and knowledge required to understand oil and gas financial accounting, reporting, and business support. The course covers the various reporting frameworks used in the oil and gas industry and the techniques employed in evaluating financial transactions. Participants will also learn risk management techniques, using derivatives to manage and control interest rates, oil prices, and exchange rates. Focus is also given to issues relating to government assurance and risks, cost estimation, earned value management, budgeting forecasts, capital contracting, and procurement.
What are the significant sectors of Oil and Gas Accounting?
Accounting practices and principles in the oil and gas industry differ from those in everyday financial accounting. Oil and Gas operations utilize some of the most different accounting practices in any industry. Oil and Gas accounting focuses on exploration, development, acquisition, and production activities bothering various industry-specific accounting issues. Additionally, upstream companies utilize different accounting departments from midstream and downstream companies with unique goals. However, the main fields of accounting in the oil and gas industry cover refining, production, market to end-users, transportation, development, and exploration.
Learning Objectives
Target Audience
- Accounting executives:tasked with designing business plans to reach established quotas and goals in an oil-producing company
- Financial reporting managers:charged with supervising the preparation and distribution of financial statements at specified intervals for external usage
- Financial executives:responsible for a company’s financial transactions, including income and expenses, and managing tax planning, budgeting, and cash flow statements
- Budgeting officers:responsible for implementing budgeting and financial maintenance procedures to ensure effective coordination of different accounts
- Cost controllers:charged with controlling a company’s costs, including designing, handling, and forecasting the company’s budget
- Auditors:responsible for monitoring a company’s cash flow and accounts to ensure they are correctly processed and recorded
- Treasurers:tasked with managing the general financial transactions and fundraising activities of a company
- Regulatory complianceexperts:responsible for ensuring that a company’s financial activities are within established regulatory and legal standards
- Economists:tasked with preparing charts, tables, and reports and evaluating the distribution of goods and services
- Asset officers:responsible for managing the assets of a company and ensuring all company’s assets are kept are optimal standards
- Business development executives:tasked with developing business ideas and plans that ensure a company’s growth
- Production executives:charged with allocating labor resources, monitoring production schedules, and cost adjustments
- Tax accountants:tasked with assisting companies and clients with the analysis of financial and income tax statements
- Professionalsinterested in learning about financial accounting and reporting in the oil and gas industry
