Accounting for oil and gas operations requires specific industry knowledge most professionals lack. Without training in concepts like revenue recognition, joint ventures, depreciation, and more, errors occur resulting in financial misstatements and poor decision making. This course provides comprehensive oil and gas accounting education to drive accuracy and productivity.
Mastering oil and gas accounting best practices delivers compelling benefits:
- Accurately account for complex industry transactions
- Avoid common errors that lead to restatements
- Understand joint venture accounting intricacies
- Comply with accounting regulations and disclosure requirements
- Enhance decision making with accurate financial reporting
- Increase productivity through mastery of procedures and tools
- Advance your career by developing specialized, in-demand skills
With the focused oil and gas accounting training provided in this course, finance teams can significantly improve compliance, reporting, and analytics to drive business performance.
Course Overview
This intensive course delivers interactive education in oil and gas accounting practices, concepts, and procedures. Through practical exercises based on real industry scenarios, learners gain expertise in accounting for all upstream operations.
With a focus on application, the curriculum provides modeled examples and templates for key transactions including assets, liabilities, equity, revenue, joint ventures, and more. Course modules align with accounting processes from lease to delivery covering exploration, drilling, development, and production.
Learners will master concepts such as successful efforts vs full cost accounting, revenue recognition, depreciation, depletion, inventory measurement, consolidation, and conservatism constraints. The course provides frameworks, checklists, and tools to ensure compliance and accuracy. By the conclusion of the program, participants will have the accounting skills to drive productivity and support business decisions.
Who Should Take This Course
Finance and accounting professionals in the oil and gas industry looking to develop specialized expertise. Roles include staff and senior accountants, financial analysts, controllers, VPs of finance, CFOs, and auditors.
What You’ll Learn
- Oil and gas accounting regulations, principles, and standards
- Industry transactions including assets, liabilities, equity
- Revenue recognition concepts and processes
- Joint venture and partnership accounting
- Accounting for asset retirement obligations
- Depreciation, depletion, amortization methodologies
- Inventory, drilling costs, debt instruments
- Financial statement preparation and disclosures
Course Content
Introduction to Oil and Gas Accounting
- Key regulations, standards, financial statements
Accounting for Assets
- Oil and gas assets, PP&E, leases, acquisitions
Accounting for Liabilities
- Debt, AROs, environmental obligations
Accounting for Revenue
- Revenue recognition principles, process
Accounting for Joint Ventures
- Partnership structures, consolidation, equity method
Accounting for Equity
- Share issuances, dividends, share repurchases
Depreciation, Depletion, Amortization
- DD&A methods, concepts, calculations
Inventory Accounting
- Materials inventory, oil inventory
Successful Efforts vs. Full Cost Method
- Key differences, pros and cons
Financial Statement Disclosure
- Disclosures, metrics, notes, MD&A considerations
Benefits for Organizations
- Improved compliance with accounting regulations and standards
- More accurate financial reporting and forecasting
- Enhanced visibility into performance metrics and trends
- Better informed business decisions
- Increased productivity through accounting mastery
- Reduced audit and compliance costs
Benefits for Individuals
- Expertise in complex oil and gas accounting
- Ability to ensure transactions are properly recorded
- Understanding of revenue recognition, DD&A, inventory
- Skills to manage consolidation and joint venture accounting
- Confidence collaborating cross-functionally on finance issues
- Valuable specialization to progress your career
Frequently Asked Questions
Q: Are there any course prerequisites or required experience?
No prerequisites. The course is designed for professionals of all levels seeking to gain or improve oil and gas accounting skills.
Q: What is the learning format?
A: This course utilizes engaging lessons, videos, assessments, and downloadable templates for practical application.
Q: Is certification included?
A: Yes, learners will earn a certification upon successfully passing the course assessments.