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Accounting in Oil&Gas Industry
$
1800.00
$
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2 days | 16 academic hours
Training objectives
Training program Day 1
Training program Day 2
Training objectives
Understand how business practices are reflected in financial statements
Grasp the specifics of forming the accounting policy for an oil and gas company
Identify the criteria for recognizing assets, liabilities, income, and expenses, taking into account the industry
Improve the quality of management decisions when developing strategic and tactical business development plans
Training program Day 1
Features of the Oil and Gas Industry
Stages of the investment cycle for mineral resource development and extraction
Classification of oil and gas resources
Accounting policy specifics of a vertically integrated oil and gas company
IAS 16 “Property, Plant and Equipment”
Definitions. Initial cost of property, plant, and equipment (PPE)
Borrowing costs
Borrowing costs eligible for capitalization
Conditions for capitalization
IAS 37 “Provisions, Contingent Liabilities and Contingent Assets”
Estimation of decommissioning and environmental restoration reserves
Subsequent accounting models for property, plant, and equipment
Depreciation. DDA accounting using the successful efforts method
Subsequent costs (repairs of PPE): CAPEX vs OPEX
Derecognition of property, plant, and equipment
Decommissioning of oil fields
Training program Day 2
IAS 36 “Impairment of Assets”
Impairment of oil and gas assets
Indicators of impairment
Cash flow forecasting
Discount rate
Estimation and recognition of impairment losses
IFRS 16 “Leases”
Scope and key definitions
The new lease accounting model
Lease accounting in the lessee’s financial statements
IFRS 15 “Revenue from Contracts with Customers”
Definitions
5-step model for identifying contracts, performance obligations, transaction price, and revenue recognition
Specifics of revenue recognition in the oil and gas industry
Accounting for costs during the extraction phase
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Individual
Legal Entity
Full name
First name
Training participant details
Last name
Training participant details
Passport number
Training participant details
Address
Contact phone number
Email
Company
Country of incorporation
Republic of Azerbaijan
Georgia
Republic of Kazakhstan
Kyrgyz Republic
Republic of Tajikistan
Republic of Uzbekistan
Signatory's full name
Signatory's position
Basis of authority
Company Charter
Power of Attorney
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Business Identification Number (BIN)
Bank details
International Bank Account Number (IBAN/IIC), Bank Identifier Code (BIC), KBE (Beneficiary Category Code)
Registered legal address
Mailing address (for sending original documents)
Contact person (full name)
Who should we contact if any questions arise?
Phone number
Contact person’s
Email address
Contact person’s
Participant(s): full name and email address
Example: Kamilya Syzdykova Academy@az.ey.com
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Please note:
the training date may change.
✨ Please check with the coordinators for the confirmed dates.
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