Practical Accounting for JVs & PSCs under US GAAP (3 days) 

Description

 

This 3-day course will provide an  in depth  overview of  the key accounting issues that faces the upstream exploration and production, covering the essence of establishing good accounting practices for both joint venture and production sharing contract in the Oil & Gas industry. In addition, the course will address the key complex accounting issues related to the Revenue recognition, conveyances, rehabilitation, drilling contracts and AFE system. Participants will benefit through specific understanding and of current industry accounting practices, corporate reporting and financial analysis reinforced with real world Oil & Gas case studies learning and daily exercises.
 
The program addresses questions raised in the industry such as:
  • What are the different forms of Joint Arrangements and how should the venture account for each type?
  • How to account for the different forms of Joint Operating Agreements?
  • What are the accounting procedures for Joint Operating Agreements?
  • What does US GAAP have to say about asset exchanges and conveyances of oil and gas interests?
  • How to allocate the costs between ventures and record the material transactions between ventures?
  • What are the main revenue recognition issues faced by the industry?
  • How production sharing agreements should be accounted for?
  • How the Joint Interest Billing and Cash Calls are accounted for?
  • How to account for rehabilitation funds under US GAAP?