This IFRS Joint Venture Accounting for the Oil and Gas Sector course explains the nature and form of joint ventures and covers in detail the relationships between operators and non-operators in joint ventures, the financing of joint venture operations and the reporting of joint costs. Our specialist instructors also describe internal accounting for the costs and revenues from joint operations from the individual participant's point-of-view. The program also covers the requirements of IFRS 11 Joint Arrangements and IAS 28 Investments in Associates and Joint Ventures and is fully up to date with the latest amendments to those Standards.

COURSE OBJECTIVES

• Understand the nature and structure of joint ventures in the oil and gas industry
• Learn the external financial reporting requirements for joint ventures
• Comprehend the mechanisms of financing and reporting the operations of joint ventures
• Appreciate the issues regarding intra-partner relationships, including cost allocation and audits

COURSE CONTENT

• Characteristic features of the oil and gas industry
  • Scale of operations
  • Nature and timing of cash flows
  • Risks
  • Determination of success
• The nature of joint ventures and reasons why oil and gas companies participate in them
• Types of joint ventures across the globe
• Typical provisions of joint venture agreements
• IFRS 11 Joint Arrangements and IAS 28 Investments in Associates and Joint Ventures
• Relationship between operator and non-operator participants
• The financing of joint ventures – billing statements and cash flow reporting
• Reporting of expenditures
• Budgets and approvals
• Cost allocation methods and issues
• Revenue recognition relating to over and under-lifting
• Unitisations and adjustment of interests
• Audits

TRAINING METHODOLOGY

The training methodology combines lectures, discussions, group exercises and illustrations. Participants will gain both theoretical and practical knowledge of the topics. The emphasis is on the practical application of the topics and as a result participant will go back to the workplace with both the ability and the confidence to apply the techniques learned to their duties.

This course is available in the following locations:

Nigeria - $5500
Rwanda - $7500
UK - $8500
USA - $8500