Imperial Corporate Training Institute offers Petroleum Contracts Compliance and IFRS Accounting Training Program (PCCTAP) provides intensive training for professionals wishing to upgrade their fiscal proficiencies by accurately applying internationally recognised accounting standards in a complex petroleum contract environment. The Program facilitates an understanding of the complexities related to fiscal infrastructures, cost recoveries, and revenue sharing, as well as auditing obligations specific to the oil-and-gas industry. An emphasis on accuracy from a financial perspective provides participants with an understanding of the role that the IFRS framework plays in exploration, development, operation of a joint venture and profit sharing arrangements.
As with the other components of the Program, PCCTAP includes methodologies and principles designed to support auditors or accountants working in the petroleum sector as they deal with contract management, compliance, and evolving regulatory requirements. The programme also incorporates real-world case studies and exercises giving participants access to best practice audit techniques and contract management tools, while equipping them with the skills to identify potential discrepancies prior to them leading to disputes. Ultimately, the Program prepares participants to maintain the integrity of the financial reports prepared for the petroleum sector and meet regulatory compliance requirements.
Objectives
By the end of this training course, participants will be able to:
- Learn IFRS and petroleum contracts (upstream).
- Increase accurate financial reporting of recovery costs, depreciation, impairment, and Revenue Stream.
- Improve compliance activity using international accounting standards.
- Explore in-depth audit reviews of petroleum contracts using a systematic contract monitoring methodology.
- Evaluate joint venture financial statements, cash calls, and AFEs (authorisations for expenses), as well as the regulations for allocating costs.
- Spot potential issues, missing documentation, and non-compliance in asset types.
- Evaluate governing frameworks, profit oil structures, and reporting responsibility to the government.
- Understand how IFRS applies to how we value our Assets, Estimate/Track Reserve Volume and conduct the ‘Production’ based Accounting.
- Create Risk Based Audit strategies that are in accordance with (and meet the needs of) the regulatory bodies.
- Generate audit ready documentation for internal/external/regulatory audits.
Target Audience
This oil and gas training course is ideal for:
- Financial accountants working in petroleum companies.
- Internal and external auditors.
- Compliance officers and regulatory reporting professionals.
- Joint venture accountants and cost controllers.
- Petroleum economists and financial analysts.
- Accounting and audit professionals seeking oil and gas IFRS expertise.
- Contract administrators responsible for contract control and cost tracking.