The Joint Venture Financial Reporting and Compliance Training Course is an advanced programme which has been developed to meet the many financial and regulatory needs of Joint venture operations within offshore facilities. From an oil and gas perspective, joint ventures provide companies with the opportunity to share the risk, capital investment and technical expertise associated with a venture; however, they create many complex issues such as financial reporting, cost allocation, partner accountability and regulatory compliance. This course provides participants with a thorough understanding of how joint venture financial arrangements operate within an offshore environment, as well as the means to achieve accurate, transparent and compliant financial reporting.
The course will be provided by Imperial Corporate Training Institute and will provide a combination of best practices in the industry as well as International Financial Reporting Standards (IFRS) and sector specific compliance requirements. Participants will study joint operating agreements, partner reporting obligations, mechanisms for recovering costs, audit requirements, and regulatory compliance expectations for Offshore Operations. A strong emphasis will be placed on practical application and participants will learn to interpret financial statements, manage joint venture accounts and ensure compliance with both Internal Controls and External Regulations, as well as facilitating the efficient operations of an Offshore Facility.
Objectives
By the end of this training course, participants will be able to:
- Comprehend the operating/business structure and governance of joint ventures related to offshore oil and natural gas activities.
- Utilize core principles of financial reporting applicable to joint ventures.
- Interpret joint operating agreements and understand their relevant financial implications.
- Monitor cost sharing, keep track of expending funds, and allocate revenues for joint ventures.
- Ensure that the joint venture complies with all applicable regulations, contracts, and reporting requirements.
- Recognize compliance risks present in the offshore joint venture financial environment.
- Utilize international financial reporting standards as they apply to joint ventures in the oil and gas industry.
- Enhance the establishment of effective internal controls and maintain financial transparency within the offshore facilities.
- Facilitate readiness for audits and meet all regulatory reporting obligations.
- Enhance accurate joint venture reporting to foster improved decision making within the entity.
Target Audience
This course is designed for professionals working in or supporting offshore oil and gas joint ventures, including:
- Finance and accounting professionals in the oil and gas industry
- Joint venture accountants and financial controllers
- Offshore facility operations managers
- Compliance and regulatory affairs officers
- Internal and external auditors involved in oil and gas projects
- Commercial and contract managers
- Project finance professionals
- Cost controllers and financial analysts
- Senior managers responsible for joint venture governance
- Professionals seeking specialised knowledge in joint venture financial reporting and compliance