Joint ventures are extremely common in the international oil and gas industry and, while no two joint ventures are the same, each has a number of common features and implications for the companies that participate in them. While International Financial Reporting Standards (IFRS) prescribe the recognition, measurement and disclosure rules for external financial reporting, there are also a wide range of internal and intra-partner accounting issues to be determined and implemented.
This one-day 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.
This course answers questions such as:
- How are joint ventures structured in the oil and gas industry?
- What are the external financial reporting requirements for joint ventures?
- How to account for interests in joint operations?
- What issues typically arise regarding intra-partner relationships?
- How have the IFRS accounting rules for joint venture arrangements changed?