The internal reporting challenges that face accounting professionals in oil and gas companies mirror those relating to external reporting. The particular nature of oil and gas industries and their activities determine the way in which their operations and financial condition are reported. While the external reporting environment is largely regulated by accounting standard setters, there are no parallel accounting standards relating to internal reporting.
This one-day course summarises and discusses the information requirements of oil and gas company management and goes on to relate these requirements to the accounting and reporting procedures that are common in production sharing agreements (PSA) between national authorities and private sector oil companies.
The programme answers questions such as:
- What accounting issues are particularly relevant to the oil and gas industry?
- Which steps should be undertaken to establish a strong management accounting system?
- How are appropriate management accounting procedures established?
- What are the characteristics of production sharing agreements?
- What are recommended best practices to meet PSA accounting and reporting requirements?
- In what areas are control and reconciliation issues expected to arise and how should they be addressed?