01 - 05 Dec 2019, Dubai

15 - 19 Mar 2020, Dubai

07 - 11 Sep 2020, London

29 Nov - 03 Dec 2020, Dubai

Upstream Petroleum Accounting Auditing Policies and Procedures

Introduction

This GLOMACS Upstream Petroleum Accounting training course

is designed to develop the essential skills necessary to prepare

and evaluate Upstream Petroleum Accounts and to improve the

organization’s internal audit function.

It focuses on the latest techniques to evaluate Financial; Operational

& Social Performance as well as relevant International Financial

Reporting Standards (IFRS) for the preparation of accounts.

Delegates will therefore be able to prepare financial statements

in line with IFRS and make strategic decisions to improve financial

performance of their organization. In addition, the development,

monitoring and continued improvement of a highly-integrated,

internal audit function will aid continued financial success, stability

and growth.

This GLOMACS training course will highlight:

• How to Prepare Financial Statements in line with IFRS

• The latest international tools and techniques to develop skills

of evaluation and performance measurement

• The lessons to be learnt from an evaluation of leading

international Upstream Petroleum companies

• The different types of audit and the benefits to be obtained

from each

• Efficient Planning, Controlling and Recording of an audit

assignment

Objectives

By the end of this GLOMACS training course, participants will be

able to:

• Develop an understanding of the accounting and auditing

standards, policies and practices used by Upstream

Petroleum companies

• Improve relevance and reliability of financial reports to better

meet the needs of users

• Review and use publicly available information for

benchmarking the business performance

• Understand the role and function of an Internal Audit

Department

• Understand audit risk and efficiently plan, control and record

an audit assignment

Training Methodology

Participants to this GLOMACS Upstream Petroleum Accounting

training course will receive a thorough training on the subjects

covered by the course outline with the tutor utilising a variety of

proven adult learning teaching and facilitation techniques. The

Training methodology includes case studies from the Upstream

Petroleum Sector, discussion, group work and interactive exercises

and videos. These are designed to ensure delegates leave with

transferable skills as well as up-to-date knowledge of international

policies and procedures.

Organisational Impact

This GLOMACS training course is of direct relevance to the

Upstream Petroleum sector and as a result the organisations

will benefit greatly from their employees participation. The

organization will gain from:

• More effective finance support for front-line departments

• Greater relevance and reliability of financial and management

information

• More strategic thinking and focus on performance

• More effective use of financial statements of the company, its

co-venturers and its competitors

• The ability of Finance Managers and staff to work with less

supervision

• Preparation of staff for increased responsibility

Personal Impact

This GLOMACS training course will be of personal benefit to

delegates by providing you with:

• A better understanding of the context and importance of the

work you do

• Greater awareness of industry practices, problems and

solutions

• Increased understanding and assurance to complete tasks

successfully

• Increased self-confidence and motivation at work

• Greater job satisfaction in providing quality support to

management

• Greater ability to supervise, develop and motivate colleagues

Who Should Attend?

This GLOMACS Upstream Petroleum Accounting training course is

designed to develop accounting and auditing knowledge and skills,

providing details of the latest policies and procedures.

This GLOMACS training course is therefore suitable to a wide

range of professionals but will greatly benefit:

• Corporate Accountants, Financial Controllers, Treasury Officers,

Management Accountants

• Finance Staff in General Accounting, Payables, Receivables,

Inventory, Fixed Assets, etc.

• Joint Venture Accountants and Auditors

• External, Financial and Internal Auditors

• Government Regulators and Auditors

• Financial and Investment Analysts

Upstream Petroleum Accounting Auditing Policies and Procedures

DAY 1

Major Accounting & Auditing Issues in the Upstream

Petroleum Sector

• The Latest Accounting & Auditing Issues Facing the Sector

• The Impact of Commodity Prices, Currency & Interest Rate

Fluctuations and Political and Environmental Developments

• The Impact of Financial and Accounting Issues on Strategic

Development and Growth within the Sector

• The Annual Reports & Financial Statements of Leading

International Petroleum Companies

• An Overview of IFRS in Relation to Upstream Oil & Gas

Accounting

• The Role of Auditing

DAY 2

Accounting for Revenue & Costs in the Upstream Petroleum

Sector

• Revenue Recognition & IFRS 15: Revenue from Contracts with

Customers

• Costs in Acquisition, Exploration, Development and Production

• IFRS 6: Exploration for and Evaluation of Mineral Assets

• Accounting Approaches - The “Successful Efforts” (SE) Method or

the “Full Cost” (FC) Method

• Break Even Oil, Cost Oil & Profit Oil

• Evaluating Profitability of Leading International Oil & Gas

Companies

DAY 3

Accounting for Assets in the Upstream Petroleum Sector

• Reserves & Resources

• IAS 16: Property, Plant and Equipment

• Depletion, Depreciation & Amortisation (“DD&A”)

• IAS 36: Impairment of Assets

• IAS 37 – 39 : Provisions, Contingent Liabilities and Contingent

Assets; Intangible Assets and Financial Instruments

• Evaluating the Assets & Reserves of Leading International

Petroleum Companies

DAY 4

Creative Accounting, Corporate Governance & Auditing

• Creative Accounting

• Corporate Governance

• Published Financial Statements

• The Role of the Board & Audit Committee

• External Auditing - Reporting to investors in the Oil & Gas

industry

• Internal Auditing - Defining and Developing the Internal Audit

Process

DAY 5

The Internal Audit Function

• Establishing the Roles & Staff within the Internal Audit

Department

• The Various Types of Audits

• Planning & Commencing Internal Audit Examinations

• Controls & Substantive Tests

• Communicating Audit Findings

• The Audit Exit Conference Meeting & Post-Audit Reviews

Seminar Outline

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REGISTRATION DETAILS

LAST NAME:________________________________________FIRST NAME:_______________________________________DESIGNATION:_____________________________________ COMPANY: ________________________________________ADDRESS: __________________________________________________________________________________________CITY:______________________________________________COUNTRY: ________________________________________TELEPHONE:______________________________________MOBILE: __________________________________________FAX:________________________________________________EMAIL:_____________________________________________

AUTHORISATION DETAILS

AUTHORISED BY:_____________________________________________________________________________________DESIGNATION:_____________________________________ COMPANY: ________________________________________ADDRESS: __________________________________________________________________________________________CITY:______________________________________________COUNTRY: ________________________________________TELEPHONE:______________________________________MOBILE: __________________________________________FAX:_____________________________________________EMAIL:_____________________________________________

PAYMENT DETAILS

q Please invoice my company q Cheque payable to GLOMACSq Please invoice me

CERTIFICATION

Successful participants will receive GLOMACS’ Certificate of Completion

P.O. Box 74653 Dubai, U.A.E.T: +971 (04) 425 0700 | F: +971 (04) 425 0701E: info@glomacs.com | W: www.glomacs.com

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Code Date Venue FeesFI095 01 - 05 Dec 2019 Dubai $5,950

FI095 15 - 19 Mar 2020 Dubai $5,950

FI095 07 - 11 Sep 2020 London $5,950

FI095 29 Nov - 03 Dec 2020 Dubai $5,950

4 WAYS TO REGISTER

Tel: +971 (04) 425 0700 Fax: +971 (04) 425 0701Email: info@glomacs.comWebsite: www.glomacs.com

TERMS AND CONDITIONS

• Fees – Each fee is inclusive of Documentation, Lunch and refreshments served during the entire seminar.

• Mode of Payment – The delegate has the option to pay the course fee directly or request to send an invoice to his/her company/sponsor. Credit card and cheque payments are both acceptable.

• Cancellation / Substitution – Request for seminar cancellation must be made in writing & received three (3) weeks prior to the seminar date. A US$ 250.00 processing fee will be charged per delegate for each cancellation. Thereafter, we regret that we are unable to refund any fees due, although in such cases we would be happy to welcome a colleague who would substitute for you.

• Hotel Accommodation – is not included in the course fee. A reduced corporate rate and a limited number of rooms may be available for attendees wishing to stay at the hotel venue. Requests for hotel reservations should be made at least three (3) weeks prior to the commencement of the seminar. All hotel accommodation is strictly subject to availability and terms and conditions imposed by the hotel will apply.

• Attendance Certificate – a certificate of attendance will only be awarded to those delegates who successfully completed/attended the entire seminar including the awarding of applicable Continuing Professional Education Units/Hours.

• Force Majeure – any circumstances beyond the control of the Company may necessitate postponement, change of seminar venue or substitution of assigned Instructor. The Company reserves the right to exercise this clause and implement such amendments.

• Fair Access / Equal Opportunities – In the provision of its services as a world-class Training Provider, the Company is committed to provide fair access / equal opportunities throughout the delivery of its courses and assessment leading to the completion of training seminars, or 3rd party qualifications/certifications.

Upstream Petroleum Accounting Auditing Policies and Procedures