Fundamentals of Joint Venture Accounting in the Oil and Gas Industry

Course Introduction

Joint Ventures (JVs) are now commonly used in all major industries, in the oil & gas industry; they are a vital component of most major company portfolios and the solution to many corporate development challenges. The diversity of JV structures in terms of formation and the contributions of individual partners have advantages and disadvantages.

JVs can deliver the benefits of collaboration and risk-sharing while maintaining corporate independence and avoiding the economic and political risk associated with a merger or acquisition. Hence, it is mandatory for the managers and employees in Oil & Gas companies to be aware of the fundamental of JV accounting to develop the essential skills necessary to prepare and evaluate joint venture accounts and improve the organisation’s account function.

This interactive training course will cover the main issues regarding the accounting and financing of joint venture operations, the significant financial accounting principles and standards, and the application of the accounting and financial information on the companies to enable them to assess the impact of JV projects on its performance.

Objectives

By the end of this training course, the delegates will be able to:

• Understand the joint ventures, forms, and structures in the oil & gas industry
• Recognise the different accounting methods for joint ventures
• Identify the major financial accounting principles and standards
• Analyse the types of Joint Venture agreements and the impact of accounting of each
• Able to recognise its interest in a jointly controlled entity using different techniques
• Apply the accounting treatments of costs for IFRS reporting 
• Measure the Impact of Significant Influence

Training Methodology

This training course will use various proven learning techniques to ensure maximum understanding, comprehension, and retention of the information presented. The training course will follow a participative workshop format. It will be focused on developing practical skills that delegates can apply in real-life business situations on return to their organization.

Organisational Impact

The delegates on this training course will be able to:

• Understand the Definition and Explanation of Joint Venture
• Understand the difference Between Joint Venture and Consignment
• Identify the main features of JV companies
• Evaluate the major differences between the joint venture and consignment 
• Apply the accounting approach professionally on JV
• Develop the accounting treatment of joint ventures

Daily Topics

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Technergy Training Centre

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