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Introduction to Modern Finance and Budgeting

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France

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Introduction to Modern Finance and Budgeting

Programme Overview

Budget concepts and techniques are central to the successful operation of any organizations. This introductory course aims to demystify the budget process for those who are new to the world of budgeting. It covers the entire budget process, including budget formulation and execution, programme development, cost and revenue estimation, budget strategies and tactics, and budget evaluation. The course will include performance-based budgets, performance measurement, variance analysis, activity-based costing, cost accounting, capital budgeting, and finance. The course will use case discussions, problem sets, online tutorials, and individual and group exercises.

Who should attend

Personnel new to the oil and gas industry - accounting, finance, or economists, others desiring to understand or refresh their knowledge of basic petroleum accounting concepts, financial personnel needing to understand unique issues as they relate to the petroleum industry, and technical or asset team members looking for the basic concepts of accounting and finance.

By the end of this training course, participants will:

  • Understand financial reporting requirements for oil and gas companies under IFRS and U.S. GAAP
  • Apply basic concepts and terminology for accounting and finance in oil and gas
  • Create accounting statements, including a cash flow statement from data accumulation to audited financial statements
  • Distinguish between the different financial statements and their roles
  • Distinguish between financial, managerial, and contract (joint operations) accounting
  • Recognize the different oil and gas accounting methods
  • Determine the difference between profits and cash flow
  • Apply capitalization rules and depreciation methods
  • Recognize accounting treatments of joint ventures such as Production Sharing Agreements
  • Read and understand those confusing footnotes
  • Prepare, read, and use the disclosures for oil and gas companies
  • Recognize how accounting decisions can affect earnings, cash flows, and operational decisions
  • Calculate, understand, and analyze financial reports and basic oil and gas ratios

Course Outline

Financing Growth & Capital Projects

  • The Business & Financial Environment
  • Risks facing the Oil & Gas industry
  • Identifying Growth opportunities
  • Financing Growth via Equity, Debt and/or alternative sources
  • Evaluating Capital Investment
  • Capital Rationing – Internal & External

Accounting in the Oil & Gas Industry

  • The Accounting System
  • Understanding the Annual Report
  • Preparing Financial Statements in accordance with IFRS
  • Revenue from Contracts with Customers
  • Exploration for and Evaluation of Mineral Assets
  • Accounting Approaches

Accounting for Reserves, Resources & Assets

  • Resources & Reserves – the size and importance
  • Reserve Classification & Reserve Quantity Disclosures
  • Accounting for Assets & Relevant IFRS requirements
  • Depreciation, Depletion and Amortisation (DD&A)
  • Ceiling or Impairment Tests
  • Decommissioning, Removal & Restoration of Assets

Business Combinations, Joint Arrangements & Production Sharing Agreements

  • The Need for Co-operation in a Capital Intensive industry
  • Business Combinations
  • Preparing and Presenting Consolidated Statements
  • Joint Arrangements, Joint Operations & Joint Ventures
  • Production Sharing Agreements
  • Revenue, Cost, Cashflow & Reserve Implications

Financial Analysis to Evaluate Performance and Improve Efficiency

  • Analysis of Financial Statements
  • Profitability, Liquidity, Operational & Solvency measures
  • Off Balance Sheet Items & Contingencies
  • Investment Measures of Leading International Oil & Gas companies
  • Improving Return on Equity
  • Implementing change in the light of analysis

Methodology

To enhance learning effectiveness, hand on experience will be emphasised in this programme through role-plays in class presentation, group facilitation and class critique.

Case studies, group discussions and video support will also be used to enhance learning experience. Fun quizzes will be injected to provide formative assessment and a fun learning environment.

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