|Face-to-Face||Starts February 9, 2022||3 days|
|Live Virtual||Starts February 9, 2022||3 days|
|LMS: Asynchronous||Starts April 9, 2022||3 weeks|
Oil is still both a major source of revenue and a visible weapon in international politics.
Oil and Gas accounting can therefore be quite complex with different entities faced with choosing between Full Cost and Successful Efforts while special rules are applied to depletion, depreciation, and amortization. The fact that some of the companies operating in Nigeria are from different countries may also mean the use of varying accounting principles and procedures for recording and reporting in accordance with those practiced in the respective companies’ home country. This practice makes the comparability of financial statements of oil companies difficult.
Particularly in Nigeria, the adoption of the International Financial Reporting Standard (IFRS) should have a big impact on all upstream oil and gas companies. This course provides participants with an in-depth understanding of the different accounting principles and procedures prevalent in the petroleum industry. It highlights the importance of various contracts and fiscal policies on accounting procedures. It emphasizes in particular, the fiscal and accounting framework of the petroleum industry in Nigeria compared to what obtains in some other countries.