Management

Course Description

This is a hands-on intensive course that combines lecture with exercises.

PART I: Financial Statements & Concepts

  1. Understand the Fundamentals of Financial Accounting
    • Key Concepts
    • Terminology (Accountants’ Buzz Words!)
  2. Learn to Read the Primary Financial Statements
    • The Balance Sheet
    • The Income Statement
    • The Statement of Cash Flows
    • The Financial Statement Interrelationships
  3. Thomas Quinn Manufacturing Case Study
    • In this case study, participants analyze a series of business transactions of a firm and construct a Balance Sheet, an Income Statement, and a Statement of Cash Flows.
  4. Mimi’s Jeopardy Game: Review of Concepts & Terms
    • The class will play a Jeopardy Game where the categories and answers are based on the material covered by this point of the course. The game engages the participants, reinforces learning and is quite fun. I don’t tell the participants beforehand that we are going to play the game, and it is a fun surprise when they find out. It also involves a different format of learning (that is, compared to lecture or working exercises) and provides variety to the course while reviewing the material and thereby enriching the learning.

PART II: Oil and Gas Accounting

In this part of the course, participants will learn fundamental concepts of Oil and Gas Accounting. It will cover underlying principles and issues; the accounting treatment of typical transactions of energy firms; many definitions, terms, and calculations; as well as the implications of the oil and gas accounting for the financial statements.

    1. Oil and Gas Accounting Methods:
      • Full Cost & Successful Efforts Accounting
      • Conceptual Differences
      • Illustration of Effects of Oil and Gas Accounting Method Choice on the Balance Sheet and Income Statement
    2. Oil and Gas Accounting Practice Set

This practice set offers a hands-on opportunity to examine how the accounting is done for each step of the exploration and production process: from conducting geological and geophysical (G&G) activities to tearing down the well. Participants learn what accounts are used, and how the accounting in each step of the E&P process affects the firms’ financial statements. Participants record the accounting entries as we work through the case. This has been a very popular exercise. A summary of major topics includes:

    • Exploration and Development Costs
    • Geological and Geophysical (G&G) Costs
    • Delay Rentals
    • Development Costs: Intangible Drilling Costs (IDC) and Equipment Costs
      • Accounting for the Completion of an Exploratory Well: Successful Wells & Dry
      • Accounting for the Completion of a Development Well: Successful and Dry
    • Production
    • Revenue – Oil and Gas
    • Production Costs (“Lifting Costs”)
    • Depreciation, Depletion, and Amortization (DD&A)
    • Dismantlement, Restoration and Abandonment Costs (“Decommissioning”)
    • Interest Capitalization for Self-Constructed Assets
  1. Supplemental Disclosures on Oil & Gas Producing Activities
    • Estimated Reserve Quantities
    • Sources of Change in Quantities
    • Capitalized Costs
    • Costs Incurred
    • Results of Operations
    • The Standardized Measure of Discounted Future Net Cash Flows
    • Sources of Change in the Standardized Measure (10 Sources)

 

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