This GLOMACS Essential Guide to IFRS and Risk Management training course will provide delegates with the essential knowledge and skills to manage the Treasury effectively thereby improving liquidity, investment returns and international cashflow as well as risk management. This highly interactive GLOMACS training course will also develop an improved understanding of International Financial Reporting enabling reports to be written in accordance with IFRS and evaluated to improve decision making.
The Treasury & Risk Management function and Financial Reporting are essential to the success and sustainability of all leading corporate organisations. Never has this been more true, given the ever increasing pace of change in regulation, compliance, technology and financial risk within the Oil & Gas industry.
Treasury Management ensures sufficient liquidity to meet its obligations, whilst managing payments, receipts and financial risks such as Credit Risk, Oil Price, Exchange Rate and Interest Rate Risk effectively. In addition, effective Treasury & Risk management will enable companies to make informed and better strategic decisions, providing the analysis, finance and risk assessment.
Financial Reporting develops an essential understanding of Oil & Gas accounting, reporting and performance measurement issues and practices. It develops your ability to prepare, use and critically evaluate information, applying specialist industry knowledge and relevant analytical skills.
This GLOMACS training course will highlight:
The Role of Scope of Treasury & Risk Management
The latest international tools and techniques to enable you to identify; measure and manage risk effectively
Methods to ensure, liquidity, improved investment returns and smooth cash operations
Capital Investment Techniques and Methods of Finance to support Strategic Objectives
The features and Benefits of Derivatives as Risk Management tools
The main requirements of International Financial Reporting Standards (IFRS) relevant to the Oil & Gas industry
The Analysis & Evaluation of Financial Reports to improve decision making and performance
Each module is structured and can be taken as a stand-alone training course; however, delegates will maximise their benefits by taking Module 1 and 2 back-to-back as a 2-week training course.
Objectives
At the end of this GLOMACS training course, you will learn to:
Manage Cash; Liquidity & Working Capital to reduce finance costs and improve returns
Make informed Strategic Decisions
Determine and Implement the company’s Risk Management Strategy
Recommend Hedging and Risk Management Decisions
Improve the Corporate Governance of the organization
Apply International Financial Reporting Standards most relevant to the Oil & Gas industry
Analyse and evaluate financial reports to better meet the needs of users
Review and use publicly available information to benchmark the business performance of your company in the Oil & Gas industry
Training Methodology
In order to ensure skill development as well as improved knowledge, this GLOMACS training course will be conducted along with workshop principles using real life case studies and interactive worked examples from the Oil & Gas industry. Participants will be actively engaged, individually and as part of a group, in their discussion, analysis and evaluation throughout this GLOMACS training course.
Participants will also be given a detailed set of handouts in hard and soft copy to enable them to review the topics covered at a later date.
Organisational Impact
The aim of this GLOMACS Essential Guide to IFRS and Risk Management training course is to provide participants with the knowledge and skills to make an effective contribution to the Treasury & Risk Management function and Financial Reporting & Analysis, enabling them to make the following organisational impact:
Improved informed decision making
Improved strategic thinking and focus on performance
Increased profitability through cost and risk reduction
Improved Corporate Governance and Stakeholder relationships
Improved finance culture through the dissemination of knowledge and skills
Greater relevance and reliability of financial and management information
More effective use of financial statements of the company, its co-venturers and its competitors
Personal Impact
As a result of attending this vital GLOMACS training course, focusing on the latest issues and risk facing organisations and the techniques to manage them, you will:
Develop your professional skills and increase your awareness of industry practices, problems and solutions
Understand the latest international tools and techniques relevant to your role
Be able to make more informed and hence better financial decisions using various models and software.
Increase your importance and ability to contribute effectively to your organization’s goals.
Be able to liaise effectively with other departments and professionals on planning, forecasting, budgeting matters, financial and investment analysis
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?
Given the importance of the Treasury & Risk Management and and Financial Reporting & Analysis, this GLOMACS training course is suitable to a wide range of professionals but will greatly benefit:
Professionals who wish to up-date and improve their knowledge and skills of Treasury, Risk management and Finance
Financial decision makers, whose techniques of decision making and analysis will be improved through attendance
Managers and those with financial responsibilities
Professionals acting upon the financial decisions of others, who will gain an appreciation for decision making thereby ensuring shared values within the organisation
Professionals with an interest in finance and the latest market developments
Course Outline
MODULE I - Treasury and Risk Management
DAY 1
The Role of Treasury Management – An Overview
The Role & Scope of Treasury Management
Operation & Location of a Treasury Department – Cost or Profit Centre; Centralised or Decentralised
Cash & Liquidity Management
Working Capital Management
Capital / Finance Management
Risk Management
DAY 2
Cash & Liquidity Management – A Detailed Analysis
Cash Forecasts: Role & Preparation
Investment of Cash Surpluses to Maximize Return
Meeting Cash Calls and Short-Term Cash Shortages / Short Term Finance
Working Capital Management – Determining the Optimum Level
Futures – Market Correlation; Margin Payments, etc.
Swaps – Currency & Interest Rate Risk and Benefits
Foreign Currency Accounts other Internal Methods / Tactics
Foreign Currency Borrowing
MODULE II - International Financial Reporting Standards (IFRS) for the Oil & Gas Industry
DAY 6
The Oil and Gas Sector & Major Accounting Issues
The Oil & Gas Sector & the Macro-economic Factors
Commodity prices, currency fluctuations, interest rate risk and political developments and environmental risk
Costs in Acquisition, Exploration, Development and Production of new oil or natural gas reserves
Accounting Approaches
The "Successful Efforts" (SE) Method or the "Full Cost" (FC) Method
Introduction / Overview of IFRS in relation to the Oil & Gas Sector, with particular reference to:
IFRS 1: First-time Adoption of International Financial Reporting Standards
IFRS 6: Exploration for and Evaluation of Mineral Assets
IFRS 10: Consolidated Financial Statements
IFRS 11: Joint Arrangements
IAS 16: Property, Plant and Equipment
IAS 36: Impairment of Assets
IAS 37: Provisions, Contingent Liabilities and Contingent Assets
IAS 38: Intangible Assets
IAS 39 Financial Instruments: Recognition and Measurement – Superseded by IFRS 9 – was to be effective 2013 but now 2018
DAY 7
Evaluating the Performance and Identifying the Accounting Issues
Analysis of Financial Statements
Income Statements
Statement of Financial Position (Balance Sheet)
Cashflow Statements
Identification & Evaluation of their Accounting Policies
DuPont Analysis – Evaluating and Improving Return On Equity (ROE)
Evaluation of their Share Price and Investment Performance
Case Study: BP, Chevron, Shell and SABIC
DAY 8
Accounting for Upstream Activities with Reference to IFRS
Reserves and Resources
Exploration and Evaluation
Revenue Recognition
Assets
Depletion, Depreciation & Amortisation (DD&A)
Impairment of Development, Production and Downstream Assets
Examples: BP, Chevron & Shell
DAY 9
Joint Arrangements, Financial Instruments and Derivatives
Business Combinations, Joint Ventures & Production Sharing Agreements (PSAs)
Treasury Management Issues for Multi-nationals
The Use of Derivatives in the Oil & Gas Sector to manage the commodity, currency and interest-rate risks, etc.
British Airways Case Study – Hedging the Oil Price using Futures
DAY 10
Creative Accounting and Corporate Governance
Creative Accounting – Enron and Investor Protection
Leases – IFRS 16 (new standard)
Auditors and Reporting to Investors in the Oil and Gas Industry
External Audit Investigations and Reports
The Auditor’s ‘Opinion'
True and Fair
Sarbanes Oxley
Internal Audits
Ethical Issues
Corporate Governance
Government Regulation
Investor Confidence and Share Prices
Certificates
On successful completion of this training course, GLOMACS Certificate will be awarded to the delegates
Continuing Professional Education credits (CPE) : In accordance with the standards of the National Registry of CPE Sponsor, one CPE credit is granted per 50 minutes of attendance
Providers and Associations
Endorsed Education Provider
GLOMACS is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org
In Association With
Oxford Management Centre
A GLOMACS - Oxford Management Centre collaboration aimed at providing the best training services and benefits to our valued clients.
An Intensive Training Course The 10-Day International Financial Reporting & Treasury Risk Management for the Oil & Gas Industry
Essential Guide to IFRS and Risk Management
Upcoming Dates
Code
Date
Venue
Fees
FI085
13 - 24 Mar 2023
London - UK
$11,900
FI085
28 Aug - 08 Sep 2023
London - UK
$11,900
Introduction
This GLOMACS Essential Guide to IFRS and Risk Management training course will provide delegates with the essential knowledge and skills to manage the Treasury effectively thereby improving liquidity, investment returns and international cashflow as well as risk management. This highly interactive GLOMACS training course will also develop an improved understanding of International Financial Reporting enabling reports to be written in accordance with IFRS and evaluated to improve decision making.
The Treasury & Risk Management function and Financial Reporting are essential to the success and sustainability of all leading corporate organisations. Never has this been more true, given the ever increasing pace of change in regulation, compliance, technology and financial risk within the Oil & Gas industry.
Treasury Management ensures sufficient liquidity to meet its obligations, whilst managing payments, receipts and financial risks such as Credit Risk, Oil Price, Exchange Rate and Interest Rate Risk effectively. In addition, effective Treasury & Risk management will enable companies to make informed and better strategic decisions, providing the analysis, finance and risk assessment.
Financial Reporting develops an essential understanding of Oil & Gas accounting, reporting and performance measurement issues and practices. It develops your ability to prepare, use and critically evaluate information, applying specialist industry knowledge and relevant analytical skills.
This GLOMACS training course will highlight:
The Role of Scope of Treasury & Risk Management
The latest international tools and techniques to enable you to identify; measure and manage risk effectively
Methods to ensure, liquidity, improved investment returns and smooth cash operations
Capital Investment Techniques and Methods of Finance to support Strategic Objectives
The features and Benefits of Derivatives as Risk Management tools
The main requirements of International Financial Reporting Standards (IFRS) relevant to the Oil & Gas industry
The Analysis & Evaluation of Financial Reports to improve decision making and performance
Each module is structured and can be taken as a stand-alone training course; however, delegates will maximise their benefits by taking Module 1 and 2 back-to-back as a two-week training course.
Objectives
At the end of this GLOMACS training course, you will learn to:
Manage Cash; Liquidity & Working Capital to reduce finance costs and improve returns
Make informed Strategic Decisions
Determine and Implement the company’s Risk Management Strategy
Recommend Hedging and Risk Management Decisions
Improve the Corporate Governance of the organization
Apply International Financial Reporting Standards most relevant to the Oil & Gas industry
Analyse and evaluate financial reports to better meet the needs of users
Review and use publicly available information to benchmark the business performance of your company in the Oil & Gas industry
Training Methodology
In order to ensure skill development as well as improved knowledge, this GLOMACS training course will be conducted along with workshop principles using real life case studies and interactive worked examples from the Oil & Gas industry. Participants will be actively engaged, individually and as part of a group, in their discussion, analysis and evaluation throughout this GLOMACS training course.
Participants will also be given a detailed set of handouts in hard and soft copy to enable them to review the topics covered at a later date.
Organisational Impact
The aim of this GLOMACS Essential Guide to IFRS and Risk Management training course is to provide participants with the knowledge and skills to make an effective contribution to the Treasury & Risk Management function and Financial Reporting & Analysis, enabling them to make the following organisational impact:
Improved informed decision making
Improved strategic thinking and focus on performance
Increased profitability through cost and risk reduction
Improved Corporate Governance and Stakeholder relationships
Improved finance culture through the dissemination of knowledge and skills
Greater relevance and reliability of financial and management information
More effective use of financial statements of the company, its co-venturers and its competitors
Personal Impact
As a result of attending this vital GLOMACS training course, focusing on the latest issues and risk facing organisations and the techniques to manage them, you will:
Develop your professional skills and increase your awareness of industry practices, problems and solutions
Understand the latest international tools and techniques relevant to your role
Be able to make more informed and hence better financial decisions using various models and software.
Increase your importance and ability to contribute effectively to your organization’s goals.
Be able to liaise effectively with other departments and professionals on planning, forecasting, budgeting matters, financial and investment analysis
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?
Given the importance of the Treasury & Risk Management and and Financial Reporting & Analysis, this GLOMACS training course is suitable to a wide range of professionals but will greatly benefit:
Professionals who wish to up-date and improve their knowledge and skills of Treasury, Risk management and Finance
Financial decision makers, whose techniques of decision making and analysis will be improved through attendance
Managers and those with financial responsibilities
Professionals acting upon the financial decisions of others, who will gain an appreciation for decision making thereby ensuring shared values within the organisation
Professionals with an interest in finance and the latest market developments
SEMINAR OUTLINE
MODULE I - Treasury and Risk Management
DAY 1
The Role of Treasury Management – An Overview
The Role & Scope of Treasury Management
Operation & Location of a Treasury Department – Cost or Profit Centre; Centralised or Decentralised
Cash & Liquidity Management
Working Capital Management
Capital / Finance Management
Risk Management
DAY 2
Cash & Liquidity Management – A Detailed Analysis
Cash Forecasts: Role & Preparation
Investment of Cash Surpluses to Maximize Return
Meeting Cash Calls and Short-Term Cash Shortages / Short Term Finance
Working Capital Management – Determining the Optimum Level
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