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Course Schedule
Classroom Sessions:
DateVenueFees
26 - 30 May 2025 Kigali - Rwanda $5,950
23 - 27 Jun 2025 Istanbul - Turkey $5,950
04 - 08 Aug 2025 Abu Dhabi - UAE $5,950
11 - 15 Aug 2025 London - UK $5,950
01 - 05 Sep 2025 Dubai - UAE $5,950
22 - 26 Sep 2025 London - UK $5,950
20 - 24 Oct 2025 Lisbon - Portugal $5,950
01 - 05 Dec 2025 Dubai - UAE $5,950
05 - 09 Jan 2026 London - UK $5,950
12 - 16 Jan 2026 Dubai - UAE $5,950
02 - 06 Mar 2026 London - UK $5,950
04 - 08 May 2026 Dubai - UAE $5,950
25 - 29 May 2026 Kigali - Rwanda $5,950
22 - 26 Jun 2026 Istanbul - Turkey $5,950
03 - 07 Aug 2026 Abu Dhabi - UAE $5,950
10 - 14 Aug 2026 London - UK $5,950
31 Aug - 04 Sep 2026 Dubai - UAE $5,950
21 - 25 Sep 2026 London - UK $5,950
19 - 23 Oct 2026 Lisbon - Portugal $5,950
30 Nov - 04 Dec 2026 Dubai - UAE $5,950
04 - 08 Jan 2027 London - UK $5,950
Online Sessions:

26 - 30 May 2025 Online $3,950
11 - 15 Aug 2025 Online $3,950
01 - 05 Dec 2025 Online $3,950
25 - 29 May 2026 Online $3,950
10 - 14 Aug 2026 Online $3,950
30 Nov - 04 Dec 2026 Online $3,950
Course Description

INTRODUCTION

This GLOMACS Upstream Petroleum Accounting training course is designed to develop the essential skills necessary to prepare and evaluate Upstream Petroleum Accounts and to improve the organization’s internal audit function.

It focuses on the latest techniques to evaluate Financial; Operational & Social Performance as well as relevant International Financial Reporting Standards (IFRS) for the preparation of accounts. Delegates will therefore be able to prepare financial statements in line with IFRS and make strategic decisions to improve financial performance of their organization. In addition, the development, monitoring and continued improvement of a highly-integrated, internal audit function will aid continued financial success, stability and growth.

This training course will highlight:

  • How to Prepare Financial Statements in line with IFRS?
  • The latest international tools and techniques to develop skills of evaluation and performance measurement
  • The lessons to be learnt from an evaluation of leading international Upstream Petroleum companies
  • The different types of audit and the benefits to be obtained from each
  • Efficient Planning, Controlling and Recording of an audit assignment

Objectives

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

  • Develop an understanding of the accounting and auditing standards, policies and practices used by Upstream Petroleum companies
  • Improve relevance and reliability of financial reports to better meet the needs of users
  • Review and use publicly available information for benchmarking the business performance
  • Understand the role and function of an Internal Audit Department
  • Understand audit risk and efficiently plan, control and record an audit assignment

Training Methodology

Participants to this Upstream Petroleum Accounting training course will receive a thorough training on the subjects covered by the course outline with the tutor utilising a variety of proven adult learning teaching and facilitation techniques. The Training methodology includes case studies from the Upstream Petroleum Sector, discussion, group work and interactive exercises and videos. These are designed to ensure delegates leave with transferable skills as well as up-to-date knowledge of international policies and procedures.

Organisational Impact

This training course is of direct relevance to the Upstream Petroleum sector and as a result the organisations will benefit greatly from their employees participation. The organization will gain from:

  • More effective finance support for front-line departments
  • Greater relevance and reliability of financial and management information
  • More strategic thinking and focus on performance
  • More effective use of financial statements of the company, its co-venturers and its competitors
  • The ability of Finance Managers and staff to work with less supervision
  • Preparation of staff for increased responsibility

Personal Impact

This training course will be of personal benefit to delegates by providing you with:

  • A better understanding of the context and importance of the work you do
  • Greater awareness of industry practices, problems and solutions
  • Increased understanding and assurance to complete tasks successfully
  • 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?

This GLOMACS Upstream Petroleum Accounting training course is designed to develop accounting and auditing knowledge and skills, providing details of the latest policies and procedures.

This training course is therefore suitable to a wide range of professionals but will greatly benefit:

  • Corporate Accountants, Financial Controllers, Treasury Officers, Management Accountants
  • Finance Staff in General Accounting, Payables, Receivables, Inventory, Fixed Assets, etc.
  • Joint Venture Accountants and Auditors
  • External, Financial and Internal Auditors
  • Government Regulators and Auditors
  • Financial and Investment Analysts
Course Outline

DAY 1

Major Accounting & Auditing Issues in the Upstream Petroleum Sector

  • The Latest Accounting & Auditing Issues Facing the Sector
  • The Impact of Commodity Prices, Currency & Interest Rate Fluctuations and Political and Environmental Developments
  • The Impact of Financial and Accounting Issues on Strategic Development and Growth within the Sector
  • The Annual Reports & Financial Statements of Leading International Petroleum Companies
  • An Overview of IFRS in Relation to Upstream Oil & Gas Accounting
  • The Role of Auditing

DAY 2

Accounting for Revenue & Costs in the Upstream Petroleum Sector 

  • Revenue Recognition & IFRS 15: Revenue from Contracts with Customers
  • Costs in Acquisition, Exploration, Development and Production
  • IFRS 6: Exploration for and Evaluation of Mineral Assets
  • Accounting Approaches - The "Successful Efforts" (SE) Method or the "Full Cost" (FC) Method
  • Break Even Oil, Cost Oil & Profit Oil
  • Evaluating Profitability of Leading International Oil & Gas Companies

DAY 3

Accounting for Assets in the Upstream Petroleum Sector 

  • Reserves & Resources
  • IAS 16: Property, Plant and Equipment
  • Depletion, Depreciation & Amortisation (“DD&A”)
  • IAS 36: Impairment of Assets
  • IAS 37 – 39 : Provisions, Contingent Liabilities and Contingent Assets; Intangible Assets and Financial Instruments
  • Evaluating the Assets & Reserves of Leading International Petroleum Companies

DAY 4

Creative Accounting, Corporate Governance & Auditing

  • Creative Accounting
  • Corporate Governance
  • Published Financial Statements
  • The Role of the Board & Audit Committee
  • External Auditing - Reporting to investors in the Oil & Gas industry
  • Internal Auditing - Defining and Developing the Internal Audit Process

DAY 5

The Internal Audit Function

  • Establishing the Roles & Staff within the Internal Audit Department
  • The Various Types of Audits
  • Planning & Commencing Internal Audit Examinations
  • Controls & Substantive Tests
  • Communicating Audit Findings
  • The Audit Exit Conference Meeting & Post-Audit Reviews
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

  • Quality Logo
  • Quality Logo

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

PetroKnowledge

PetroKnowledge

Our collaboration with Petroknowledge aims to provide the best training services and benefits for our valued clients

Visit website

Oxford Management Centre

Oxford Management Centre

A GLOMACS - Oxford Management Centre collaboration aimed at providing the best training services and benefits to our valued clients.

Visit website

The Energy Training Centre

The Energy Training Centre

Our collaboration with Energy Training Centre aims to provide the best training services and benefits for our valued clients

Visit website

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Frequently Asked Question:

How can I find out more information about a specific course?

For detailed information about specific courses, including course content, schedules, and instructors, you can visit our website or contact our customer service team. They will be happy to provide all the information you need to make an informed decision.

Can I get a discount for group bookings?

Yes, GLOMACS offers special discounts for group bookings. If you’re planning to enroll multiple participants from your organization, please reach out to our team to discuss the available discount packages.

How are GLOMACS courses structured?

Our courses are structured to provide a balanced mix of theory and practical application. They typically include presentations, case studies, group discussions, hands-on activities, and interactive Q&A sessions to maximize learning outcomes.

Will I receive a certificate upon completing a GLOMACS course?

Yes, upon successful completion of any of our training courses, GLOMACS Certificate will be awarded to the delegates. This certificate is a valuable addition to your professional portfolio and is recognized across various industries.

Does GLOMACS offer customized training for organizations?

Yes, GLOMACS provides customized training solutions tailored to meet the specific needs of organizations. We work closely with companies to design bespoke training courses that address their unique challenges and objectives.

How can I register for a GLOMACS course?

You can register for a GLOMACS training course by visiting our website, selecting the course of your choice, and following the simple registration process. You can also contact our support team for assistance with the registration process.

Who are the trainers at GLOMACS?

Our trainers are industry experts with years of practical experience in their respective fields. They bring real-world knowledge and insights into the classroom, ensuring that our participants receive top-tier, applicable skills and expertise.

Are GLOMACS training courses available online or in person?

GLOMACS offers both online and in-person training options. You can choose from interactive virtual sessions or attend one of our globally located in-person training courses. The flexibility ensures that learning fits your schedule and preferences.

What types of training courses does GLOMACS offer?

GLOMACS offers a wide range of professional development training courses across various industries, including Leadership & Management, Finance & Accounting, Human Resources, Engineering, Oil & Gas, Operations and Logistics, Engineering and Technical and more. Our training courses are designed to enhance career growth and organizational effectiveness.

What are the key benefits of attending a GLOMACS course?

Attending a GLOMACS training course offers numerous benefits, including enhanced professional skills, increased employability, industry-recognized certification, networking opportunities with peers and experts, and the chance to apply practical knowledge directly to your workplace.

Why should I choose GLOMACS?

GLOMACS is a globally recognized leader in professional training and development, with a reputation for delivering high-quality, results-driven training courses. We offer a broad spectrum of training courses taught by expert trainers, flexible delivery options (both online and in-person), and accredited certifications that add real value to your career.

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