Joint Venture Accounting for the Oil & Gas Industry




5 days


15 – 19 Apr, 2 – 6 Sep, 21 -25 Jan, 3 – 7 Jun, 23 – 27 Dec 2019




Holiday Inn Express Hotel 1 Priddys Yard Croydon CR0 1TS

Course Objective:

The complexity of the oil and gas industries frequently results in projects being undertaken by joint ventures, alliances and other strategic groupings. Forming a successful alliance, whatever its format, is a complex process requiring a high degree of experience and expertise. This course explains the nature and form of joint ventures and summarises the requirements of IAS 31 Interests in Joint Ventures and the relevant requirements under US and UK GAAP.

This programme also covers a number of issues regarding the relationships between operators and non-operators in joint ventures, the financing of joint venture operations and the reporting of joint costs. Our expert instructors also describe internal accounting for the costs and revenues from joint operations from the individual participant’s point-of-view. The programme includes an overview of the Joint Arrangements exposure draft issued by the IASB in September 2007, for which a final standard is expected in the second half of 2008.

Who should attend

This program will be of most benefit to energy industry professionals who are currently working in the accounts department of the oil and gas industry or require additional knowledge in Joint Venture Accounting in the Oil and Gas industry.

This course can also be taken in

Accra: 11 -15 Mar,15 – 19 Jul, 14 – 18 Oct, 16 – 20 Dec, 18 – 22 Feb 2019

Dubai:  27 – 31 May, 1 – 5 Jul, 5 – 9 Aug, 23 – 27 Sep, 25 – 29 Nov 2019

Texas: on request

Course Content


  • Characteristic Features of the Oil and Gas Industry
  • Scale of operations
  • Nature and timing of cash flows
  • Risks
  • Determination of success
  • The Nature of Joint Ventures and Reasons Why Oil and Gas Companies
  • Participate in Them
  • Typical Provisions of Joint Venture Agreements
  • IAS 31 Interests in Joint Ventures
  • US and UK GAAP Requirements Regarding Joint Ventures
  • Relationship Between Operator and Non-operator Participants
  • The Financing of Joint Ventures – Billing Statements and Cash Flow Reporting
  • Reporting of Expenditures
  • Budgets and Approvals
  • Cost Allocation Methods and Issues
  • Revenue Recognition Relating to Over and Under-lifting
  • Unitisations and Adjustment of Interests
  • Audits
  • Overview of the IASB Joint Arrangements Exposure Draft

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Joint Venture Accounting for the Oil & Gas Industry

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