OVERVIEW:

This course will provide participants with a practical guide to understanding and applying the key accounting principles and procedures when working under the Kurdistan Region of Iraq Production Sharing Contract (PSC). You will gain clarity when it comes to the processes laid down by the Ministry when dealing with cost recovery. You will also analyse the key accounting provisions and how best to prepare your statements to facilitate a smooth and seamless process. Finally, participants will gain an in-depth understanding of the auditing requirements and leave with improved awareness of the procurement and budgeting processes.

BY ATTENDING THIS COURSE YOU WILL:

  • Gain a clear understanding of production accounting issues  and procurement procedures under the Kurdistan Region of Iraq PSC
  • Pinpoint how to prepare your accounting statements to facilitate a seamless process with the Ministry
  • Analyse in-depth how cost recovery works in theory and in practice and discuss practical issues and raise questions based on your own experiences
  • Understand the differences in audit requirements under the PSC and a Joint Venture

Practical exercises and group discussions will be used throughout the programme.

WHO SHOULD ATTEND:

  • Accountants
  • Finance Managers
  • Economists
  • Production Engineers
  • Government & Administration Managers
  • Planning Analysts

COURSE OUTLINE:

1. Overview of Financial Accounting Methods and Comparison with PSC Accounting

2. Practical Accounting for Kurdistan Region of Iraq Production Sharing Contracts

3. Accounting Model and Accounting Principles in the Kurdistan Region of Iraq PSC

4. Bonuses, Revenue Allocation, Cost Recovery and Profit Sharing under the Kurdistan Region of Iraq PSC

5. Work Programmes and Budgets under the Kurdistan Region of Iraq PSC

6. Procurement and Payments in Kurdistan Region of Iraq

7. Assets and Inventories

8. Auditing Contractor Statements

9. The course will look at the following statements under the Kurdistan Region of Iraq PSC:

  • Annual work programme and budget
  • Production statement
  • Value of production and pricing statement
  • Cost recovery and share account statement
  • Statement of expenditure and receipts
  • Final end-of-year statement

 

For more information about our in-company offerings, please contact Patricia Borges Rotolo or call +44 (0) 20 7978 0044.