Delivery Schedules
Day 1
The Role of Budgeting and Cost Control
Major Users and Applications of Accounting Information
The Cost-Benefit and Behavioural Considerations in Designing an Accounting System, Planning
and Control: The Role of Budgets and Performance Reports
Potential Challenges in Implementing Budgets, Types of Budgets and
Introduction to Cost Behaviour and Cost-Volume Relationships

Day 2
Traditional Costing
Prediction of costs through measurement of cost functions
The role of activity analysis in measuring cost functions
Measurement of cost behaviour through different methods
Cost management systems
Direct and Indirect costs
Cost Allocation methods
Comparison of costs between Merchandisers and Manufacturers

Day 3
Traditional Costing and Activity-Based Costing (ABC)
Absorption and Marginal Costing Methods
Traditional Costing versus ABC
Benefits of ABC
Master Budgets
Major features and advantages of Master Budgets
Principal steps in preparing Master Budgets
Operating Budgets and Finance Budgets (within the Master Budgets)

Day 4
Flexible Budgets and Variance Analysis
Flexible budgets based on the volume of sales
Activity-based flexible budgets
Performance of variance analysis (Budget vs Actual)
Capital Budgeting
Capital budgeting decisions through Discounted Cash Flow methods
Discounted Cash Flow methods (NPV, payback model, ARR)
Beyond Budgeting
Organisational goals and management planning, and control
Importance of performance evaluation
Development of performance measures

This course is designed to be introductory to intermediate and aims to provide a solid
understanding and practical experience in the key aspects of Costing and Budgeting in the Oil and
Gas Industry. Over this intensive four-day programme, delegates will explore the complexities of
management accounting, particularly as they pertain to the costing and budgeting processes within
Oil and Gas companies. In this training programme, you will learn how to: Develop budgeting
skills necessary for better decision-making, identify and allocate various types of costs when
preparing a budget, perform variance analysis and implement corrective actions accordingly.

By the conclusion of this course, participants will be able to:
• Comprehend the relationship between the budget and principal financial statements.
•Prepare a budget that is aligned with the organisation’s strategic plan.
• Utilise appropriate estimation techniques in the development of operating (revenue and expense)
budgets.
• Identify and accurately calculate costs suitable for inclusion in capital budgets.
• Analyse management cost reports and formulate corresponding corrective action plans.

Professionals requiring an introductory to intermediate understanding of the costing and
budgeting techniques in the Oil and Gas Industry.
Finance personnel who need to improve their skills in preparing and monitoring a budget.
Finance staff who need to make business expenditure decisions involving various types of costs
and allocation of costs.
Non-financial professionals needing to learn more about the budgeting process, planning and
controlling costs during their business careers.
Financial staff in need of a refresher in the costing and budgeting methods that are particular to
the Oil and Gas Industry.