Stock Accounting for Managers
Course Info
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Course Details
Introduction
Objective
Who should attend
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Stock accounting plays a critical role in the petroleum industry, where inventory management directly impacts operational efficiency, financial performance, and regulatory compliance. With fluctuating oil prices, supply chain complexities, and stringent accounting regulations, managers must be equipped with the right tools and techniques to accurately track, value, and report stock movements.
This Stock Accounting for Managers course provides a comprehensive understanding of inventory valuation, transaction management, compliance standards, and digital tools for stock control. Participants will explore FIFO, LIFO, and weighted average cost valuation methods, inventory optimization strategies, risk mitigation techniques, and financial reporting practices. The course also covers accounting for joint ventures, foreign currency transactions, and impairment of inventory, ensuring that managers can handle complex stock-related challenges in the oil and gas sector.
This hands-on program is designed to help professionals optimize stock management, reduce losses, improve decision-making, and ensure compliance with industry regulations.
Course Outline
Introduction to Stock Accounting
- Overview of the petroleum supply chain and the flow of petroleum products from exploration to end-use delivery
- Understanding the fundamentals of stock accounting and its importance in the petroleum industry
- Exploring different stock and inventory types in petroleum (e.g. crude oil, refined products, and consumables)
- Discovering inventory valuation techniques specific to petroleum products: FIFO, LIFO and weighted average cost
- Reviewing industry regulations and standards governing inventory accounting in the petroleum sector
- Discussing the role of technology and digital tools in streaming stock accounting processes
- Practice Exercise: Analyzing a sample company’s inventory valuation and discussing the financial implications
