Azerbaijan, Baku, Nov. 18 /Trend/
Representatives of Ernst & Young and BP Azerbaijan, one of the world's leading international oil & gas companies, made a presentation to the students of the Special Talent Group of the State Economic University of the Azerbaijan Republic.
Brent Arnold, Manager of Ethics, Compliance and Financial Assurance of BP Azerbaijan, Nigar Aliyeva, the Assurance Manager and Nihad Azizli, the Assurance Senior at Ernst & Young discussed the specific accounting issues in oil & gas industry, leases, decommissioning, depreciation and reserves estimation.
Brent Arnold has an outstanding knowledge of accounting and has worked in different roles in Financial Reporting. He talked to the students about Production Sharing Agreements (the "PSA", an agreement between foreign oil investors and government on the exploration, development and production sharing of natural resources) accounting mechanism on the example of one of the Azerbaijan oil and gas PSAs and introduced to the students the accounting for revenue under entitlement method and accounting for over / under lifts, which is an advanced and industry specific accounting topic.
The presenters had prepared the presentation so that to have an interactive class environment. Students held a lively discussion with the presenters.
The presentation also described all the operations BP have in Azerbaijan.
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Ernst & Young in Azerbaijan
Ernst & Young has made a major commitment to Azerbaijan and the region with the opening of our office in Baku 17 years ago and the growth of our local financial service industry group. Today, in addition to being a leading audit firm in Azerbaijan, we are the leading firm in the region. Because of our experience and depth of knowledge, we have been able to assist both domestic and international companies as well as state-owned entities in developing them to face the challenges of the international economy.
We currently have more than 120 staff in our Baku practice, which served our clients, including banks and other financial institutions, in Azerbaijan. The strength of Ernst & Young in the Caspian Region and the firm's commitment of resources are important to the entities operating in the region. It means that as we grow, Ernst & Young will continue to demonstrate a tradition of hiring and training local professionals to be leaders in our practice.
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