Saudi Aramco GI 287.004 PERIOD END COSTING AND FINANCIAL REPORTING ACTIVITY

This document, Saudi Aramco General Instruction GI 287.004, details the essential Period End Costing and Financial Reporting Activity within the organization. It comprehensively outlines the procedures for managing period-end accounting processes, covering critical aspects such as internal management reporting, external financial statement generation, and the classification of costs for accurate reporting.

The document delves into the corporate cost structure, SAP accounting system functionalities, budgeting and accountability principles, and the detailed classification of costs for various reporting purposes, including direct controllable costs, support services, and capital allocations. It also explains the month-end costing process, including period costs, depreciation, support service allocations, and capital allocations, culminating in WBS/PMO/IO cost settlements.

Furthermore, it elaborates on the calculation of unit costs for products and the process of external reporting through financial statements, including PRO – Hydrocarbon Management and Cost of Sales/Ending Inventory calculations. This guide provides a structured framework for financial accuracy and performance measurement.

Ideal for accounting managers, financial analysts, cost accountants, and internal auditors working within the oil and gas industry or similar large-scale operational environments.