IFRS (Oil and Gas)

Enquire Now

1. About the IFRS (Oil and Gas)

IFRS refresher for Oil and Gas. Accounting for the oil and gas industry is a very specialist area. This course considers a range of IFRS standards and accounting situations and their application to the oil and gas industry.

  • You will have the chance to assess the case studies, financial reports and financial disclosures from real world oil & gas companies.
  • practical applications of IFRS will be explained to enhance and reinforce learning.
2. By attending this training course, you will gain the following
  • Understand and know how to apply a series of major financial accounting principles and standards that are particularly relevant to oil and gas firms' activities
  • Gain insights into accounting issues and potential problems faced from implementing IFRS
  • Master essential knowledge of standards and frameworks in the IFRS relevant to oil & gas industry
  • Understand the new standards on joint arrangements, consolidated financial statements and disclosure of interests in other entities in the oil and gas sector.
  • Master the Accounting Fundamentals that improve company decision making regarding operations
  • Improve the quality of operational accounting and financial reporting in your organization
  • Design and develop auditing plans in compliance with IFRS
3. Key Topics Covered
  • Overview of IFRS and detailed understanding of IFRS standards that are predominant in the Oil & Gas Industry
  • its significance for the Oil & Gas Industry
  • Fundamental Concepts of Oil and Gas Accounting Methods
  • Accounting for Acquisition Costs
  • Accounting for Exploration Costs
  • Accounting for Development Costs
  • Accounting for Production Costs
  • Significant Accounting Issues pertaining to E&P companies
  • Depreciation, depletion and amortization
  • Dismantlement, restoration and abandonment
  • Capitalization of interest costs
  • Asset impairment under both successful efforts and full cost accounting methods
  • Carried interests and accounting by the carrying party and the carried party
  • Classification of assets as property, plant & equipment
  • Hedge Accounting Overview IAS 39 Financial Instruments
  • Revenue Recognition for E&P companies
  • Joint Ventures and related Accounting Issues
  • Production Sharing Agreements
  • Joint Interest Billing
  • Disclosures required IFRS 7
  • SEC Disclosure requirements for E&P Companies including Oil & Gas Modernization Act
  • Review Disclosures by major E&P entities
  • Update on the IASB's project for extractive industries
  • IFRS and GAAP Convergence
  • Future IFRS and GAAP directions
4. This Training Course is Specially Designed For
  • Accounting Executive/Managers
  • Financial Reporting Managers
  • Financial Executives / Managers / Controllers/Directors
  • Budgeting Officers/Executives/Managers
  • Cost Controllers, Executive & Managers
  • Auditors/Auditing Managers
  • Treasurers/Managers
  • Taxation & Reporting Executives/Managers
  • JV/Production Sharing Executives/Managers/Advisors
  • Business/Investment Analysts & Managers
  • Asset Officers/Mangers
  • Economists
  • Regulatory Compliance Officers
  • Business Development Executives & Managers
  • Commercial Analysts, Executives & Managers