IFRS for the Oil and Gas Sector

Course Overview

The course on IFRS for the Oil and Gas Sector examines the commonly used accounting treatments, classifications, recognition criteria and valuation, and measurement decisions for the oil and gas sector. It examines in depth the accounting practices permitted by IFRS within the exploration, development and production phases. The course is designed to provide a good level of knowledge and practice across the main aspects of IFRS based accounting for the oil and gas industry. The course discusses successful efforts and full accounting techniques in IFRS. Delegates will explore detailed treatments of revenues, costs, accounting for taxation arrangements, conveyances and financial instruments used by the industry. Additionally, delegates will also examine the detailed application of IFRS best practices in management reporting, including charts of accounts, reporting by operations to partners and the key financial and reserves reporting metrics used by the industry.

The course will take a comprehensive review of the accounting requirements from pre-exploration to production, and for reporting internally, externally and to partners under the unique contractual arrangements common in the industry.

Target Audience

This course on IFRS for the Oil and Gas Sector will greatly benefit:

Individuals with financial responsibilities for the Oil and Gas sector
Those accounting for operations in the industry that will be adopting IFRS
Financial accountants in the oil and gas industry
Management accountants in the oil and gas industry
Internal and external auditors of oil and gas organizations reporting under IFRS
Budget Officers
Cost Controllers
Taxation & Reporting Managers
Asset Officers
JV/Production sharing managers

Course Outcomes

By the end of this course, delegates will gain knowledge and skills to:

Apply IFRS to oil and gas exploration, development and production activities
Master the essential knowledge of standards and frameworks in the IFRS relevant to oil and gas joint venture activities
Understand the different types of joint venture agreements found worldwide and the accounting implications for each
Judge when to capitalize and when to expense under IFRS during exploration and development
Appreciate the options available for valuing tangible assets
Calculate and interpret financial and operational metrics used to analyze costs, profitability, efficiency
Develop the key components of an oil and gas charts of accounts
Evaluate the impact of acquisitions, disposals and exchanges of oil and gas properties on the financial statement

Key Course Highlights

Fundamental concepts of oil and gas accounting methods
IFRS fundamentals
Presentation of financial statements
Accounting for exploration and evaluation
Accounting for development
Borrowing costs
Retirement obligations and decommissioning
Production considerations
Revenue recognition
Management accounting
Reporting of reserves
Accounting for taxation
Production sharing agreements
Financial instruments
Accounting for acquisitions, asset exchanges and conveyances

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