Your Expert Trainer
Your expert trainer is an accounting and finance professional with over thirty years’ experience. For the past twenty two years he has specialised in consulting and the delivery of in-house and pub..
The International Financial Reporting Standards (IFRS) will deliver significant accounting changes to companies in the oil & gas industry.
Numerous companies are looking to adopt and merge the IFRS in their companies to comply with their own local accounting standards. It has become critical to understand the impact of various provisions of IFRS on accounting reports of companies in the oil and gas sector. There are few other industries which are as complex, competitive, and entwined with the economy as the oil and gas.
We hear and understand your needs and concerns.
Through extensive research with the oil & gas industry, we have specifically designed this four-day training course to take you through various policy and implementation issues involving typical transactions in oil and gas sector and how IFRS affects them. This course will cover the most challenging standards to understand and implement including IFRS 6 exploration and expenditure, units of production methods, impairment of oil and gas properties and revenue recognition.. It also includes the impact of latest IFRS releases IFRS 10, 11, 12, and 13, an update on progress with the new revenue recognition, leasing and financial instruments standards and the discussion paper on extractive industries.
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.
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
Key Topics Covered
- Overview of IFRS And detailed understanding of IFRS standards that are predominant in the Oil & Gas Industry
- Overview of US GAAP and its significance for the Oil & Gas Industry
- Understanding US GAAP standards for E&P Companies dealing with disclosure requirements
- 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
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
- Taxation & Reporting Executives/Managers
- JV/Production Sharing Executives/Managers/Advisors
- Business/Investment Analysts & Managers
- Asset Officers/Mangers
- Regulatory Compliance Officers
- Business Development Executives & Managers
- Commercial Analysts, Executives & Managers
If you like more information about the training course agenda and the expert trainer details, please email email@example.com
Please indicate subject title as “IFRS for Oil & Gas”