International Financial Reporting Standards (IFRS) for Oil and Gas Industry

Attending this IFRS Workshop for Oil and Gas Industry and make use of practical and real life case studies. Gain immediate knowledge and experience in how to apply the various accounting rules to complex accounting issues in your organization, and understand the options available to organizations in the Oil and Gas Sector in applying those standards.

CONTENT:

• Introduction to IFRS Principles, Oil and Gas Accounting Issues and Non-Current Assets
• Overview of IFRS Principles and Concepts
• Oil and Gas Industry Accounting Issues
• Recognition and Valuation of Non-Current Assets
• Determination and Valuation for Oil and Gas Infrastructure Assets and Illustration of Key Accounting Issues
• Accounting for the Oil and Gas Industry Value Chain: Exploration, Development and Coursesion
• Accounting for Exploration and Evaluation Activities
• Accounting for Development and Coursesion Activities
• Provisions and Decommissioning
• Determine appropriate provision and prepare necessary journal entries, allowing for discounted cash flow methodologies
• Accounting for the Oil and Gas Industry Value Chain: Inventory, Revenue Recognition
• Recognition and Valuation of Inventory and Reserves
• Revenue Measurement and Recognition
• Calculation of Revenue and Royalties and Allocation across geographic segments
• Accounting for Operating and Finance Leases and Similar Transactions

FOR WHOM:

Accountants, Auditors, Financial Controllers, Tax Officers, Admin/Human Resource Officers, Government Relations Officers and other relevant officers in the Oil and Gas Sector.

TRAINING METHODOLOGY

The training methodology combines lectures, discussions, group exercises and illustrations. Participants will gain both theoretical and practical knowledge of the topics. The emphasis is on the practical application of the topics and as a result participant will go back to the workplace with both the ability and the confidence to apply the techniques learned to their duties.