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  IFRS for Oil & Gas Accounting

Tackling specific challenges facing oil & gas industry's IFRS implementation and updates
Overview & Course Benefits

This course is designed for those with limited exposure to the methodologies and techniques associated with accounting for the oil and gas industry, together with those who wish to formalise their understanding gained through on the job experience.

The course examines all elements of oil and gas operations and considers effective and commonly utilised accounting treatments, classifications, recognition criteria and valuation and measurement decisions, based on national standards, US GAAP and International accounting standards.

You will gain understanding in key terminology and processes necessary for successful accounting careers with the industry, and will gain the confidence necessary to participate in industry accounting activities.

Key Learning Outcomes
  • UNDERSTAND the terminology, processes and activities in Oil and Gas operations
  • APPRECIATE the unique accounting issues arising from participation in the Oil and Gas industry and the potential solutions available to address issues
  • MASTER the accounting for upstream activities under both the successful efforts and full cost methodologies and implication for Profit & Loss and Balance Sheet classification
  • DETERMINE appropriate chart of account structures for industry participants appropriate for accounting methodologies
  • APPRECIATE the diff erent categorisation of drilling activities between pre-exploration, exploration and development activities
  • EXPLAIN the value chain for upstream Oil and Gas entities and the accounting implications of each link
    MASTER the accounting treatment for exploration, development and production activities
  • UNDERSTAND when to capitalise and when to expense costs undertaken during exploration and development activities
  • APPRECIATE the interaction between IFRS and national standards
  • CALCULATE appropriate depreciation, amortisation and depletion of capitalised cost under permitted and commonly utilised methodologies
  • APPRECIATE the accounting issues and solutions for decommissioning and asset retirement obligations
  • MASTER the accounting steps and entries under typical Production Sharing Contracts and differences with International Accounting Standards
Pre-requisites

Understanding of basic accounting principles based on any national standard.
No advance preparation is required.

Level

Introductory to intermediate level. It is a precursor / pre-requisite to the Advanced Oil & Gas Accounting course.

Teaching Methodology

This intensive workshop is highly interactive, with a focus on exercises and case studies to illustrate the application
of the key provisions of IFRS. We provide a practical and working knowledge of how to apply those standards within your own organisation. Participants should look forward to a challenging, but enjoyable, learning experience, with the trainer's personal training style providing a unique teaching environment.

While the workbook and accompanying course material contain a wealth of knowledge and examples, participants
will need a calculator to complete the activities.

Testimonials

 “This was the best course I have been on in ages. Really helpful – lots of great info – I look forward to applying it to some cases I have”
- Finance Director, Dana Gas

"The trainer has a remarkable ability to explain material in clear manner and answer questions thoroughly and concisely"
- Finance Manager, Petronas

"He was an excellent presenter. He made things simple, was guided by our questions, and was very patient”
- Manager, PricewaterhouseCoopers

“His knowledge of the subject is excellent.  He clearly understands accountant’s needs and what they need to know”
- Finance Manager, Vietnam Oil and Gas Group

Course Certificate

Upon the successful completion of this course, you will receive a Certificate of Attendance bearing the signatures
from both the Expert Workshop Leader and the Course Organiser. This Certificate will testify your endeavour and
serve towards your professional advancement.

 

Endorser

AFSEA Global Energy Certification    

 

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