IFRS Accounting for Oil & Gas

  • Accounting & Financial Reporting, Oil & Gas Management

Introduction

IFRS Accounting for the Oil and Gas Industry is a specialized course tailored to address the unique complexities of financial reporting and compliance within the oil and gas sector under International Financial Reporting Standards (IFRS). This training is designed to equip you with the necessary tools to handle the regulatory landscape, enhance financial transparency, and align your accounting practices with global standards. Over the course of five days, participants will study in depth ithe critical aspects of IFRS as they pertain to oil and gas operations, exploring key standards, the treatment of exploration and evaluation activities, asset recognition, and impairment considerations, among others.

Course Outline

  • Module 1
  • Module 2
  • Module 3
  • Module 4
  • Module 5
  • Course Objectives
  • Target Audience

IFRS in Oil and Gas

  • Overview of IFRS applicability in the oil and gas industry.
  • IFRS vs. other financial reporting frameworks.
  • IFRS standards critical to the oil and gas industry.
  • Exploration for and Evaluation of Mineral Resources.
  • Financial statement presentation for oil and gas.

Exploration and Evaluation under IFRS

  • Accounting for exploration and evaluation expenditures.
  • Treatment of exploratory wells and survey costs.
  • Capitalization criteria under IFRS 6.
  • Depreciation and amortization of exploration assets.
  • Disclosure for exploration and evaluation activities.

Asset Recognition and Capitalization

  • Criteria for recognizing oil and gas assets under IFRS.
  • Capitalization of development costs and tangible assets.
  • Accounting for decommissioning liabilities.
  • Accounting for asset retirement obligations.
  • Recognition and valuation of reserves.

Impairment Considerations and Production Sharing Agreements

  • IFRS impairment testing and indicators for oil and gas assets.
  • Calculation of recoverable amount and impairment losses.
  • Accounting for production sharing agreements (PSAs) under IFRS.
  • Revenue recognition and cost recovery in PSAs.
  • Financial disclosures related to PSAs and joint ventures.

Preparing IFRS Financial Statements

  • Oil and gas IFRS-compliant financial statements.
  • International consolidation and handling of subsidiaries.
  • Preparing and presenting the statement of cash flows under IFRS.
  • Key considerations for auditor’s reports and compliance checks.
  • Impact future IFRS updates on the oil and gas industry.

By the end of this course, participants will be able to:

  • Gain a comprehensive understanding of IFRS principles relevant to the oil and gas industry.
  • Learn about the IFRS treatment for exploration and evaluation activities.
  • Master the complexities of asset capitalization and depreciation under IFRS.
  • Understand the recognition and measurement of oil and gas reserves.
  • Explore the financial reporting requirements for production sharing agreements.
  • Develop skills to prepare IFRS financial statements for oil and gas companies.

This course is ideal for:

  • Accountants and auditors.
  • Financial controllers and CFOs.
  • Compliance officers.
  • Corporate finance executives.
  • Regulatory officials.
  • Policy makers in the energy sector.

Course Schedule & Fees

  • Kuala Lumpur
  • Singapore
  • Amsterdam
  • Online
  • Course Fees

This course will take place in Kuala Lumpur on the following dates:

05/05/202519/05/202502/06/202516/06/2025
30/06/202514/07/202528/07/202511/08/2025
25/08/202508/09/202522/09/202506/10/2025
27/10/202510/11/202524/11/202508/12/2025
22/12/202505/01/202619/01/202602/02/2026

This course will take place in Singapore on the following dates:

26/05/202516/06/202507/07/202528/07/2025
18/08/202508/09/202529/09/202520/10/2025
10/11/202501/12/202522/12/202512/01/2026
02/02/202623/02/2026

This course will take place in Amsterdam on the following dates:

12/05/202502/06/202523/06/202514/07/2025
04/08/202525/08/202515/09/202506/10/2025
27/10/202517/11/202508/12/202529/12/2025
19/01/202619/01/2026

This course will take place Online the following dates:

13/05/202510/06/202508/07/202505/08/2025
02/09/202530/09/202528/10/202525/11/2025
23/12/202520/01/202617/02/2026

Kuala LumpurSingaporeAmsterdamOnline
USD$ 3,580USD$ 5,600USD$ 5,600USD$ 1,920

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      Course Info
      • Duration: One week
      • Available: Classroom/Online
      Training Locations
      • Kuala Lumpur
      • Singapore
      • Amsterdam
      • Online
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