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This three-day course focuses on the application of IFRS to the oil and gas industry. It looks at the core IFRS standards, illustrating their application by reference to oil and gas case studies and looks at those standards which specifically apply to oil and gas activities and how they are being implemented by the sector.

The course will look at those areas which have led to the greatest impact on results or workload in converting from national GAAP to IFRS, areas which have given most concern to regulators and auditors and update you on recent and forthcoming developments. Alan has led numerous IFRS courses around the world with participation of companies in oil & gas industry such as Shell, British Gas, Tyumen Oil, Saudi Aramco, PetroChina, Arabian Petrochemical Company, Oman Gas and NAPESCO etc.

The commercial and operational practices of the oil and gas industry pose unique challenges to accountants operating under the IFRS framework. These challenges include accounting for exploration and evaluation activities, joint venture arrangements and production sharing agreements, decommissioning costs, use of hedge accounting and the disclosure of reserves information.

While some areas are represented within the Standards and Interpretations released by the IASB, others are either not dealt with within the Standards or their treatment has to be inferred by interpreting the relevant Standards. Furthermore many of the IASB’s Standards specifically exclude application to mineral resources from their scope.

This workshop focuses on those areas of most concern to the oil and gas industry. It highlights the approach to take when setting accounting policies in the absence of specific guidance within IFRS, looks at the issues in applying standards to oil and gas transactions and the accounting choices available to companies in the sector.

Specific areas treated include:

Property, plant and equipment
Intangibles and in particular exploration and evaluation activities
Oil and gas reserves
The challenges posed by impairment reviews
Provisions, particularly decommissioning costs
Joint venture and production sharing agreements
Financial instruments and application of hedge accounting treatments
IFRS is constantly evolving, and the course is kept up to date with the latest Standards and Interpretations and includes sections that look at proposed and forthcoming developments.

Course Format

The course format includes presentations on key aspects of the standards, interactive exercises, group discussions and reviews of published financial statements from the oil and gas sector.

Pre-course Questionnaire

Alan Mayo would like to customize the class based on your specific needs. Pre-Course Questionnaire will be sent to you prior to the workshop.