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IFRS for Oil and Gas Companies

4 Day Training

Dates: 10 – 12 July | 16 – 18 September 2024
Locations: Johannesburg, South Africa
Platform: Available In-Class / Online

Price: Available on request

Course Introduction

International Financial Reporting Standards (IFRS) are crucial for public companies to maintain transparency and consistency in financial reporting across different regulatory and capital markets, especially for the oil and gas sector with its international scope. This course delves into the specifics of IFRS as it pertains to oil and gas operations, providing the necessary insights to manage and report financial activities effectively.

 

Personal Benefits

Professionals completing this course will:

  • Gain expertise in IFRS to advance their careers.

  • Enhance their roles within companies through increased IFRS understanding.

  • Make informed financial decisions and reduce risks.

  • Acquire improved decision-making skills, adding value to their organizations.

  • Obtain a comprehensive understanding of major issues and resolutions in their roles.

Course Objectives

This specialized IFRS course for Oil and Gas Companies is designed to:

  • Impart knowledge of international accounting standards applicable to the oil and gas industry.

  • Offer insights into financial aspects of oil and gas production contracts.

  • Examine local and international accounting standards relevant to the sector.

  • Enhance reliability and utility of financial reports for businesses.

  • Educate on the use of IFRS public information for assessing business performance.

  • Provide understanding and application techniques of IFRS for the upstream oil and gas sector.

  • Address diversity in financial and accounting practices in the industry.

  • Explore hedge accounting in relation to oil and gas.

  • Ensure accurate valuation of tangible assets and adherence to IFRS asset impairment rules.

  • Solve IFRS-related problems and apply IFRS at the initial stages.

Who should attend?

This course is essential for:

  • Financial Controllers and Corporate Accountants.

  • Finance staff across various departments.

  • Treasury Officers and Management Accountants.

  • Auditors, both internal and external.

  • Employees of government regulatory authorities.

  • Investment and Financial Experts.

  • Professionals involved in upstream oil & gas activities.

Finance Courses

Training Methodology

Our diverse instructional approaches ensure effective learning:

– Lectures & Presentations: Engage with expert-driven, stimulating content.
– Course Material: Access well-crafted supporting resources.
– Group Work: Collaborate on discussions and case studies for practical insights.
– Workshops & Role-Play: Participate in immersive, scenario-based activities.
– Practical Application: Focus on applying theoretical knowledge in real situations.
– Post-Training Support: Receive extensive support after training for skill implementation.

Training Outline

Module 1: Financial Reporting in the Oil and Gas Sector

  • Overview of various oil/gas contracts.

  • Accounting for leases, concessions, and PSAs.

  • Exploration and evaluation of resources.

  • Treatment of plant, property, equipment, and asset impairment.

Module 2: Financial Statements and Asset Management

  • Detailed analysis of financial statements.

  • Classification and treatment of oil and gas assets.

  • Control and de-recognition of assets.

  • Reserve estimation and cost recovery processes.

Module 3: Revenue Recognition and Cost Recovery

  • Revenue recognition practices in upstream companies.

  • Over lift balance management.

  • Cost recovery methods and tax implications in PSAs.

Module 4: Interests, Taxes, and Decommissioning

  • Handling interests related to decommissioning.

  • Management of restoration and rehabilitation funds.

  • Income tax considerations and tax holiday impacts.

  • Deferred tax accounting for assets.

Module 5: Risk Management in IFRS

  • Lease project evaluations.

  • Currency risks and functional currency management.

  • Utilization of derivatives and hedging strategies.

  • Accounting for joint ventures and associated risks.

Module 6: Pricing and Accounting Challenges

  • Accounting for asset exchanges.

  • Impact of commodity prices and currency variations.

  • Current accounting issues in oil & gas.

Module 7: Asset Accounting

  • Comprehensive asset accounting across the oil & gas petrochemical industry.

  • Depreciation, depletion, and amortization practices.

  • Detailed asset impairment processes.

Module 8: Fair Value Measurement (FVM)

  • Fair value measurement principles.

  • Reserve reporting techniques.

  • Consolidated financial statement preparation.

Module 9: Equity Interests and Strategic Development

  • Accounting for interests in other entities.

  • Strategic developments in the industry.

  • Joint venture arrangements and profit/cost oil calculations.

Module 10: Cash Flow Management and Investor Relations

  • Financial instruments and cash flow statement analysis.

  • Creative accounting and corporate governance.

  • Role and responsibilities of internal boards and audit committees.

  • Effective reporting to investors.

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