Best Practice in Payroll Accounting and Reconciliation

IFRS Accounting for Oil and Gas

Mastering AI-Enhanced Financial Reporting Excellence in the Energy Sector

|
Platform:
Online
In-class
Date Venue Duration
07 - 11 December 2026 Sandton, Gauteng 5 Days
15 - 19 February 2027 Sandton, Gauteng 5 Days
05 - 09 April 2027 Sandton, Gauteng 5 Days
24 - 28 May 2027 Sandton, Gauteng 5 Days
05 - 09 July 2027 Sandton, Gauteng 5 Days

Course Introduction

IFRS Accounting for the Oil and Gas Industry is an intensive program designed specifically to tackle the unique financial reporting and compliance challenges faced by organisations in the oil and gas sector. Aligned with International Financial Reporting Standards (IFRS), this course equips participants with practical expertise to navigate complex regulatory landscapes, elevate financial transparency, and harmonise accounting practices with global benchmarks. 

 

Over five comprehensive days, you will delve into the intricacies of IFRS as applied to oil and gas operations — covering everything from exploration and evaluation expenditures to asset recognition, impairment assessments, and production sharing agreements. This training blends theoretical foundations with hands-on case studies to ensure you can confidently manage accounting processes and prepare robust financial statements within this dynamic industry. 

Course Objectives

By the end of this course, you will be able to:
  • Achieve a thorough understanding of IFRS requirements specific to the oil and gas sector
  • Apply IFRS principles to exploration and evaluation activities, including where AI now supports data governance and audit readiness in this reporting chain
  • Navigate the complexities of asset capitalisation, depreciation, and amortisation under IFRS
  • Accurately recognise and measure oil and gas reserves for reporting purposes
  • Comply with financial reporting requirements for production sharing and joint venture agreements
  • Incorporate carbon pricing, emissions costs, and energy transition considerations into asset and impairment accounting
  • Prepare and analyse IFRS-compliant financial statements for oil and gas entities

Who should attend?

  • Accountants and Auditors in the Energy Sector
  • Financial Controllers and CFOs
  • Compliance Officers and Regulatory Professionals
  • Corporate Finance Executives
  • Policymakers and Industry Regulators
  • Anyone Involved in Oil and Gas Financial Reporting or Oversight
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: Introduction to IFRS in Oil & Gas
  • Overview of IFRS and its significance in the oil and gas industry
  • Comparison of IFRS with alternative financial reporting frameworks
  • Key IFRS standards for oil and gas operations
  • Financial statement structure and presentation
Module 2: Exploration & Evaluation Activities under IFRS
  • Accounting for exploration and evaluation expenditures
  • Treatment of exploratory wells, survey costs, and related expenditures
  • Capitalisation criteria in accordance with IFRS 6
  • Depreciation, amortisation, and impairment of exploration assets
  • Required disclosures for exploration and evaluation activities
  • The IASB's Extractive Activities project: concluded at the Board's September 2023 meeting, with the decision to retain IFRS 6 in its current form — diverse accounting policies for exploration and evaluation expenditure will therefore continue to be permitted
  • How AI now supports data governance across the exploration and evaluation reporting chain (data → journals → trial balance → financial statements → disclosures), strengthening audit readiness for these judgement-heavy areas
Module 3: Asset Recognition, Capitalisation & Decommissioning
  • Recognition and measurement criteria for oil and gas assets
  • Capitalisation of development and tangible asset costs
  • Accounting for decommissioning liabilities and asset retirement obligations, including how AI is increasingly used to strengthen data governance and audit trails for these estimate-heavy provisions
  • Valuation and recognition of reserves
  • Incorporating carbon pricing mechanisms, emissions reduction costs, and Carbon Capture and Storage (CCS) costs into asset recognition and capitalisation decisions
  • Case studies on asset capitalisation
Module 4: Impairment Considerations & Production Sharing Agreements
  • IFRS impairment testing and indicators for oil and gas assets
  • Calculating recoverable amounts and recognising impairment losses, including how AI-supported anomaly detection and gap analysis now assist in identifying impairment indicators and disclosure gaps
  • Accounting and reporting for production sharing agreements (PSAs)
  • Revenue recognition and cost recovery mechanisms in PSAs
  • Financial disclosures for PSAs and joint ventures
Module 5: Preparing IFRS Financial Statements
  • Structure and content of IFRS-compliant financial statements for oil and gas entities
  • Consolidation of subsidiaries and international operations
  • Preparation and presentation of statements of cash flows under IFRS
  • Auditor's reports and compliance checks
  • Incorporating sustainability-related disclosure (IFRS S1/S2) alongside traditional financial statements, reflecting growing investor scrutiny of long-term sustainability in a carbon-constrained world

Our Categories

Get a Quote Banner Outline

Request a Call Back

Your submission has been successful

Please check your email for confirmation

Success Stories

Discover how our courses enhance professionals’ effectiveness in their workplaces.

uMngeni-uThukela Water

IFRS Updates Trainings

What made the sessions exceptionally helpful was the deliberate focus on actionable strategies rather than just high-level concepts. The structured approach kept the content engaging. It was a highly impactful professional development experience.

Telekom Networks Malawi Plc

Financial Analysis, Modelling and Forecasting

It has been a really fruitful and helpful training. Many thanks to PROSPEN AFRICA and the facilitator Olufemi. This is definitely going to make my work life easier and meaningful.

Northam Booysendal Mine

Mastering Payroll Preparation, Analysis, and Management

The course really taught us deep in to Payroll and made us aware of things we were not aware of.

Telekom Networks Malawi PLC

Financial Analysis, Modelling and Forecasting

The training was very insightful and the facilitator was very engaging which made everything easier to understand and follow. It has really equipped us in our areas of lack and we feel confident now on our next assignments on forecasts and analysis

Magalies Water

GRAP training

The course was practical, informative and relevant

FAQs – IFRS Accounting for Oil and Gas

Master exploration and evaluation reporting, joint arrangement accounting, decommissioning provisioning, and impairment testing to ensure full compliance with IFRS standards across oil and gas financial operations.

What topics are covered in the IFRS Accounting for Oil and Gas course?
The course covers IFRS 6 exploration and evaluation assets, IAS 16 property plant & equipment capitalization, IAS 36 asset impairment testing, IAS 37 decommissioning and restoration provisions, Joint Operating Agreement (JOA) accounting, and revenue recognition under IFRS 15 for lifting agreements.
Who should attend this oil and gas accounting training?
This training is designed for financial controllers, petroleum accountants, joint venture accountants, audit managers, finance directors, and upstream tax advisors operating within exploration, production, midstream, and downstream energy enterprises.
What are the key learning objectives of this oil and gas masterclass?
Delegates learn to navigate energy sector-specific IFRS standards, account for production sharing contracts (PSCs) and joint ventures, handle complex field abandonment provisions, execute impairment testing on oil reserves, and draft transparent financial statement disclosures.
How long is the IFRS Accounting for Oil and Gas course?
The programme is delivered as an intensive 5-day professional masterclass combining hands-on upstream balance sheet workouts, decommissioning liability calculations, and joint venture financial reporting case studies.
What practical skills will delegates gain from this masterclass?
Participants will gain practical skills in unbundling exploration vs. development costs, accounting for farm-in and farm-out transactions, calculating unwinding of interest on site restoration provisions, and auditing joint venture cash calls and billing statements.
Can Prospen Africa deliver this course as customized in-house training?
Yes. Prospen Africa can tailor the masterclass to align with your organization’s specific asset portfolio (upstream, midstream, or downstream), host government fiscal arrangements, joint venture accounting structures, and ERP accounting systems.

Related Courses