+27(0) 11 882 0392 | admin@prospen.co.za | Chat via WhatsApp
Courses This Month | About Us | Contact Us
Prospen Africa Logo
IFRS for Oil and Gas Companies

IFRS for Oil and Gas Companies

Master IFRS Financial Reporting, Risk Management, and Fair Value for Oil and Gas Operations

Request a Quote ↗
|
Platform:
Online
In-class
Request Course Brochure
Date Venue Duration
27 - 29 October 2026 Sandton, Gauteng 3 Days
30 November - 04 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

Course Objectives

Who should attend?

Course Outline

Request a Call Back

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. 

Course Duration Options

This IFRS for Oil and Gas Companies course is available in two formats, so you can choose the depth that fits your time and needs:

3-Day Essentials Core Foundations

Financial reporting fundamentals, exploration, revenue/cost recovery, risk management essentials, fair value, financial statements, and governance essentials.

Ideal for: Those who need practical, immediate capability without an extended time commitment.

5-Day Comprehensive Full Depth

The full combined curriculum in complete depth, including dedicated risk management and hedge accounting, fair value measurement, equity interests, and governance/investor relations content.

Course Objectives

This IFRS for Oil and Gas Companies course is designed to:
 
  • Impart knowledge of international accounting standards applicable to the oil and gas industry
  • Offer insights into the financial aspects of oil and gas production contracts, including leases, concessions, and production sharing agreements
  • Apply IFRS principles to exploration and evaluation activities, and incorporate carbon pricing, emissions costs, and energy transition considerations into asset accounting
  • Ensure accurate valuation of tangible assets and adherence to IFRS asset impairment rules, including how AI now supports data governance and audit readiness in these judgement-heavy areas
  • Explore hedge accounting, currency risk, and derivatives in relation to oil and gas, including joint venture risk
  • Apply fair value measurement principles and reserve reporting techniques
  • Prepare consolidated financial statements and incorporate sustainability-related disclosure (IFRS S1/S2)
  • Understand corporate governance, audit committee roles, and effective investor reporting for oil and gas entities
  • Solve IFRS-related problems and apply IFRS at the initial stages of adoption

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

Who should attend?

  • 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

(3-Day Essentials) — Training Outline

DAY 1 — Financial Reporting Fundamentals and Exploration
Financial Reporting in the Oil and Gas Sector
  • Overview of oil/gas contracts: leases, concessions, and production sharing agreements (PSAs)
  • Exploration and evaluation of resources under IFRS 6
  • Treatment of property, plant, equipment, and asset impairment
Asset Recognition and Capitalisation
  • Recognition and measurement criteria for oil and gas assets
  • Accounting for decommissioning liabilities
  • Incorporating carbon pricing and energy transition considerations into asset decisions
DAY 2 — Revenue, Cost Recovery, and Risk Management Essentials
Revenue Recognition and Cost Recovery
  • Revenue recognition practices in upstream companies
  • Over-lift balance management
  • Cost recovery methods and tax implications in PSAs
Impairment and Risk Management Essentials
  • IFRS impairment testing and calculating recoverable amounts
  • Currency risk, derivatives, and hedging strategies
  • Accounting for joint ventures and associated risks
DAY 3 — Fair Value, Financial Statements, and Governance
Fair Value Measurement and Financial Statements
  • Fair value measurement principles and reserve reporting
  • Preparing IFRS-compliant financial statements
  • Consolidated financial statement preparation
Governance and Investor Relations Essentials
  • Corporate governance and the role of audit committees
  • Effective reporting to investors
  • Deciding whether the 5-Day Comprehensive programme is the right next step

(5-Day Comprehensive) — Training Outline

Day 1: Introduction to IFRS in Oil & Gas and Financial Reporting Fundamentals
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
Financial Reporting in the Oil and Gas Sector
  • Overview of various oil/gas contracts
  • Accounting for leases, concessions, and PSAs
  • Treatment of plant, property, equipment, and asset impairment
Day 2: Exploration, Evaluation, and Asset Recognition
Exploration & Evaluation Activities under IFRS 6
  • Accounting for exploration and evaluation expenditures
  • Capitalisation criteria in accordance with IFRS 6
  • Depreciation, amortisation, and impairment of exploration assets
  • The IASB's Extractive Activities project: concluded September 2023, with the decision to retain IFRS 6 unchanged
  • How AI now supports data governance across the exploration and evaluation reporting chain
Asset Recognition, Capitalisation & Decommissioning
  • Recognition and measurement criteria for oil and gas assets
  • Accounting for decommissioning liabilities and asset retirement obligations
  • Valuation and recognition of reserves
  • Incorporating carbon pricing mechanisms and Carbon Capture and Storage (CCS) costs into asset decisions
Day 3: Financial Statements, Revenue Recognition, and Cost Recovery
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
Revenue Recognition and Cost Recovery
  • Revenue recognition practices in upstream companies
  • Over-lift balance management
  • Cost recovery methods and tax implications in PSAs
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
Day 4: Impairment, Risk Management, and Pricing Challenges
Impairment Considerations & Production Sharing Agreements
  • IFRS impairment testing and indicators for oil and gas assets
  • Calculating recoverable amounts, including how AI-supported anomaly detection now assists impairment indicator identification
  • Accounting and reporting for production sharing agreements (PSAs)
Risk Management in IFRS
  • Lease project evaluations
  • Currency risks and functional currency management
  • Utilisation of derivatives and hedging strategies
  • Accounting for joint ventures and associated risks
Pricing and Accounting Challenges
  • Accounting for asset exchanges
  • Impact of commodity prices and currency variations
  • Current accounting issues in oil & gas
Day 5: Asset Accounting, Fair Value, Equity Interests, and Financial Statements
Asset Accounting and Fair Value Measurement
  • Comprehensive asset accounting across the oil & gas petrochemical industry
  • Depreciation, depletion, and amortisation practices
  • Fair value measurement principles and reserve reporting techniques
Equity Interests and Strategic Development
  • Accounting for interests in other entities
  • Joint venture arrangements and profit/cost oil calculations
  • Strategic developments in the industry
Preparing IFRS Financial Statements
  • Consolidated financial statement preparation
  • Statements of cash flows under IFRS
  • Incorporating sustainability-related disclosure (IFRS S1/S2)
  • Creative accounting risks and corporate governance
  • Role and responsibilities of internal boards and audit committees
  • Effective reporting to investors

Course Categories

Office Administration Courses ❯ Audit, Risk And Governance ❯ Compliance Courses ❯ Finance Courses ❯ Human Resources Training & Development ❯ View All Course Categories ❯

Course Registration Guide

Everything you need to know about registering for a Prospen training course.

View Registration Guide
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

View All Reviews

FAQs – IFRS for Oil and Gas Companies

Master upstream capitalisation rules, Joint Venture (JV) accounting, restoration and decommissioning liability estimation, and oil and gas asset impairment testing to maintain transparent, standard-compliant financial reporting across the energy value chain.

What topics are covered in the IFRS for Oil and Gas Companies course?
The course covers upstream, midstream, and downstream accounting frameworks, exploration and evaluation (IFRS 6) expenditure, production-stage capitalization, joint arrangements (IFRS 11), production-sharing contracts, and decommissioning provisions (IAS 37).
Who should attend this IFRS for Oil and Gas Companies training?
This training is designed for chief financial officers (CFOs), financial accountants, joint venture accountants, corporate finance managers, internal auditors, and financial analysts operating within the petroleum and energy sectors.
How does this course address the complex financial reporting challenges of the petroleum industry?
Delegates learn how to navigate intricate sector-specific accounting standards, account for joint venture contributions and farm-in/farm-out agreements, and correctly apply capitalization versus expensing rules across project lifecycles.
Will delegates learn how to account for decommissioning, restoration, and rehabilitation obligations?
Yes. The curriculum explores calculating asset retirement obligations (ARO), discounting environmental restoration provisions, and managing the ongoing financial impact of site remediation liabilities.
Does the masterclass cover revenue recognition and production-sharing agreements?
Yes. Practical sessions cover applying IFRS 15 to complex oil and gas sales, accounting for lifting imbalances, royalties, taxes, and revenue entitlements under government production-sharing contracts (PSCs).
Why is specialized IFRS training vital for oil and gas finance professionals?
Mastering energy-specific accounting standards ensures compliance with international regulations, accurately reflects capital-intensive asset values, mitigates audit risks, and provides transparent reporting to investors and regulators.

Related Courses

Credit Control and Debt Management
Credit Control and Debt Management
Dates: 09 - 13 November 2026
Venue: Sandton, Gauteng
Duration: 5 Days
View More
Budget Preparation, Allocation and Cost Control
Budget Preparation, Allocation and Cost Control
Dates: 01 - 05 February 2027
Venue: Sandton, Gauteng
Duration: 5 Days
View More
Non-Performing Loans (NPL) Management Training
Non-Performing Loans (NPL) Management Training
Dates: 16 - 20 November 2026
Venue: Sandton, Gauteng
Duration: 5 Days
View More
International Financial Reporting Standards (IFRS 9) Training
International Financial Reporting Standards (IFRS 9) Training
Dates: 18 - 22 January 2027
Venue: Sandton, Gauteng
Duration: 5 Days
View More
View More Courses
Share this page:
LinkedIn WhatsApp

Your submission has been successful

Please check your email for confirmation