| Date | Venue | Duration | |
|---|---|---|---|
| 08 - 11 February 2027 | Pretoria, Gauteng | 4 Days | |
| 05 - 08 April 2027 | Cape Town, Western Cape | 4 Days | |
| 24 - 27 May 2027 | Durban, KZN | 4 Days | |
| 12 - 15 July 2027 | Sandton, Gauteng | 4 Days | |
| 13 - 16 September 2027 | Pretoria, Gauteng | 4 Days |
Please note: This is not a final registration, one of our team members will contact you shortly to finalise your registration.
Prospen Africa’s IFRS for the Upstream Oil and Gas Sector course provides a detailed review of significant IFRS requirements for the upstream oil and gas sector, including regulatory reporting and the diverse accounting practices that arise from the many commercial and contracting arrangements which are unique to it. It includes coverage of IFRSs, hands-on case studies, examples, exercises, and benefits from the interactive participation of the attendees. The program includes the latest pronouncements, and participants are brought up-to-date on all topics. In addition, participants are provided with information to assist them in researching accounting issues and monitoring future changes.
This IFRS for the Upstream Oil and Gas Sector course looks in depth at accounting practices permitted by IFRS 6 within the exploration and development phase by reviewing these against benchmark treatments in US GAAP. It goes on to consider how IFRS is applied in the development and production phases. In doing so it looks at the unique features posed by joint venture operations and contracting arrangements, in particular Production Sharing Agreements. Detailed treatments of revenues, costs, accounting for taxation arrangements and conveyances will also be considered. In addition, the application of IFRS best practices in management reporting will be considered including chart of accounts, reporting by operators to partners and key financial and reserves reporting metrics used by the industry.
This IFRS for the Upstream Oil and Gas Sector course is ideal for individuals with financial responsibilities who are new to the oil and gas industry or to accountants operating in the industry. It will review accounting requirements from pre-exploration to production for reporting internally, externally and to partners under the unique contractual arrangements common to this industry.
This IFRS for the Upstream Oil and Gas Sector course answers questions such as:
How to understand and apply IFRS to oil and gas exploration, development and production activities?
When to capitalise and when to expense under IFRS during exploration and development and how does the diversity in accounting practices in the extractive industry affect financial reporting?
How do IFRS reporting requirements interact with reporting between venturers and the State?
What are the characteristics of Production Sharing Agreements and how are these reflected in the financial statements?
What methods of units of production calculation are permitted and what is best practice?
When and how to assess unproved and proved properties for impairment?
What are the main revenue recognition issues faced by the industry?
How do different tax regimes impact upon financial reporting?
How to calculate and interpret financial and operational metrics used to analyse the costs, profitability, efficiency, and value added by a firm’s exploration and production activities?
How do oil and gas companies present their financial statements when reporting under IFRS?
What are the implications for the oil and gas industry of the IASB’s project on extractive industries and of other current IFRS developments?
How does the investor in a joint venture account for its interest and how does the operator account to its partners?
How does an oil and gas company establish its chart of accounts?
What are the management accounting and reporting requirements internally and between venturers?
What does IFRS have to say about asset exchanges and conveyances of oil and gas interests?
How to account for decommissioning costs and rehabilitation funds under IFRS?
At the end of the IFRS for the Upstream Oil and Gas Sector training the delegates are expected to understand:
Apply IFRS to oil and gas exploration, development and production activities
Judge when to capitalise and when to expense under IFRS during exploration and development
Identify the differences in treatment between accounts prepared under IFRS and those prepared under PSAs
Evaluate the impact of using different units of production methods to calculate DD&A
Describe the principal assumptions needed to conduct impairment reviews and to establish decommissioning provisions under IFRS
When and how to assess unproved and proved properties for impairment
Calculate and interpret financial and operational metrics used to analyse costs, profitability, efficiency, and value added by a firm’s exploration and production activities
Prepare cash call requests, joint billing statements and cut back entries
Develop the key components of an oil and gas chart of accounts
Evaluate the impact of acquisitions, disposals and exchanges of oil and gas properties on the financial statements
Financial accountants in the oil and gas industry
Management accountants of IOC’s and NOC’s
Internal and external auditors of oil and gas companies reporting under IFRS
Staff of revenue authorities and NOC’s working with IOC’s
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.
Discover how our courses enhance professionals’ effectiveness in their workplaces.
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.
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.
The course really taught us deep in to Payroll and made us aware of things we were not aware of.
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
The course was practical, informative and relevant
Master upstream oil and gas accounting under IFRS, covering specialized exploration and evaluation methodologies (IFRS 6), Successful Efforts vs. Full Cost accounting, Production Sharing Agreements (PSAs), asset impairment (IAS 36), and decommissioning obligations to optimize financial reporting across the energy life cycle.
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