Overview

This four-day live, virtual or face to face course enable preparers and users of financial statements in the oil & gas industry to apply and analyse the international accounting principles in relation to exploration, development and production activities.

The course covers impact of diverse accounting practices for upstream business, accounting issues in development and production stage, and the disclosures in relation to oil & gas companies reserves. In addition, the course covers the principles in relation to accounting for financial instruments, revenue recognition, leases and joint arrangements, including production sharing contracts. There is extensive use of case studies and examples throughout the course.

Learning Outcomes

To enable the participants to obtain an in-depth understanding of the accounting for oil and gas and analysis of the financial statements:

  • Understand the terminology and principles used in oil and gas accounting in IFRS
  • Interpret and apply relevant accounting policies and standards including analysis of issues in exploration, drilling, development and production stages
  • Apply the principles in IFRS 9 Financial Instruments, IFRS 15 Revenue from Contracts with Customers and IFRS 16 Leases
  • Analyse disclosures in the financial statements including those relating to reserve data and supplemental disclosures
  • Analyse accounting for joint arrangements and production sharing contracts

Who Should Attend

The following oil & gas company personnel will benefit from the knowledge shared in this course:

  • Staff in accounting and finance teams
  • Oil and gas industry personnel involved in treasury operations, payroll, budgeting etc.
  • Internal and external auditors
  • Bankers and analysts working with the oil and gas industry

A basic understanding of financial statements under any GAAP is a pre-requisite.