This 5-day course, IFRS for the Oil & Gas and Petrochemical Sectors has been designed to provide a good level of knowledge and practice across the main aspects of IFRS based accounting in the Oil & Gas industry.
During this intensive five-day course, delegates will be exposed to a variety of fiscal regimes, with the opportunity to discuss the fiscal regime in their own jurisdiction. The course discusses successful effort and full cost accounting techniques, with reference to IFRS accounting standards as set out by The IFRS Foundation.
In addition, delegates will also learn about intangible assets and their importance in the Oil & Gas industry as well as the fundamentals of Property, plant and equipment: Oil and Gas (Development and Production).
The impairment of development and production assets is a vital topic for the Oil & Gas industry and delegates will see these matters in action during the course.
Many Oil & Gas industry arrangements are based on Joint Arrangements: Joint venture & Joint operations and delegates will explore these aspects in detail in order that they can understand apply the rules found in several IFRS once they return to work.
Finally, revenue recognition, which has been a matter of research and development by various accounting standards bodies for a decade and more has culminated in IFRS 15: delegates will spend some time in discussing this standard and its implications for the future.
TARGET COMPETENCIES
As a result of completing IFRS for the Oil & Gas and Petrochemical Sectors, all participants will improve their knowledge, understanding and analytical skills of IFRS, with the following benefits:
- Understanding the newly issued standards, along with IASB projects, and how they will impact on the financial statements
- Understanding the practical implementation of the more complex standards
- Understanding the disclosure and accounting requirements in financial reporting of a group of companies
- Understanding practical implications of using IFRS in specific industries
WHO SHOULD ATTEND ?
Anyone requiring an understanding of IFRS for the Oil & Gas and Petrochemical Sectors
- Finance staff new to the industry who require a grounding in the various specialist discipline areas that typically comprise an oil and gas company finance function
- Finance personnel who are being developed for broader accounting and financial management responsibilities
- Audit and information systems staff who have frequent dealings with financial controls and systems
- Treasury and tax specialists who require a better understanding of E&P finance and accounting
- Financial staff in need of a refresher in the IFRS Based Accounting for Oil and Gas
In particular, it will be suitable for:
- Corporate Accountants, Financial Controllers, Treasury Officers, Management Accountants
- Finance Staff in General Accounting, Payables, Receivables, Inventory, Fixed Assets, etc.
- Joint Venture Accountants and Auditors
- External, Financial and Internal Auditors
- Financial and Investment Analysts
COURSE OUTLINE
IFRS for the Oil & Gas and Petrochemical Sectors comprehensive accounting standards training course will enable each participant to appreciate and understand the basics and certain complexities associated with international accounting standards along with topic terminology, concepts and applications.
In gaining a perspective of the origins of IFRS, the accomplishments, to date, in the development and acceptance of global accounting standards and insights into the foreseeable future, participants will gain a valuable understanding of this critical field of knowledge and be capable of contributing meaningful assistance to their respective organisations with respect to the adoption and utilisation of these accounting standards.
IFRS Overview and Specific Industries
- Overview of IFRS Principles and Concepts
- The latest on world adoption of IFRS
- First time adoption of IFRS
- IAS 1 – Presentation of Financial Statements
- IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors
- IAS 18 – Revenue
- IFRS 6 – Exploration for and evaluation of Mineral Resource
- Financial Instruments Post Implementation Review for Financial Institutions
- The “Successful Efforts” (SE) Method or the “Full Cost” (FC) Method oved Oil and Gas Reserves – disclosures and impact on financial statements
- Case Studies
Technical Standards
- IAS 12 – Income Taxes
- IAS 19- Employee Benefits
- IAS 33 – Earnings per Share
- IAS 34 – Interim Financial Reporting
- IFRS 5 – Discontinued Operations
- IFRIC 12 – Service Concession Arrangements
- IFRIC 20 – Stripping Costs in the Production Phase of a Surface Mine
- Case Studies
Financial Instruments
- IAS 39 – Recognition and Measurement
- IFRS 2- Share-based Payments
- IFRS 7 – Disclosures
- IFRS 13 – Fair Value Measurement
- IFRIC 16 – Hedges of Net Investment in Foreign Operations
- IFRIC 19 – Extinguishing Financial Liabilities with Equity Instruments
- Case studies
Group Reporting
- IAS 28 – Investments in Associates
- IFRS 3 – Business Combinations
- IFRS 8 – Segment Reporting
- IFRS 10 – Consolidated Financial Statements
- IFRS 11 – Joint Arrangements
- IFRS 12 – Disclosure of Interest in Other Entities Case Studies
New Standards and Practical Implications
- IFRS 9 – Financial Instruments
- IFRS 14 – Regulatory Deferral Accounts
- IFRS 15 – Revenue from Contracts with Customers
- IFRS 16 – Leases
- Future developments
- IFRS and Statutory Audit Procedures
- Case Studies and Practical Implementation
VENUE:
Choice between in-house / External Venue/ Live Online Classroom
Do you have more people interested in attending this course? Do you want to tailor it to meet your company’s exact requirements? If you’d like to do either of these, we can bring this course to your company’s office. You could even save more on the cost of sending delegates to a public course and dramatically increase your ROI.
If you want to run this course at a location convenient to you or if you want a completely customized learning solution, we can help.
We produce learning solutions that are completely unique to your business. We’ll guide you through the whole process, from the initial consultancy to evaluating the success of the full learning experience. Our learning specialists ensure you get the maximum return on your training investment.
DURATION:
5 days
COST:
ZAR 26,999.00
Contact us for our discounted pricing for self-funded individuals
Course Features
- . 1
- Quiz 0
- Duration 69 hours
- Skill level All levels
- Language English
- Students 50
- Assessments Yes
Curriculum
- 1 Section
- 1 Lesson
- 5 Days
- TRAINING ENQUIRY FORM1
