Complete Course on IFRS for Oil and Gas Companies

Course Objectives
• Learning of international accounting standards, planning and policies used in Oil and gas sector
• Understanding of financial implications for Oil and gas production contracts
• International and local accounting standards related to oil and gas sector
• Understanding the improved reliability of financial reports for business
• How to utilize publicly information in IFRS for checking the business achievement and performance of oil and gas industry
• Understanding and its application of IFRS for upstream gas and oil sector
• Understanding of diversity in finance and accounting practices in Oil industry
• Understanding hedge accounting related to oil and gas industry
• Understand valuation of tangible assets
• Knowledge of rules related to assets for impairment about IFRS
• Understanding IFRS problems and its solution
• How IFRS will be conducted at the initial stage
Course Outline
FINANCIAL REPORTING IN OIL AND GAS SECTOR
• Types of oil/gas contracts
• Leases and concessions
• Product sharing agreement (PSA)
• Exploration/Evaluation of oil and gas Resources
• Plant, property and Equipment
• Intangible and tangible Assets
• Asset impairment
FINANCIAL STATEMENT AND ASSETS
• Financial statements
• Write-off’s treatment
• Oil and gas assets classification
• Asset control and de-recognition
• Estimation of reserves and treatment of cost recovery
REVENUE AND RECOVERY
• Revenue recognition
• Revenue recognised by upstream companies
• Over lift balances
• Cost recovery methods in Psa’s
• Psa’s tax oil
INTEREST AND TAXES
• Interests from Decommissioning
• Restoration Rehabilitation Funds
• Income taxes
• Sales taxes and income taxes
• Tax holidays
• Deferred taxes arising on asset
RISK MANAGEMENT AND ASSESSMENT
• Leases and leasing project
• Foreign currency and functional currency
• Risk assessments in IFRS
• Financial risk control and management of upstream gas and oil
• Derivatives utilization
• Hedging techniques
• Joint ventures and risk
ACCOUNTING AND PRICING
• Asset exchanges accounting
• Oil & Gas | Major and Latest Accounting Issues
• Commodity Prices impact
• Interest Rate and currency variation
ASSETS
• Accounting for Assets in all areas of the Oil & Gas Petrochemical Industry
• Depreciation, depletion and Amortisation
• Assets Impairment
FVM FAIR VALUE MEASUREMENT
• Fair Value system and Measurement
• Reserve-Reporting
• Accounting and financing in oil Business
• Financial Statements consolidated
INTEREST
• Interests on Other Entities
• Strategic Development in the oil Industry
• Joint ventures and joint Arrangements
• Profit, cost oil and Break-Even Oil
CASH FLOW MANAGEMENT AND INVESTORS
• Cash Flow and Financial Instruments in the Oil & Gas
• Statement of Cash Flows
• Creative Accounting and Corporate Governance
• Investor Protection
• Corporate Governance
• The Role of the internal Board and Audit Committees
• Reporting to the investors

DATE:
1ST BATCH: 21st – 24th Jan 2025
2ND BATCH: 17th – 20th June, 2025