MASTERING IFRS COMPLIANCE FOR THE ENERGY SECTOR

By the end of this training course, participants will be able to:
• Understand the fundamental principles and concepts of IFRS and their application in the energy sector.
• Gain proficiency in applying IFRS standards to complex transactions and accounting issues commonly encountered in the energy industry, such as exploration and production activities, asset valuation, and revenue recognition
• Learn best practices for implementing IFRS-compliant financial reporting processes and controls tailored to the unique characteristics of energy companies
• Develop the skills to interpret and analyze financial statements prepared in accordance with IFRS, including balance sheets, income statements, and cash flow statements
• Acquire practical insights into emerging trends, regulatory developments, and challenges related to IFRS compliance in the energy sector
The Course Content
Introduction to IFRS in the Energy Sector
• Overview of International Financial Reporting Standards (IFRS)
• Importance of IFRS Compliance for Energy Companies
• Key IFRS Principles and Concepts
• IFRS Implementation Challenges and Considerations in the Energy Industry
Exploration and Production Accounting
• Accounting for Exploration and Development Costs
• Asset Valuation Methods: Full Cost vs. Successful Efforts
• Impairment Testing for Exploration and Production Assets
• Case Studies: Accounting for Oil and Gas Reserves and Reservoir Development
Revenue Recognition and Contract Accounting
• IFRS 15: Revenue from Contracts with Customers
• Revenue Recognition Challenges in the Energy Sector
• Accounting for Long-Term Contracts and Service Agreements
• Case Studies: Revenue Recognition for Energy Sales and Service Contracts
Financial Reporting and Disclosure
• Preparation of Financial Statements under IFRS
• Balance Sheet Presentation: Assets, Liabilities, and Equity
• Income Statement and Statement of Cash Flows
• Notes to the Financial Statements: Disclosures and Reporting Considerations
Emerging Issues and Best Practices
• Emerging Trends and Developments in IFRS for the Energy Sector
• Best Practices for IFRS Compliance and Financial Reporting Processes
• Case Studies: Analyzing Financial Statements of Energy Companies
• Closing Remarks: Leveraging IFRS Compliance for Financial Transparency and Growth in the Energy Industry

Methodology
The training methodology integrates lectures, interactive discussions, collaborative group exercises, and illustrative examples. Participants will acquire a blend of theoretical insights and hands-on practical experience, emphasizing the application of learned techniques. This approach ensures that attendees return to their professional environments equipped with both the competence and self-assurance to effectively implement the acquired skills in their responsibilities.
DATE:
1ST BATCH: 20th – 23rd May, 2025
2ND BATCH: 2nd – 5th Dec, 2025