IFRS Fundamentals

This course is aimed at accounting professionals who are new to upstream oil and gas or new to IFRS.

It will provide them with and understanding of how IFRS is being applied by the industry, specifically in the core areas of exploration, development and production.

It considers in detail the accounting practices that have developed in relation to both full cost capitalisation and successful efforts methods under national accounting practices such as US GAAP before considering the interpretation and application of relevant IFRS.

It then considers the range of accounting policy options available and being used, particularly in relation to exploration activities and deprecation calculations.

Objectives:

What will you learn?

• Determine appropriate accounting policies consistent with IFRS, in particular those to be applied during exploration consistent with IFRS 6 and in development and production.

• Contrast and compare the commonly found accounting treatments in the industry under both IFRS and US GAAP frameworks.

• Apply accepted capitalisation rules and depreciation methods within E&P, considering the impact at the project level.

• Account for the impact of asset impairments.

• Analyse and interpret the result of E&P businesses including the use of accepted oil and gas reserves-based ratios.

• Understand at an overview level some of the issues faced by joint venture operators and companies working with production sharing contracts

Who should attend?

This course is for accountants working within the E&P sector of oil and gas businesses which have or will be adopting IFRS.