Code Date Venue Fees
FI083 09 - 13 Apr 2018 London - United Kingdom $5,500 Register
FI083 23 - 27 Jul 2018 New York - USA $6,950 Register
FI083 10 - 14 Sep 2018 London - United Kingdom $5,500 Register
Home » Seminars » Finance & Budgeting » International Financial Reporting Standards (IFRS) for the Oil & Gas Industry

Introduction

This 5-day IFRS for the Oil and Gas Industry training seminar develops an essential understanding of Oil & Gas Exploration & Production (E&P) accounting, reporting and performance measurement issues and practices.

The training seminar develops your ability to prepare, use and critically evaluate information on E&P activities, applying specialist industry knowledge and relevant analytical skills.

The training seminar will feature:
  • Analysis and evaluation using practical case studies
  • Facilitated group discussions on current issues, policies, procedures
  • Real Life issues within delegates’ organisations and other oil and gas companies 

Objectives

By the end of this training seminar, delegates will learn how to:
  • Develop an understanding of the accounting standards, policies and practices used by companies in the Oil & Gas Exploration & Production industry
  • Appreciate the nature and financial implications of Production Sharing Contracts and other agreements between host governments and international companies
  • Examine issues and guidelines in accounting for Joint Ventures
  • Identify and know how to apply international and national accounting standards most relevant to the E&P industry
  • Improve relevance and reliability of financial reports to better meet the needs of users
  • Review and use publicly available information for benchmarking the business performance of companies in the E&P industry

Training Methodology

Each topic on this seminar is introduced with an illustrated presentation on the activities to be accounted for, the methods used, and the issues arising in the financial reporting of those activities. Learning on each topic is developed by a worked example, and participants then complete an exercise, individually or in groups as appropriate, to ensure that they are able to apply what they have learned.

On completion of each exercise, a full solution is issued and discussed, with an opportunity for questions and answers. Having mastered the theory and practice of each issue, learning is further reinforced by examination of relevant extracts from the annual reports of international oil and gas companies. At the end of each day, participants have an opportunity for a one-to-one session with the seminar leader to ask further questions and to go over any material that they have not yet fully understood.

Who Should Attend?

The training seminar is designed specifically for those have a basic understanding of accounting, and want to learn more about accounting and financial reporting policies and practices in the upstream Oil and Gas industry. In particular the training seminar 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
  • Government Regulators and Auditors
  • Financial and Investment Analysts

Seminar Outline

DAY 1

The Oil and Gas Sector & Major Accounting Issues

  • The Oil & Gas Sector & the Macro-economic Factors
    • Commodity prices, currency fluctuations, interest rate risk and political developments and environmental risk.
  • Costs in Acquisition, Exploration, Development and Production of new oil or natural gas reserves
  • Accounting Approaches
    • The "Successful Efforts" (SE) Method or the "Full Cost" (FC) Method
  • Introduction/Overview of IFRS in relation to the Oil & Gas Sector, with particular reference to:
    • IFRS 1: First-time Adoption of International Financial Reporting Standards
    • IFRS 6: Exploration for and Evaluation of Mineral Assets
    • IFRS 10: Consolidated Financial Statements
    • IFRS 11: Joint Arrangements
    • IAS 16: Property, Plant and Equipment
    • IAS 36: Impairment of Assets
    • IAS 37: Provisions, Contingent Liabilities and Contingent Assets
    • IAS 38: Intangible Assets
    • IAS 39 Financial Instruments: Recognition and Measurement – Superseded by IFRS 9 – was to be effective 2013 but now 2018

DAY 2

Evaluating the Performance and Identifying the Accounting Issues

  • Analysis of financial statements
    • Income Statements
    • Statement of Financial Position (Balance Sheet)
    • Cash flow Statements
  • Identification & Evaluation of their Accounting Policies
  • DuPont Analysis – Evaluating and Improving Return on Equity (ROE)
  • Evaluation of their Share Price and Investment Performance
  • Case Study: BP, Chevron, Shell and SABIC

DAY 3

Accounting for Upstream Activities with Reference to IFRS

  • Reserves and resources
  • Exploration and evaluation
  • Revenue recognition
  • Assets
  • Depletion, Depreciation & Amortisation (“DD&A”)
  • Impairment of development, production and downstream assets
  • Examples: BP, Chevron & Shell

DAY 4

Joint Arrangements, Financial Instruments and Derivatives

  • Business Combinations, Joint Ventures & Production Sharing Agreements (“PSA”s)
  • Treasury Management Issues for Multi-nationals
  • The Use of Derivatives in the Oil & Gas Sector to manage the commodity, currency and interest-rate risks etc.
  • British Airways Case Study – Hedging the Oil Price using Futures

DAY 5

Creative Accounting and Corporate Governance

  • Creative Accounting – Enron and investor protection
  • Leases – IFRS 16 (new standard)
  • Auditors and reporting to investors in the oil and gas industry
  • External audit investigations and reports
    • The Auditor’s ‘Opinion'
    • True and Fair
    • Sarbanes Oxley
    • Internal audits
  • Ethical issues
  • Corporate governance
    • Government regulation
    • Investor confidence and share prices

Accreditation

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International Financial Reporting Standards (IFRS) for the Oil & Gas Industry


Upcoming Dates

Code Date Venue Fees
FI083 09 - 13 Apr 2018 London - United Kingdom $5,500
FI083 23 - 27 Jul 2018 New York - USA $6,950
FI083 10 - 14 Sep 2018 London - United Kingdom $5,500

Introduction

This 5-day IFRS for the Oil and Gas Industry training seminar develops an essential understanding of Oil & Gas Exploration & Production (E&P) accounting, reporting and performance measurement issues and practices.

The training seminar develops your ability to prepare, use and critically evaluate information on E&P activities, applying specialist industry knowledge and relevant analytical skills.

The training seminar will feature:
  • Analysis and evaluation using practical case studies
  • Facilitated group discussions on current issues, policies, procedures
  • Real Life issues within delegates’ organisations and other oil and gas companies 

Objectives

By the end of this training seminar, delegates will learn how to:
  • Develop an understanding of the accounting standards, policies and practices used by companies in the Oil & Gas Exploration & Production industry
  • Appreciate the nature and financial implications of Production Sharing Contracts and other agreements between host governments and international companies
  • Examine issues and guidelines in accounting for Joint Ventures
  • Identify and know how to apply international and national accounting standards most relevant to the E&P industry
  • Improve relevance and reliability of financial reports to better meet the needs of users
  • Review and use publicly available information for benchmarking the business performance of companies in the E&P industry

Training Methodology

Each topic on this seminar is introduced with an illustrated presentation on the activities to be accounted for, the methods used, and the issues arising in the financial reporting of those activities. Learning on each topic is developed by a worked example, and participants then complete an exercise, individually or in groups as appropriate, to ensure that they are able to apply what they have learned.

On completion of each exercise, a full solution is issued and discussed, with an opportunity for questions and answers. Having mastered the theory and practice of each issue, learning is further reinforced by examination of relevant extracts from the annual reports of international oil and gas companies. At the end of each day, participants have an opportunity for a one-to-one session with the seminar leader to ask further questions and to go over any material that they have not yet fully understood.

Who Should Attend?

The training seminar is designed specifically for those have a basic understanding of accounting, and want to learn more about accounting and financial reporting policies and practices in the upstream Oil and Gas industry. In particular the training seminar 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
  • Government Regulators and Auditors
  • Financial and Investment Analysts

SEMINAR OUTLINE

DAY 1

The Oil and Gas Sector & Major Accounting Issues

  • The Oil & Gas Sector & the Macro-economic Factors
    • Commodity prices, currency fluctuations, interest rate risk and political developments and environmental risk.
  • Costs in Acquisition, Exploration, Development and Production of new oil or natural gas reserves
  • Accounting Approaches
    • The "Successful Efforts" (SE) Method or the "Full Cost" (FC) Method
  • Introduction/Overview of IFRS in relation to the Oil & Gas Sector, with particular reference to:
    • IFRS 1: First-time Adoption of International Financial Reporting Standards
    • IFRS 6: Exploration for and Evaluation of Mineral Assets
    • IFRS 10: Consolidated Financial Statements
    • IFRS 11: Joint Arrangements
    • IAS 16: Property, Plant and Equipment
    • IAS 36: Impairment of Assets
    • IAS 37: Provisions, Contingent Liabilities and Contingent Assets
    • IAS 38: Intangible Assets
    • IAS 39 Financial Instruments: Recognition and Measurement – Superseded by IFRS 9 – was to be effective 2013 but now 2018

DAY 2

Evaluating the Performance and Identifying the Accounting Issues

  • Analysis of financial statements
    • Income Statements
    • Statement of Financial Position (Balance Sheet)
    • Cash flow Statements
  • Identification & Evaluation of their Accounting Policies
  • DuPont Analysis – Evaluating and Improving Return on Equity (ROE)
  • Evaluation of their Share Price and Investment Performance
  • Case Study: BP, Chevron, Shell and SABIC

DAY 3

Accounting for Upstream Activities with Reference to IFRS

  • Reserves and resources
  • Exploration and evaluation
  • Revenue recognition
  • Assets
  • Depletion, Depreciation & Amortisation (“DD&A”)
  • Impairment of development, production and downstream assets
  • Examples: BP, Chevron & Shell

DAY 4

Joint Arrangements, Financial Instruments and Derivatives

  • Business Combinations, Joint Ventures & Production Sharing Agreements (“PSA”s)
  • Treasury Management Issues for Multi-nationals
  • The Use of Derivatives in the Oil & Gas Sector to manage the commodity, currency and interest-rate risks etc.
  • British Airways Case Study – Hedging the Oil Price using Futures

DAY 5

Creative Accounting and Corporate Governance

  • Creative Accounting – Enron and investor protection
  • Leases – IFRS 16 (new standard)
  • Auditors and reporting to investors in the oil and gas industry
  • External audit investigations and reports
    • The Auditor’s ‘Opinion'
    • True and Fair
    • Sarbanes Oxley
    • Internal audits
  • Ethical issues
  • Corporate governance
    • Government regulation
    • Investor confidence and share prices

Quality Logo

GLOMACS is registered with NASBA as a sponsor of Continuing Professional Education (CPE) on the National Registry of CPE Sponsors. NASBA have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.learningmarket.org.

 

All Training Seminars delivered by GLOMACS by default are eligible for CPE Credit.



© 2017. Material published by GLOMACS shown here is copyrighted.
All rights reserved. Any unauthorized copying, distribution, use, dissemination, downloading, storing (in any medium), transmission, reproduction or reliance in whole or any part of this course outline is prohibited and will constitute an infringement of copyright.

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Tel : +971 - 04 - 425 0700, Fax : +971 (04) 425 0701, Email : info@glomacs.ae

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