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

IFRS
₦250,000.00
Duration 4 days 100% positive reviews 0 student Assessments: Yes Language English Available on the app Unlimited access forever Skill level: All levels
Available Dates: ,

The oil and gas industry operates under complex financial environments, and accurate financial reporting is critical for compliance and strategic decision-making. The International Financial Reporting Standards (IFRS) for the Oil and Gas Industry is a comprehensive 3-day course designed to equip finance professionals with in-depth knowledge of IFRS standards tailored to the unique challenges of the oil and gas sector. The course covers key IFRS standards, financial reporting, disclosures, and the impact of the latest updates.

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

Course Overview

The oil and gas industry operates under complex financial environments, and accurate financial reporting is critical for compliance and strategic decision-making. The International Financial Reporting Standards (IFRS) for the Oil and Gas Industry is a comprehensive 3-day course designed to equip finance professionals with in-depth knowledge of IFRS standards tailored to the unique challenges of the oil and gas sector. The course covers key IFRS standards, financial reporting, disclosures, and the impact of the latest updates.

Course Objectives

  • Understand the IFRS framework and its relevance to the oil and gas sector
  • Learn how to apply IFRS standards to oil and gas financial reporting, including asset management, revenue recognition, and joint venture accounting
  • Gain insights into IFRS 6, IFRS 15, IFRS 16, and IAS 36, focusing on exploration, production, and leasing arrangements
  • Master the preparation of IFRS-compliant financial statements in oil and gas operations
  • Analyze real-world applications of IFRS through industry-specific case studies

Who Should Attend?

This program is ideal for:

  • Finance professionals in oil and gas companies looking to enhance their IFRS expertise
  • Accountants and auditors in the sector
  • Financial controllers, reporting managers, and consultants involved in financial reporting
  • CFOs and senior finance leaders responsible for ensuring IFRS compliance

Course Outline

Day 1: Introduction to IFRS and Oil & Gas Sector Applications

  • Welcome & Course Overview
    Course introduction, objectives, and the significance of IFRS in global oil and gas operations.
  • IFRS Framework and Standards Overview
    Exploring the structure, key principles, and goals of IFRS, with a focus on industry-specific application.
  • IFRS 6: Exploration and Evaluation of Mineral Resources
    Accounting for the exploration phase, costs, and capitalization in oil and gas projects.
  • Practical Examples of IFRS 6
    Analyzing real-world exploration projects and IFRS-compliant reporting.

Day 2: IFRS 15, Revenue Recognition, and Joint Ventures

  • IFRS 15: Revenue from Contracts with Customers
    Overview of revenue recognition principles and their application to oil and gas contracts.
  • Joint Arrangements in Oil & Gas (IFRS 11)
    Understanding financial reporting for joint ventures, partnerships, and collaborative agreements in the sector.
  • Case Studies: Revenue Recognition and Joint Venture Accounting
    Real-world analysis of revenue recognition and joint arrangement compliance in oil and gas.
  • Interactive Workshop: Applying IFRS 15 in Oil & Gas
    Group exercises on how to apply IFRS 15 to typical oil and gas contracts and agreements.

Day 3: IFRS 16, Leases and Asset Impairment (IAS 36)

  • IFRS 16: Leases
    A detailed review of IFRS 16 and its impact on oil and gas companies, with a focus on leasing arrangements for equipment and facilities.
  • IAS 36: Impairment of Assets
    Understanding impairment tests, calculations, and recognition for oil and gas assets.
  • Impairment of Goodwill and Other Assets
    Analyzing impairment of exploration, production, and goodwill in oil and gas operations.
  • Case Study: Asset Impairment
    Practical examples of impairment accounting and its impact on financial statements.

Day 4: Financial Reporting, Compliance, and Industry Case Studies

  • IFRS-Compliant Financial Statements
    Preparing IFRS-based financial statements, including balance sheets, income statements, and disclosures for oil and gas companies.
  • Legal and Regulatory Compliance in IFRS Reporting
    Addressing compliance challenges and sector-specific regulatory requirements in financial reporting.
  • Real-World Case Studies
    Reviewing industry examples of IFRS-compliant financial reporting, highlighting lessons learned and best practices.
  • Interactive Workshop: Preparing Oil & Gas IFRS Statements
    Group activity to prepare sample IFRS-compliant financial statements for oil and gas companies.
  • Recap & Action Plan
    Summary of key learnings and creation of action plans for participants to implement IFRS standards in their organizations.

Key Benefits

  • Industry-Specific Focus: Gain in-depth knowledge of IFRS standards and their practical application in the oil and gas industry.
  • Hands-On Learning: Participate in case studies, workshops, and simulations that reinforce practical understanding.
  • Global Compliance Expertise: Learn how to ensure compliance with IFRS standards across international oil and gas operations.
  • Tailored Insights: Receive expert guidance on adapting IFRS standards to meet the specific needs of your organization.

Course Delivery Format

  • Duration: 4 days (6 hours per day)
  • Mode: In-person or Virtual (Live Facilitator-Led Sessions)
  • Certification: Participants will receive an International Financial Reporting Standards (IFRS) for the Oil and Gas Industry Certificate upon successful completion.

 

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