Course description
IFRS for the Downstream Oil and Gas Sector (3 days)
The complexities of accounting for oil and gas downstream companies require an ability to properly interpret and comply with the accounting requirements that are applicable to this industry's unique issues. This three-day course focuses on these issues and provides an understanding of a series of major IFRS accounting principles and standards that are particularly germane to the downstream oil and gas business; shows how to apply these accounting rules; discusses financial reporting requirements for the economic events that occur from the purchase of oil and gas at the lease to the ultimate sale of the product to the end-user.
The three days intensive IFRS executive course covers both practical and strategic implications of IFRS conversion including technical accounting changes, tax considerations, valuation issues, and technology and system questions. The training also addresses the implication of first time application of IFRS as applicable to the industry.
This course takes you through accounting transactions involved in:
- Purchase of the lease
- Transportation
- Processing
- Refining
- Storage
- Terminal transactions
- End user sales
In this course, you will learn:
- How to understand and apply a series of major financial accounting principles and standards that are particularly associated with the Oil and Gas refining, marketing and transportation.
- In-depth technical training on significant IFRS accounting treatments applicable to the industry
- The measurement and valuation of the product, including quantities held in storage
- The internal control points to ensure the company is accounting for all of the end product
- Recent IFRS regulatory developments, and interact with industry peers and discuss lessons learned
To apply the relevant IFRS backed up with practical examples
Upcoming start dates
Suitability - Who should attend?
Admission requirements
Understanding of basic accounting principles based on any national standard. No advance preparation is required for this course.
Who Should Attend
- Financial accountants in the oil and gas downstream industry
- Management accountants of the oil and gas downstream industry
- Internal and external auditors of oil and gas downstream companies reporting under IFRS
- Financial analysts seeking to improve their understanding of the accounting by oil and gas downstream companies
Outcome / Qualification etc.
Having completed this course you will be able to:
- Understand the basic physical flow of the oil and gas from the lease to the end user
- Define the economic events that occur along from the lease to the end user
- Understand the accounting needs associated with refining, marketing and transportation
- Understand measurement and valuation of the product, including quantities held in storage
- Recognize the need for internal control points to ensure the company is accounting for all of the end product
CPE credits are available for all courses.
Training Course Content
This course is designed to cover the following key topics:
- Current IFRS landscape
- Long Lived Assets and Impairment
- Revenue recognition including the modifications required by IFRS 15
- Inventories valuation issues
- Financial Instruments, derivatives, hedging and investments including the new requirements under IFRS 9
- Joint Ventures in accordance with IFRS 11
- Business Combinations
- Income Tax
- Provisions and contingent assets and liabilities
- Consolidation, associates and joint ventures
- First time adoption and financial statements presentation
- Employee benefits and share based payments
- Lease accounting including the new IFRS lease accounting rules
Why choose IASeminars
We've been training for 20 years.
50% of our business comes from returning clients.
We offer instructor-led training in international locations, over Zoom or in house.
Expenses
The cost of this training course is £2,995.
In-House Training
In addition to the scheduled dates and locations, IASeminars can also run this course as in-house training, to meet the specific requirements of your team. Contact them here to request a customised training solution for your team.