IFRS Based Accounting for Oil and Gas
This course is introductory to intermediate in nature and it has been designed to provide a good level of knowledge and practice across the main aspects of IFRS based accounting in the Oil & Gas industry.
During this intensive three day course, participants will be exposed to a variety of fiscal regimes, with the opportunity to discuss the fiscal regime in their own jurisdiction. The course discusses successful effort and full cost accounting techniques, with reference to IFRS and FASB accounting standards.
In addition, participants will also learn about intangible assets and their importance in the Oil & Gas industry as well as the fundamentals of Property, plant and equipment: Oil and Gas (Development and Production).
The impairment of development and production assets is a vital topic for the Oil & Gas industry and participants will see these matters in action during the course.
Many Oil & Gas industry arrangements are based on Joint Arrangements: Joint venture & Joint operations and participants will explore these aspects in detail in order that they can understand apply the rules found in several IFRS once they return to work.
Finally, revenue recognition, which has been a matter of research and development by various accounting standards bodies for a decade and more has culminated in IFRS 15: participants will spend some time in discussing this standard and its implications for the future
Suitability - Who should attend?
Anyone requiring an introductory to intermediate understanding of IFRS Based Accounting for Oil and Gas
- Finance staff new to the industry who require a grounding in the various specialist discipline areas that typically comprise an oil and gas company finance function
- Finance personnel who are being developed for broader accounting and financial management responsibilities
- Audit and information systems staff who have frequent dealings with financial controls and systems
- Treasury and tax specialists who require a better understanding of E&P finance and accounting
- Financial staff in need of a refresher in the IFRS Based Accounting for Oil and Gas
Training Course Content
By the end of the course, participants will be able to
Appreciate the E&P industry
Determine how accounting policies are set
Review the Importance and Value of Oil and Gas Reserves
Consider Petroleum Agreements: Royalty/Tax v PSCs: Emphasis on Royalty Tax Regimes
Generally review of the oil and gas industry in relation to entitlements, royalty, cost recovery, statutory requirements
Apply Evaluation and Exploration/Appraisal cost/assets
Define and Evaluate Intangible assets
Review and Apply Property, Plant and Equipment Accounting Rules for Oil and Gas
Apply Impairment of Development and Production Assets
Understand and Review Joint Arrangements: Joint venture & Joint operations
Review Revenue Recognition
Mobility Oil and Gas
Based in London, Mobility Oil and Gas provides comprehensive services to the global oil and gas industry in the areas of Petroleum Engineering Consultancy and Training. We are accredited by the British Accreditation Council for Independent Further and Higher Education...
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