This International Financial Reporting Standards (IFRS) for the Oil & Gas and Petrochemical Sectors (Upstream, Midstream & Downstream) training course is designed for finance professionals seeking to specialise in oil & gas accounting, including:
- Corporate Accountants, Financial Controllers, Treasury Officers, Management Accountants
- Staff in accounting functions such as Payables, Receivables, Inventory, and Fixed Assets
- Joint Venture Accountants and Auditors
- Internal, External, and Financial Auditors
- Government Regulators
- Financial and Investment Analysts
Daily Agenda
Day 1: Major Accounting Issues facing the Oil & Gas and Petrochemical Industry (Upstream, Midstream & Downstream) and the Role of IFRS
- The Latest Accounting Issues facing the Oil & Gas and Petrochemical Industry (upstream, midstream & downstream) including IFRS S1 & S2 Sustainability Disclosure Standards and IFRS 18 Presentation & Disclosures in Financial Statements issued in 2024 and takes effect 1 January 2027
- The Impact of Commodity Prices, Currency & Interest Rate Fluctuations and Political and Environmental Developments
- The Impact on Strategic Development and Growth within the Industry
- Establishing the Case for IFRS
- An Overview of IFRS in relation to the Oil & Gas Industry
- The Annual Reports & Financial Statements of Leading International Petroleum Companies
Day 2: Accounting for Assets in the Oil & Gas and Petrochemical Industry (Upstream, Midstream & Downstream)
- IAS 16: Property, Plant and Equipment and Depletion, Depreciation & Amortisation (“DD&A”)
- IAS 36: Impairment of Assets
- IFRS 6: Exploration for and Evaluation of Mineral Assets and the Accounting Approaches
- IFRS 13: Fair Value Measurement
- IAS 2 Inventories
- Reserve Reporting
Day 3: Accounting for Business Combinations, Joint Ventures & Production Sharing Agreements (“PSA”s)
- IFRS 3: Business Combinations
- IFRS 10: Consolidated Financial Statements
- IAS 38: Intangible Assets
- IFRS 12: Disclosure of Interests on Other Entities
- IFRS 11: Joint Arrangements
- Break Even Oil, Cost Oil & Profit Oil
Day 4: Accounting for Cash Flow & Financial Instruments in the Oil & Gas and Petrochemical Industry (upstream, midstream & downstream)
- IAS 7 Statement of Cash Flows
- The Use of Derivatives in the Oil & Gas & Petrochemical Sector to Manage the Commodity, Currency and Interest-rate Risks, etc.
- Treasury Management Issues for Multi-nationals
- IFRS 7 Financial Instruments: Disclosures
- IFRS 9 Financial Instruments
- Evaluating the Cash Flow & Use of Financial Instruments by Leading International Oil & Gas and Petrochemical Companies
Day 5: Creative Accounting and Corporate Governance
- Creative Accounting
- Enron and Investor Protection
- Corporate Governance
- The Role of the Board & Audit Committee
- External Auditing - reporting to investors
- Internal Auditing - Defining and Developing the Internal Audit Process