The ultimate in-depth learning experience, held in a great city! Spend two weeks learning about accounting (IFRS) and financial management practices as applied by the global upstream oil and gas industry, and also supplement your training with a city tour and other benefits arranged by IASeminars.

Learning objectives:

  • Apply IFRS to oil and gas exploration, development and production activities
  • Judge when to capitalise and when to expense under IFRS during exploration and development
  • Identify the differences in treatment between financial statements prepared under IFRS and those prepared for cost recovery under PSAs
  • Evaluate the impact of using different units of production methods to calculate DD&A
  • Describe the principal assumptions needed to conduct impairment reviews and to establish decommissioning provisions under IFRS
  • When and how to assess unproved and proved properties for impairment
  • Calculate and interpret financial and operational metrics used to analyse costs, profitability, efficiency, and value added by a firm's exploration and production activities
  • Prepare cash call requests, joint billing statements and cut back entries
  • Develop the key components of an oil and gas chart of accounts
  • Evaluate the impact of acquisitions, disposals and exchanges of oil and gas properties on the financial statements
  • All participants receive an iPad Mini to be used for technical research during and after the course
  • City tour and graduation dinner, arranged and paid by IASeminars

If you haven't already registered for this course, you can book your place today on our website. If you have already registered, click on the Continue button at the bottom of the page to log in.

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This five-day workshop provides a detailed review of significant IFRS requirements for the upstream oil and gas sector, including regulatory reporting and the diverse accounting practices that arise from the many commercial and contracting arrangements which are unique to it. It includes coverage of IFRSs, hands-on case studies, examples, exercises, and benefits from the interactive participation of the attendees. The program includes the latest pronouncements, and participants are brought up-to-date on all topics. In addition, participants are provided with information to assist them in researching accounting issues and monitoring future changes.

This course looks in depth at accounting practices permitted by IFRS 6 within the exploration and development phase by reviewing these against benchmark treatments in US GAAP. It goes on to consider how IFRS is applied in the development and production phases. In doing so it looks at the unique features posed by joint venture operations and contracting arrangements, in particular Production Sharing Agreements. Detailed treatments of revenues, costs, accounting for taxation arrangements and conveyances will also be considered. In addition, the application of IFRS best practices in management reporting will be considered including chart of accounts, reporting by operators to partners and key financial and reserves reporting metrics used by the industry.

This course is ideal for individuals with financial responsibilities who are new to the oil and gas industry or to accountants operating in the industry that will be adopting IFRS. It will review accounting requirements from pre-exploration to production for reporting internally, externally and to partners under the unique contractual arrangements common to this industry.

Presented by experienced instructors with both oil and gas and IFRS expertise, this program gives participants the benefit of decades of IFRS experience. The workshop style of this course ensures delegates have the opportunity to ask questions, receiving thorough answers to their individual questions from the presenters’ past experiences. Our specialist instructors explain the principles clearly and simply and provide real-world examples, including the practicalities of implementing IFRS.

This course answers questions such as:

  • How to understand and apply IFRS to oil and gas exploration, development and production activities?
  • When to capitalise and when to expense under IFRS during exploration and development and how does the diversity in accounting practices in the extractive industry affect financial reporting?
  • How do IFRS reporting requirements interact with reporting between venturers and the State?
  • What are the characteristics of Production Sharing Agreements and how are these reflected in the financial statements?
  • What methods of units of production calculation are permitted and what is best practice?
  • When and how to assess unproved and proved properties for impairment?
  • What are the main revenue recognition issues faced by the industry?
  • How do different tax regimes impact upon financial reporting?
  • How to calculate and interpret financial and operational metrics used to analyse the costs, profitability, efficiency, and value added by a firm's exploration and production activities?
  • How do oil and gas companies present their financial statements when reporting under IFRS?
  • What are the implications for the oil and gas industry of the IASB's project on extractive industries and of other current IFRS developments?
  • How does the investor in a joint venture account for its interest and how does the operator account to its partners?
  • How does an oil and gas company establish its chart of accounts?
  • What are the management accounting and reporting requirements internally and between venturers?
  • What does IFRS have to say about asset exchanges and conveyances of oil and gas interests?
  • How to account for decommissioning costs and rehabilitation funds under IFRS?

Learning Objectives

  • Apply IFRS to oil and gas exploration, development and production activities
  • Judge when to capitalise and when to expense under IFRS during exploration and development
  • Identify the differences in treatment between accounts prepared under IFRS and those prepared under PSAs
  • Evaluate the impact of using different units of production methods to calculate DD&A
  • Describe the principal assumptions needed to conduct impairment reviews and to establish decommissioning provisions under IFRS
  • When and how to assess unproved and proved properties for impairment
  • Calculate and interpret financial and operational metrics used to analyse costs, profitability, efficiency, and value added by a firm's exploration and production activities
  • Prepare cash call requests, joint billing statements and cut back entries
  • Develop the key components of an oil and gas chart of accounts
  • Evaluate the impact of acquisitions, disposals and exchanges of oil and gas properties on the financial statements

If you haven't already registered for this course, you can book your place today on our website. If you have already registered, click on the Continue button at the bottom of the page to log in.

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Joint ventures are extremely common in the international oil and gas industry and, while no two joint ventures are the same, each has a number of common features and implications for the companies that participate in them. While International Financial Reporting Standards (IFRS) prescribe the recognition, measurement and disclosure rules for external financial reporting, there are also a wide range of internal and intra-partner accounting issues to be determined and implemented.

This one-day course explains the nature and form of joint ventures and covers in detail the relationships between operators and non-operators in joint ventures, the financing of joint venture operations and the reporting of joint costs. Our specialist instructors also describe internal accounting for the costs and revenues from joint operations from the individual participant's point-of-view. The program also covers the requirements of IFRS 11 Joint Arrangements and IAS 28 Investments in Associates and Joint Ventures and is fully up to date with the latest amendments to those Standards.

This course answers questions such as:

  • How are joint ventures structured in the oil and gas industry?
  • What are the external financial reporting requirements for joint ventures?
  • How to account for interests in joint operations?
  • What issues typically arise regarding intra-partner relationships?
  • How have the IFRS accounting rules for joint venture arrangements changed?

Learning Objectives

  • Understand the nature and structure of joint ventures in the oil and gas industry
  • Learn the external financial reporting requirements for joint ventures
  • Comprehend the mechanisms of financing and reporting the operations of joint ventures
  • Appreciate the issues regarding intra-partner relationships, including cost allocation and audits

If you haven't already registered for this course, you can book your place today on our website. If you have already registered, click on the Continue button at the bottom of the page to log in.

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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

Learning Objectives

  • 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

If you haven't already registered for this course, you can book your place today on our website. If you have already registered, click on the Continue button at the bottom of the page to log in.

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There are diverse accounting practices among companies in the worldwide extractive industry. The IASB has commissioned a research project to review accounting practices for extractive activities.

To provide some guidance and a transition for entities in the extractive industry that are adopting IFRS, the IASB issued IFRS 6 Exploration for and Evaluation of Mineral Resources, in December 2004. The Standard applies to expenditures incurred in connection with the exploration and evaluation of mineral resources.

This three-day course summarizes the accounting and disclosure requirements of IFRS 6 and discusses the current status of the IASB’s work on accounting for extractive activities. Key accounting standards that affect the industry are also given in-depth coverage, such as IFRS rules on impairment of assets, recognition and measurement of assets, revaluations of certain qualifying assets, decommissioning and site restoration costs, accounting for reserves, disclosures, and hedge accounting. The program also provides guidance on accounting issues relating to joint ventures and production sharing agreements and includes an overview of the interpretation IFRIC 20 “Stripping Costs in the Production Phase of a Surface Mine”.

This comprehensive program also includes a review of US GAAP relevant to extractive industries.

The course answers questions such as:

  • What are the accounting and disclosure requirements of IFRS 6 Exploration for and Evaluation of Mineral Resources?
  • What are the different accounting requirements for production and exploration assets?
  • How does the diversity in accounting practices in the extractive industry affect financial reporting and what is the IASB’s response?
  • How does IFRS 1 First-time Adoption of International Financial Reporting Standards, apply to extractive industries, what are the first-time adoption rules, and how will this affect your transition?
  • How does IFRS relate to asset retirement and costs associated with decommissioning mines as well as restoration / rehabilitation?
  • What are the critical compliance issues relating to hedge accounting?
  • When are options available for valuing tangible assets (property, plant and equipment) and what are the optional treatments?
  • When are options available for valuing intangible assets and what are the optional treatments?
  • How are the recognition and measurement rules for impairment applied?
  • What are some of the issues specific to mining sector business combinations?
  • In what manner are joint ventures structured in the minerals and mining sector?
  • Which impact does IFRS 11 “Joint Arrangements” have on the accounting treatment of joint ventures and other joint arrangements?
  • What are the external financial reporting requirements for joint ventures?
  • Where can relevant accounting guidance for the extractive industry be found under IFRS and US GAAP?
  • How are stripping costs in the production phase of a surface mine accounted for?

Learning Objectives

  • Understand and apply the accounting and disclosure requirements of IFRS 6 Exploration for and Evaluation of Mineral Resources
  • Appreciate the diversity in accounting practices in the extractive industry and the IASB’s project to review those practices
  • Apply hedge accounting
  • Recognize the relevant accounting guidance for the extractive industry under US and Canadian GAAP
  • Understand the options available for valuing tangible assets
  • Interpret the complex rules on evaluating assets for impairment
  • Complete a smooth transition to IFRS
  • Understand the nature and structure of joint ventures in the minerals and mining industry
  • Learn the external financial reporting requirements for joint ventures
  • Comprehend the mechanisms of financing and reporting the operations of joint ventures
  • Appreciate the issues regarding intra-partner relationships, including cost allocation and audits
  • Become familiar with IFRS 11 “Joint Arrangements” and its impact on the accounting treatment of joint ventures and other joint arrangements
  • Understand the rules of the interpretation IFRIC 20 “Stripping Costs in the Production Phase of a Surface Mine”

If you haven't already registered for this course, you can book your place today on our website. If you have already registered, click on the Continue button at the bottom of the page to log in.

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There are diverse accounting practices among companies in the upstream oil and gas sector, and many commercial and contracting arrangements which are unique to that industry.

To provide guidance and a transition for entities in the extractive industries that have adopted IFRS, the IASB issued IFRS 6 Exploration for and Evaluation of Mineral Resources in 2004. Since then no further authoritative guidance specific to oil and gas accounting has been released, and no date given for when work on the extractive industry project might recommence. However, since then there has been a gradual convergence of best practices within the industry.

This three-day course provides an in-depth overview of the principal accounting and disclosure requirements as applied by upstream exploration and production businesses reporting under IFRS, including those with SEC listing. We will see how IFRS 6 is being applied to exploration and evaluation activities, which development costs are capitalised and look at alternative approaches to the depletion, depreciation and amortisation of oil and gas assets. The course also considers the application of other Standards to oil and gas assets such as IAS 23 to capitalisation of borrowing costs, IAS 37 for asset retirement obligations and IAS 36 to impairment. This course will also review aspects of presentation and disclosure, in particular, that required by SEC reporters of oil and gas reserves and related information.

An overview of US GAAP treatments relevant to IFRS preparers is also presented. The program answers questions such as:

  • How does the diversity in accounting practices in the extractive industry affect financial reporting and what is the IASB’s response?
  • Where can relevant accounting guidance for the extractive industry be found under both IFRS and US GAAP?
  • How are asset retirement obligations and rehabilitation funds being accounted for?
  • Which standards apply when reviewing oil and gas assets for impairment?
  • What has happened with the IASB's project for Extractive Industries Financial Reporting?
  • What supplementary disclosure requirements does the SEC require for oil and gas producing activities?
  • How to use the information presented for analytical purposes?

Learning Objectives

  • Understand and apply IFRS to the upstream oil and gas industry.
  • Appreciate the diversity in accounting practices in the extractive industry and the IASB’s project to review those practices
  • Recognize the relevant accounting guidance for the extractive industry under US GAAP
  • Understand the options available for valuing tangible assets
  • Comprehend the complex rules on evaluating assets for impairment

If you haven't already registered for this course, you can book your place today on our website. If you have already registered, click on the Continue button at the bottom of the page to log in.

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This two-day course examines in detail international accounting issues and their effect on electric utility companies. Our specialist instructors discuss the critical issues that go beyond mere number-crunching, and explain in clear and simple terms how electric utility companies can conduct and shape their accounting and reporting practices in accordance with international best practices.

Unlike US GAAP and other national GAAP, IFRS currently provides little guidance specific to the electric utility industry’s unique business circumstances. Therefore much judgment is required in applying IFRS concepts to areas such as energy contracts, transportation, generation, transmission, distribution, risk management and derivatives.

This course contrasts the IFRS approach with US / Canadian GAAP, where some significant differences exist, and identifies those areas where accounting policy choices are critical for companies adopting IFRS for the first time.

This valuable program answers questions such as:

  • What adjustments could be necessary for electric utility companies facing adoption of IFRS?
  • How are rules on composite asset accounting and retirement obligations applied?
  • What choices are available in accounting for energy generation, transmission and distribution?
  • When must an entity other than a subsidiary be consolidated into a parent entity's financial statements?
  • How should accounting policies be established when specific guidance does not exist?
  • When are energy contracts accounted for as derivatives?
  • How often is impairment testing required?
  • What are major IFRS vs. US / Canadian GAAP differences affecting the electric utility sector?
  • How are first-time adopters of IFRS subject to rate regulation affected by IFRS 14 Regulatory Deferral Accounts?

Learning Objectives

  • Make the adjustments necessary for electric utility companies to adopt IFRS
  • Utilize rules on composite asset accounting and retirement obligations
  • Understand the choices in accounting for energy generation, transmission and distribution
  • Learn how to establish revenue recognition policies
  • Comply with the requirements for consolidation of an entity in the parent’s consolidated financial statements
  • Establish accounting policies where specific guidance does not exist
  • Determine when energy contracts are accounted for as derivatives
  • Comprehend the advantages and disadvantages of utilizing hedge accounting, and assess the impact upon the financial statements
  • Identify indications of impairment and perform impairment tests
  • Understand those major IFRS vs. US / Canadian GAAP differences affecting the electric utility sector

If you haven't already registered for this course, you can book your place today on our website. If you have already registered, click on the Continue button at the bottom of the page to log in.

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The complexities of accounting for oil and gas 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 ASC 932 providing an understanding of US GAAP accounting principles and standards that are specific to the upstream oil and gas industry; shows how to apply these accounting rules; discusses financial reporting requirements for upstream companies whose stock is traded in the U.S. including both majors such as Exxon Mobil and minor stocks; discusses the importance to financial reporting of reserves definitions; shows where to find in corporate reports a wide variety of data and metrics relating to the performance of oil and gas firms; illustrates financial analysis of oil and gas firms.

The course is designed to guide you through the terminology and concepts relating to oil and gas accounting. You will also receive familiarity with SEC Oil & Gas Modernization Act and an overview comparing US GAAP with IFRS principles.

In this course, you will learn:

  • How to apply the key financial accounting standards applicable to upstream oil and gas entities reporting under US GAAP and SEC regulation
  • To appreciate the impact on results of applying the full cost and successful efforts methods of accounting
  • The uses of reserves in financial accounting, their definitions and classification
  • Which methods of depreciation to apply to producing properties
  • How to account for impairment and asset retirement obligations
  • How to recognise revenue arising from oil and gas sales
  • How to calculate and interpret financial performance metrics used to analyze the costs, profitability, efficiency, and value added by a firm's exploration and production activities
  • How business combinations, joint ventures and non-monetary exchanges of oil and gas assets are accounted for

Learning Objectives

  • Learn the primary differences between the two major oil and gas accounting methods, successful efforts and full cost accounting
  • Know how to record in the financial records the effect of oil and gas companies' exploration, development and production activities, including depreciation, depletion and amortization expenses and dismantlement, restoration and abandonment costs
  • Understand the unique presentation and disclosure requirements for SEC registered upstream oil and gas companies
  • Learn to evaluate financial and operational metrics used to assess oil and gas firm's exploration and production business, such as finding costs, reserve value added to spending ratio and other reserve-based metrics

If you haven't already registered for this course, you can book your place today on our website. If you have already registered, click on the Continue button at the bottom of the page to log in.

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The business activities of utility companies are essentially the same as those of other companies that manufacture or distribute a product or provide a service. However, the regulated status of utility companies creates operational and accounting situations particular to these companies. AS C 980 refers to the "economic dimension" which regulation brings to utilities and the need for accounting to reflect that dimension.

Learning Objectives

  • Comply with the accounting and disclosure requirements for Rate-regulated utility companies
  • Recognize and appropriately account for regulatory assets and liabilities
  • Understand accounting requirements for energy contracts and other derivatives
  • Apply the rules for power supply contracts
  • Determine when and how to account for depreciation and impairments
  • Learn about presentation and disclosure requirements in financial statements

If you haven't already registered for this course, you can book your place today on our website. If you have already registered, click on the Continue button at the bottom of the page to log in.

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