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.
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.
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:
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.
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:
In this course, you will learn:
To apply the relevant IFRS backed up with practical examples
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:
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:
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:
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.
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.