The course is useful for preparers and users of IFRS financial statements of oil and gas companies, including those seeking a comprehensive understanding of the key IFRS accounting issues in the industry. This includes staff in finance, treasury, operations, internal and external auditors, analysts, senior management andexecutives.

A basic understanding of financial statements under any GAAP is a pre-requisite

• We facilitate learning through a combination of techniques listed below:
• Pre-workshop questionnaire for participants to confirm their expectations
• Presentation of core knowledge and concepts including group discussions
• Real-world case studies to enable learning by doing
• Short case studies to confirm achievement of learning outcomes

Day 1
Module 1:

Introduction
• Overview of oil and gas operations
• Definition of reserves
Module 2:

IFRS Fundamentals for Oil and Gas and Accounting Issues in Exploration
• Overview of financial reporting considerations
• IAS 16 Property, plant and equipment and IAS 38 Intangible Assets: Initial recognition and subsequent
measurement, depreciation/amortisation methods
• Upstream business: Successful efforts vs Full cost methods, IFRS 6 accounting approach
• Accounting issues in exploration and evaluation: Pre-exploration costs, non-drilling exploration costs,
dry holes, impairment of unproved property, reclassifications, suspended wells

Day 2
Module 3:

Development and Production
• Accounting issues in development
• Treatment of borrowing costs: Capitalisation vs Expensing
• Provisions and asset retirement obligations
• Accounting issues in production
• ·Measurement of inventories

Module 4:

Leases
• Objective and scope of IFRS 16
• Lease and non-lease components
• Optional recognition exemptions
• Initial recognition and subsequent measurement by lessee
• Overview of lessor accounting
Module 5:

Impairment of Non-Financial Assets
• Indicators of impairment
• Impairment of exploration and evaluation, development and production assets
• Determination of recoverable amount
• Cash generating unit vs individual asset impairment
• Reversals of impairment
• Disclosures

Day 3

Module 6:

Revenue Recognition
• ·Core principle
• ·The five-step framework and application guidance
• ·Application to oil and gas companies
Module 7:

Joint Arrangements and Accounting for Conveyances
• Joint operation vs joint venture
• Overview of production sharing contracts
• Accounting for conveyances in oil and gas
Module 8:

Reserves Reporting
• Supplementary disclosure requirements
• Management commentary
• Exploration, development and production costs
• Proved oil and gas reserve quantities
• US SEC vs IFRS
• Standardised measure of discounted future net cash flows
• Reserves ratios
Day 4
Module 9:

Financial Instruments and Financial Risk Management
• Overview of financial risks in oil and gas entity
• IAS 21 Effects of changes in foreign exchange rates
• IAS 32 Presentation of Financial Instruments: Financial liability vs Equity
• IFRS 9 Classification and Measurement: Classification of financial assets and financial liabilities,
Amortized cost vs Fair value
• Overview of derivatives and hedging
• Hedge accounting: Types of IFRS 9 hedges and accounting
• Designating hedged items and hedging instruments
• Hedge effectiveness testing and rebalancing
• Discontinuation of hedge accounting
• Fair value option: own use

Module 10:

Business Combinations and Consolidation
• IFRS 3 Accounting for acquisitions
• IFRS 10 Application of the definition of “control” and consolidation accounting principles

BTS attendance certificate will be issued to all attendees completing minimum of 75% of the total course duration.

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