IFRS for Upstream Oil and Gas Sector

This five-day workshop offers a comprehensive review of key IFRS requirements relevant to the upstream oil and gas sector, with a focus on regulatory reporting and the varied accounting practices arising from its unique commercial and contractual arrangements. The programme covers applicable IFRSs through practical case studies, real-world examples, and interactive exercises, encouraging active participant engagement. It incorporates the latest IFRS pronouncements, ensuring participants are fully up to date on current requirements. Additionally, the workshop equips attendees with practical guidance on researching accounting issues and tracking future developments in financial reporting.

Objective

• Apply IFRS requirements to oil and gas exploration, development, and production activities
• Determine when costs should be capitalized or expensed under IFRS during the exploration and development phases
• Identify key differences between financial statements prepared under IFRS and those prepared under Production Sharing Agreements (PSAs)
• Assess the impact of different units-of-production methods on the calculation of depreciation, depletion, and amortization (DD&A)
• Explain the main assumptions required for impairment testing and for recognizing decommissioning provisions under IFRS