Course detail

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Contents

• Introduction
• Prerequisites
  
• Course Level
  
• Topics
  
• Course Benefits
  
• Teaching Method
  
• Continuing Professional Education
  
• Venue
  
  

Introduction

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As noted in the course summary, this workshop is designed to assist audit committee members in meeting the financial literacy requirements of NI 52-110 and will help participants to understand the accounting policy choices available under IFRS. Our experienced instructors will discuss the critical issues that will impact companies moving from full-cost accounting to IFRS and explain, simply and clearly, the decisions that need to be made and the related implications.

Participants will leave the workshop with knowledge of the specific principle-based IFRSs that are applicable to the oil and gas industry. For example, participants will learn how the international standards for exploration and evaluation costs; property, plant and equipment; ARO; and intangible assets relate to the full-cost standards under Canadian GAAP. Participants will also learn about the decisions that need to be made under these IFRSs, how those decisions will impact the financial statements, and the inter-relationship between decisions. For example, instructors will discuss how cash-generating units are typically defined in the oil and gas industry, how componentization will impact depletion calculations and how these decisions and others will impact impairment calculations.

This valuable workshop will answer the following questions:

• What are the applicable IFRSs that impact a typical upstream oil and gas company?

• What factors need to be considered in the determination of cash-generating units?

• What are the accounting policy choices available under IFRS 6 Exploration for and Evaluation of Mineral Resources, and what direction is the industry headed in this regard?

• What are the significant upcoming IFRS pronouncements that will affect oil and gas companies?

Prerequisites

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Participants should have an understanding of accounting principles applicable under existing Canadian GAAP. No advance preparation is required for this course.

This course is tailored to the needs of audit committee members, but it would also be of relevance to other directors, executives, senior operations personnel, internal auditors, investor relations personnel, corporate secretaries and in-house legal counsel.

Course Level

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Overview

Topics

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• Accounting for exploration and evaluation costs (IFRS 6);
• Accounting for development and production costs, including the impact of componentization;
• Impairment requirements, including identification of cash generating units;
• Asset retirement obligations (decommissioning/restoration liabilities);
• Other provisions and contingent liabilities;
• Stock-based payment/compensation;
• Business combinations;
• Borrowing costs;
• Transitional exemptions available; and
• Other significant differences between IFRS and Canadian GAAP.

Course Benefits

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• The course will:
• provide coverage of industry specific IFRS issues of relevance to audit committees;
• include coverage of significant differences between Canadian GAAP and IFRS, accounting policy choices required and other decisions that will be required under IFRS;
• help audit committee members understand the accounting policy options and related decisions required under IFRS;
• assist audit committee members in meeting the financial literacy requirements of NI 52-110; and
• assist audit committee members in fulfilling their oversight responsibilities in relation to the conversion from Canadian GAAP to IFRS.

Teaching Method

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• Live group instruction with interactive participation encouraged.
• Identification of the critical issues affecting financial reporting under IFRS in the oil and gas industry.
• Use of relevant examples that illustrate application of IFRS to the oil and gas industry.
• Sharing of industry experiences to date.
• All participants receive copies of the presentation slides, handouts and other course materials.

Continuing Professional Education (CPE)

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5 hours

Venue

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All of our Calgary seminars take place in 4 star professional conference facilities, usually in city-centre downtown hotels like the Marriott, Sheraton or Hilton brands.

Detailed Joining Instructions are sent to all registered delegates by email approximately one month before the event. The Joining Instructions will confirm exact venue details and nearby (or onsite) hotel recommendations with bedroom rates where available.

Coffee and lunch will be provided.