Introduction
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