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IFRS for the Downstream Oil and Gas Sector (3 days)

Course Details

Code:1622
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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

Learning Objectives

  • Understand the basic physical flow of the oil and gas from the lease to the end user
  • Define the economic events that occur along from the lease to the end user
  • Understand the accounting needs associated with refining, marketing and transportation
  • Understand measurement and valuation of the product, including quantities held in storage
  • Recognize the need for internal control points to ensure the company is accounting for all of the end product

Who Should Attend

  • Financial accountants in the oil and gas downstream industry
  • Management accountants of the oil and gas downstream industry
  • Internal and external auditors of oil and gas downstream companies reporting under IFRS
  • Financial analysts seeking to improve their understanding of the accounting by oil and gas downstream companies

Topics

  • Current IFRS landscape
  • Long Lived Assets and Impairment
  • Revenue recognition including the modifications required by IFRS 15
  • Inventories valuation issues
  • Financial Instruments, derivatives, hedging and investments including the new requirements under IFRS 9
  • Joint Ventures in accordance with IFRS 11
  • Business Combinations
  • Income Tax
  • Provisions and contingent assets and liabilities
  • Consolidation, associates and joint ventures
  • First time adoption and financial statements presentation
  • Employee benefits and share based payments
  • Lease accounting including the new IFRS lease accounting rules

Teaching Method

  • Group live instruction, cases, examples, group work, open discussions
  • Description and explanation of oil and gas accounting and financial analysis in clear and simple language
  • Use of case studies and real-world examples to illustrate practical application of the standards and analysis techniques
  • Interactive participation is encouraged
  • All participants receive a comprehensive binder containing copies of the presentation slides, handouts and other course materials

Instructors

The instructor for this course will be drawn from one of our core faculty of subject matter experts. Further details will be published at the earliest opportunity.

Venue

Our seminars take place in 4 star professional conference facilities, generally in city-centre 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.

CPE/CPD Accreditation

IASeminars is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org .

 

Field of study: Accounting

Prerequisites

Understanding of basic accounting principles based on any national standard. No advance preparation is required for this course.

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