We are managing our face to face IFRS course schedule carefully right now. If the training course you want is not available, we may be offering a virtual alternative! View our Virtual Classroom schedule to see what is being delivered live in our online classrooms.
If you don’t see the IFRS training topic, you are looking for, or if you would like an online classroom in another timezone, please tell us.
You can learn more about our virtual, online courses and how they work on our Virtual course FAQ page.
There are diverse accounting practices among companies in the upstream oil and gas sector, and many commercial and contracting arrangements which are unique to that industry.
To provide guidance and a transition for entities in the extractive industries that have adopted IFRS, the IASB issued IFRS 6 Exploration for and Evaluation of Mineral Resources in 2004. Since then no further authoritative guidance specific to oil and gas accounting has been released, and no date given for when work on the extractive industry project might recommence. However, since then there has been a gradual convergence of best practices within the industry.
This three-day course provides an in-depth overview of the principal accounting and disclosure requirements as applied by upstream exploration and production businesses reporting under IFRS, including those with SEC listing. We will see how IFRS 6 is being applied to exploration and evaluation activities, which development costs are capitalised and look at alternative approaches to the depletion, depreciation and amortisation of oil and gas assets. The course also considers the application of other Standards to oil and gas assets such as IAS 23 to capitalisation of borrowing costs, IAS 37 for asset retirement obligations and IAS 36 to impairment. This course will also review aspects of presentation and disclosure, in particular, that required by SEC reporters of oil and gas reserves and related information.
An overview of US GAAP treatments relevant to IFRS preparers is also presented. The program answers questions such as:
- How does the diversity in accounting practices in the extractive industry affect financial reporting and what is the IASB’s response?
- Where can relevant accounting guidance for the extractive industry be found under both IFRS and US GAAP?
- How are asset retirement obligations and rehabilitation funds being accounted for?
- Which standards apply when reviewing oil and gas assets for impairment?
- What has happened with the IASB's project for Extractive Industries Financial Reporting?
- What supplementary disclosure requirements does the SEC require for oil and gas producing activities?
- How to use the information presented for analytical purposes?