International Financial Reporting Standards (IFRS) for the Oil & Gas Industry

This three-day course focuses on the specific accounting and reporting requirements that affect the international oil and gas industry. Topics covered by means of tutorials, practical examples and illustrations from published financial statements include:The distinctive features of the oil and gas industrySummary of accounting issues in the industryIASB extractive industries projectExploration and evaluation (IFRS 6 Exploration for and Evaluation of Mineral Resources, full cost accounting, successful efforts accounting)Property, plant and equipmentImpairment of assetsDecommissioning costs and site restorationJoint venturesProduction sharing agreements, including internal accounting and external financial reporting issuesReserves and other disclosuresHedge accountingSelecting and amending accounting policiesComparison between IFRS and US and UK GAAPWorked examples and opportunities for discussion.