IFRS for the Oil & Gas and Petrochemical Sectors (Upstream, Midstream & Downstream)

Course Introduction

This 5-day IFRS for the Oil & Gas and Petrochemical Sectors (Upstream, Midstream & Downstream) online training course develops an essential understanding of oil & gas accounting, reporting and performance measurement issues and practices.

This course develops your ability to prepare, use and critically evaluate information on Upstream, Midstream & Downstream Oil & Gas activities, applying specialist industry knowledge and relevant analytical skills.

This Oxford Management Centre online training course will feature:

• Analysis and evaluation using practical case studies
• Facilitated group discussions on current issues, policies, procedures
• Real Life issues within delegates’ organisations and other oil and gas companies 

Objectives

By the end of this online training course, delegates will learn how to:

• Develop an understanding of the accounting standards, policies and practices used by companies in the Oil & Gas industry
• Appreciate the nature and financial implications of Production Sharing Contracts and other agreements between host governments and international companies
• Examine issues and guidelines in accounting for Joint Ventures
• Identify and know how to apply international and national accounting standards most relevant to the industry
• Improve relevance and reliability of financial reports to better meet the needs of users
• Review and use publicly available information for benchmarking the business performance of companies in the industry

Training Methodology

This online training course will utilize a variety of proven online learning techniques to ensure maximum understanding, comprehension, retention of the information presented. The training course is conducted Online via an Advanced Virtual Learning Platform in the comfort of any location of your choice.

Organisational Impact

The organisation will benefit greatly from their employees participation as they will:

• Gain knowledge and skills for the benefit of the entire organization
• Ensure legal compliance in line with the latest requirements
• Understand the major accounting issues facing the sector
• Be able to apply IFRS specific to their organisational needs
• Aid Corporate Governance thereby reducing risk
• Be able to contribute to financial decision making more effectively

Personal Impact

This online training course will be of personal benefit to delegates by providing them with:

• Skills and knowledge to further your professional career
• The latest tools and techniques to assist you in your role
• An ability to make more informed decisions aimed at reducing risk
• Increased skills and improved decision making to increase your importance to your organization
• An ability to liaise effectively with other departments and colleagues regarding current practices and issues affecting oil & gas industry
• A greater understanding or your role and the major issues affecting it

Who Should Attend?

This online training course is designed specifically for those have a basic understanding of accounting, and want to learn more about accounting and financial reporting policies and practices in the Oil & Gas and Petrochemical industry (upstream, midstream & downstream).

In particular, this online training course will be suitable for:

• Corporate Accountants, Financial Controllers, Treasury Officers, Management Accountants
• Finance Staff in General Accounting, Payables, Receivables, Inventory, Fixed Assets, etc.
• Joint Venture Accountants and Auditors
• External, Financial and Internal Auditors
• Government Regulators and Auditors
• Financial and Investment Analysts

Course Outline

DAY 1

Major Accounting Issues facing the Oil & Gas and Petrochemical Industry (Upstream, Midstream & Downstream) and the Role of IFRS

• The Latest Accounting Issues facing the Oil & Gas and Petrochemical Industry (upstream, midstream & downstream)
• The Impact of Commodity Prices, Currency & Interest Rate Fluctuations and Political and Environmental Developments
• The Impact on Strategic Development and Growth within the Industry
• Establishing the Case for IFRS
• An Overview of IFRS in relation to the Oil & Gas Industry
• The Annual Reports & Financial Statements of Leading International Petroleum Companies

DAY 2

Accounting for Assets in the Oil & Gas and Petrochemical Industry (Upstream, Midstream & Downstream)

• IAS 16: Property, Plant and Equipment and Depletion, Depreciation & Amortisation (“DD&A”)
• IAS 36: Impairment of Assets
• IFRS 6: Exploration for and Evaluation of Mineral Assets and the Accounting Approaches
• IFRS 13: Fair Value Measurement
• IAS 2 Inventories
• Reserve Reporting

DAY 3

Accounting for Business Combinations, Joint Ventures &  Production Sharing Agreements (“PSA”s) 

• IFRS 3: Business Combinations
• IFRS 10: Consolidated Financial Statements
• IAS 38: Intangible Assets
• IFRS 12: Disclosure of Interests on Other Entities
• IFRS 11: Joint Arrangements
• Break Even Oil, Cost Oil & Profit Oil

DAY 4

Accounting for Cash Flow & Financial Instruments in the Oil & Gas and Petrochemical Industry (upstream, midstream & downstream)

• IAS 7 Statement of Cash Flows
• The Use of Derivatives in the Oil & Gas & Petrochemical Sector to Manage the Commodity, Currency and Interest-rate Risks, etc.
• Treasury Management Issues for Multi-nationals
• IFRS 7 Financial Instruments: Disclosures
• IFRS 9 Financial Instruments
• Evaluating the Cash Flow & Use of Financial Instruments by Leading International Oil & Gas and Petrochemical Companies

DAY 5

Creative Accounting and Corporate Governance

• Creative Accounting
• Enron and Investor Protection
• Corporate Governance
• The Role of the Board & Audit Committee
• External Auditing - reporting to investors
• Internal Auditing - Defining and Developing the Internal Audit Process