An Interactive 5-Day Training Course

International Financial Reporting Standards (IFRS)
for the Oil & Gas and Petrochemical Sectors
(Upstream, Midstream & Downstream)

Essential Guide to IFRS Relevant to the Oil & Gas Sector

NASBA

Course Introduction

This IFRS for the Oil & Gas and Petrochemical Sectors (Upstream, Midstream & Downstream) training course provides a comprehensive five-day training course designed to develop expertise in accounting, reporting, and performance measurement specific to the oil & gas and petrochemical sectors. Covering Upstream, Midstream, and Downstream operations, the training course incorporates the latest IFRS developments, including IFRS 18 – Presentation and Disclosures in Financial Statements (issued in 2024, effective 1 January 2027) and the Sustainability Disclosure Standards IFRS S1 & S2.

Participants will gain practical skills in preparing, interpreting, and evaluating financial information for the oil & gas industry, applying sector-specific knowledge and analytical techniques.

Highlights of this IFRS for the Oil & Gas and Petrochemical Sectors (Upstream, Midstream & Downstream) training course include:

  • Practical case study analysis and evaluation
  • Facilitated group discussions on policies, procedures, and emerging issues
  • Application to real-life scenarios within participants’ organisations and peer companies

Objectives

By completing this IFRS for the Oil & Gas and Petrochemical Sectors (Upstream, Midstream & Downstream) training course, participants will be able to:

  • Understand and apply accounting standards, policies, and practices relevant to the oil & gas industry, including IFRS 18, IFRS S1, and IFRS S2
  •  Analyse the financial implications of Production Sharing Contracts and agreements with host governments
  • Address accounting issues related to Joint Ventures
  •  Apply both international and national accounting standards most relevant to the sector
  • Improve the relevance and reliability of financial reporting for stakeholders
  • Use publicly available data to benchmark and assess industry performance

Training Methodology

Each topic on this IFRS for the Oil & Gas and Petrochemical Sectors (Upstream, Midstream & Downstream) training course is introduced with an illustrated presentation on the activities to be accounted for, the methods used, and the issues arising in the financial reporting of those activities. Learning on each topic is developed by a worked example, and participants then complete an exercise, individually or in groups as appropriate, to ensure that they are able to apply what they have learned.

On completion of each exercise, a full solution is issued and discussed, with an opportunity for questions and answers. Having mastered the theory and practice of each issue, learning is further reinforced by examination of relevant extracts from the annual reports of international oil and gas companies. At the end of each day, participants have an opportunity for a one-to-one session with the seminar leader to ask further questions and to go over any material that they have not yet fully understood.

Organisational Impact

Sending staff to this training course will help organisations:

  • Build a workforce skilled in applying IFRS to the oil & gas sector
  • Ensure compliance with current regulatory requirements
  • Address major accounting challenges specific to the industry
  • Apply IFRS frameworks tailored to organisational needs
  • Strengthen corporate governance and reduce operational risk
  • Make better-informed financial decisions

Personal Impact

Participants completing this training course will gain:

  • Enhanced accounting skills and industry knowledge
  • Practical tools and techniques to improve performance in their roles
  • Greater confidence in decision-making and risk assessment
  • Increased influence within the organisation through improved financial insights
  • Better collaboration with colleagues across departments
  • A deeper understanding of their role and industry-specific challenges

Who Should Attend?

This training course is designed for finance professionals with a basic understanding of accounting who want to specialise in oil & gas and petrochemical reporting. Ideal participants include:

  • Corporate Accountants, Financial Controllers, Treasury Officers, Management Accountants
  • Staff in General Accounting, Payables, Receivables, Inventory, Fixed Assets
  • Joint Venture Accountants and Auditors
  • Internal, External, and Financial Auditors
  • Government Regulators
  • 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) including IFRS S1 & S2 Sustainability Disclosure Standards and IFRS 18 Presentation & Disclosures in Financial Statements issued in 2024 and takes effect 1 January 2027
  • 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

Certificate

On successful completion of this training course, Oxford Management Centre Certificate with eligible Continuing Professional Education credits (CPE) from National Registry of CPE Sponsor will be awarded to the delegates

Accreditation

NASBA

In association with

GLOMACS Training & Consultancy
GLOMACS Training & Consultancy
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PetroKnowledge
PetroKnowledge
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International Financial Reporting Standards (IFRS) for the Oil & Gas and Petrochemical Sectors (Upstream, Midstream & Downstream)
Duration
5 Days
Format
Classroom, Online
Language
English
Certificate
Yes
Choose the date and location that suits you:
Classroom Sessions
London
04 - 08 May 2026
Fee: $ 5,950
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Amsterdam
29 Jun - 03 Jul 2026
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Dubai
03 - 07 Aug 2026
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London
07 - 11 Sep 2026
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Dubai
09 - 13 Nov 2026
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London
21 - 25 Dec 2026
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London
03 - 07 May 2027
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Amsterdam
28 Jun - 02 Jul 2027
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Dubai
02 - 06 Aug 2027
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London
06 - 10 Sep 2027
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Dubai
08 - 12 Nov 2027
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London
20 - 24 Dec 2027
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Online Sessions
Online
15 - 19 Jun 2026
Fee: $ 4,950
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Online
09 - 13 Nov 2026
Fee: $ 4,950
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Online
14 - 18 Jun 2027
Fee: $ 4,950
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Online
08 - 12 Nov 2027
Fee: $ 4,950
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FREQUENTLY ASKED QUESTIONS

Yes, we provide assistance in securing both hotel reservations & entry visa on all our international training venues, for delegates attending our training courses. For further information / assistance, please contact our Customer Service at:

Yes, Oxford Management Centre is accredited by the following professional bodies;

National Association of State Board of Accountancy (NASBA)
The Oxford Management Centre is registered with NASBA as a sponsor of Continuing Professional Education (CPE) on the National Registry of CPE Sponsors. NASBA have final authority on the acceptance of individual courses for CPE credit.

Yes, discounts are available. For further information please call +971 50 985 0174 or email, info@oxford-management.com

Note: Discounts are not applicable with any other special offer that may be available.

All course bookings made through Oxford Management Centre are non-refundable. By registering for a course, you acknowledge and accept that fees are payable in full and are not subject to refund under any circumstances, including but not limited to participant dissatisfaction, changes in personal or professional circumstances, or partial attendance.

Oxford Management Centre reserves the right to make reasonable adjustments to course content, trainers, or schedules where necessary, without entitling delegates to a refund. Full details of each course – including objectives, target audience, and content – are clearly outlined prior to enrolment, and it is the responsibility of the delegate to ensure suitability before booking.

There are 2 easy ways to register:

  • Online: Select the training course you want to register for, Click the “Book Your Place” button on the course page, complete the form and click submit.
  • E-mail: Send your details to info@oxford-management.com

We request that all cancellations be made at least one week before the class start date. You may reschedule this class without any penalty. If not, a $250 fee will be charged for cancellations received less than one week before a class begins and for no-shows. Cancellation penalties and any fees incurred by Oxford Management Centre will be deducted from refunds.

For more information request, email info@oxford-management.com or call +971 50 985 0174.

The classroom training fees include course presentation, relevant materials, physical & digital documentation, lunch and refreshments served during entire training. Accommodation and transportation are not included in the training course fees.

While, online training fees cover the course presentation and digital documentation and relevant materials.

The Oxford Management Centre Certificate of Completion with corresponding CPE credits shall be awarded to delegates who has successfully completed the training course.

Payment must be received before the training course commences. You can make payment by bank draft, cash, credit card or wire transfer.

Note: If the payment is not received, Oxford Management Centre has the right to refuse admission.

Upon receipt of your registration form, we will send you the following by e-mail:

  • Registration Confirmation
  • Invoice/Receipt (where appropriate)

If you register online you will receive an e-mail within 24 hours confirming your registration.

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