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

Course Introduction

This Oxford Management Centre training course aims to develop an essential understanding of oil & gas accounting, reporting and performance measurement issues and practices, through developing your ability to prepare, use and critically evaluate information on Upstream, Midstream & Downstream Oil & Gas activities, applying specialist industry knowledge and relevant analytical skills.

Objectives

Specifically you will learn 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

Who Should Attend?

All individuals who 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, 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
• Financial and Investment Analysts

Course Outline

• 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 & Environmental Developments
• An Overview of IFRS in relation to the Oil & Gas Industry, e.g.
  • 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 9 Financial Instruments
• Break Even Oil, Cost Oil & Profit Oil
• The Use of Derivatives in the Oil & Gas & Petrochemical Sector to Manage the Commodity, Currency and Interest-rate Risks, etc.
• Creative Accounting
• Corporate Governance
• External Auditing - reporting to investors
• Internal Auditing - Defining and Developing the Internal Audit Process