IFRS in Oil & Gas Accounting
International Financial Reporting Standards (IFRS) promises to deliver significant accounting changes to companies in the energy industry.
- Level
- Intermediate
- Type
- Course
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About Training
Training Objectives
- MASTER essential knowledge of standards and frameworks in the IFRS
- ADOPT a smooth transition for first time users of IFRS
- GAIN insights into accounting issues and potential problems faced from implementing IFRS
- UPDATE yourself with the latest progress in IFRS for Extractive Industries from the international based trainer
- IMPROVE the quality of operational accounting and financial reporting in your organization
- INTERPRET IFRS guidelines accurately and APPLY them effectively in your organization
- DESIGN and DEVELOP auditing plans in compliance with IFRS and US GAAP
- UNDERSTAND the application of IFRS in accounting and reporting processes in the Exploration, Development and Production in the Oil & Gas Industry
Audiences
The course is designed for accounting and finance professionals who wants firm grounding in Oil & Gas IFRS
- Accounting Executive/Managers
- Financial Executives / Managers / Controllers
- Budgeting Officers/Executives/Managers
- Cost Controllers, Executive & Managers
- Accountants & Auditors
- Taxation & Reporting Executives/Managers
- JV/Production Sharing Executives/Managers/Advisors
- Business Development Executives & Managers
- Commercial Analysts, Executives & Managers
- Investment Analysts & Managers
Participants are expected to have knowledge of basic accounting principles.
Instructor
Tariq Zia
Tariq Zia is a US CPA specializing in Oil & Gas accounting issues under both IFRS & US GAAP. He has worked in both Texas and in Saudi Arabia for several of the 'Big Four' accounting firms over the past 14 years, servicing multinational corporations in the Oil & Gas and other industries. Tariq was a designated subject matter expert for the Oil & Gas sector at KPMG in Saudi Arabia, where he worked on multinational clients.
Tariq has extensive experience in teaching accounting courses, including at Deloitte & Touche where he was a National Instructor delivering courses to various levels of staff and management on topics such as Introduction to US GAAP & GAAS, and convergence of IFRS with US GAAP.
His work experience includes audits of SEC registrants and private clients from the Oil & Gas, Manufacturing, Retail and Service sectors under both US GAAP and IFRS; Sarbanes-Oxley compliance related work; and advisory work in the area of GAAP convergence. Tariq currently serves as senior advisor to a large multinational chemical manufacturer, which involves complex accounting issues and transactions under both US GAAP and IFRS.
Daily Aims
Overview of IFRS and detailed understanding of IFRS standards which are predominant in Oil & Gas Industry i.e. :
• IFRS 6 - Exploration for and Evaluation of Mineral Resources
• IAS 1 - Presentation of Financial Statements.
• IAS 8 - Accounting Policies, Changes in Accounting Estimates and Errors
• IAS 16 - Property, Plant and Equipment
• IAS 36 - Impairment of Assets
• IAS 37 - Provisions, Contingent Liabilities and Contingent Assets
• IAS 38 - Intangible Assets
• Other IFRS / IAS guidelines that will be essential and useful in the Upstream Exploration and Production
Day 2
• Overview of US GAAP and its significance for the Oil & Gas Industry
• Understanding US GAAP standards for E&P Companies dealing with disclosure requirements
• Fundamental Concepts of Oil and Gas Accounting Methods
- Successful efforts
- Full cost
• Accounting for Acquisition Costs under Full Cost & IFRS Adaptation
• Accounting for Exploration Costs under Full Cost & IFRS Adaptation
• Accounting for Development Costs under Full Cost & IFRS Adaptation
• Accounting for Production Costs under Full Cost & IFRS Adaptation
• Accounting for Acquisition Costs under Successful Efforts & IFRS Adaptation
• Accounting for Exploration Costs under Successful Efforts & IFRS Adaptation
• Accounting for Development Costs under Successful Efforts & IFRS Adaptation
• Accounting for Production Costs under Successful Efforts & IFRS Adaptation
[In Class Exercises] - Review and practice of the above concepts
Day 3
• Overview, with in-class exercises, of the following Significant Accounting Issues pertaining to E&P companies:
- Depreciation, depletion, and amortization
- Dismantlement, restoration and abandonment ("asset retirement obligations")
- Capitalization of interest costs
- Asset impairment under both successful efforts and full cost accounting methods
- Carried Interests and Accounting by the Carrying party and the Carried party
- Classification of assets as property, plant & equipment vs intangible
[In Class Exercises and Group Discussions] - Review the above accounting issues
Day 4
• Hedge Accounting Overview IAS 39 Financial Instruments
• Revenue Recognition for E&P companies
• Joint Ventures and related Accounting Issues
• Production Sharing Agreements
• Joint Interest Billing
• Disclosures required by IFRS 7
• SEC Disclosure requirements for E&P Companies including Oil & Gas Modernization Act
• Review Disclosures by a major E&P entity i.e. Shell
• Update on the IASB's Project for Extractive Industries
• IFRS and GAAP Convergence
• Future IFRS and US GAAP directions
• Course Recap
[Case Study/Exercises] : Comparison of consolidation, equity accounting and joint venture and their implications on fifinancial
ratios and statements
Training Schedule
| Code | Start Date | End Date | Locations | Cost | Instructor |
|---|---|---|---|---|---|
| PST0188 | Kuala Lumpur, Malaysia | SGD 4,995 | Tariq Zia | ||
| PST0188 | Kuala Lumpur, Malaysia | SGD 4,995 | Tariq Zia | ||
| PST0188 | Kuala Lumpur, Malaysia | SGD 4,995 | Tariq Zia |
Why Choose This Training
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Led by industry veterans with real field experience.
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Practical application of concepts through real world scenarios.
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