IFRS for Oil and Gas, Application of Key Standards and Update
Johannesburg, South Africa,
03 – 06 October 2011
“Materials fully updated for 2011 year ends including extracts from 2009 year end published accounts and reserves disclosures!”
This four-day course focuses on the application of IFRS to the oil and gas industry. It looks at the core IFRS standards, illustrating their application by reference to oil and gas case studies and looks at those standards which specifically apply to oil and gas activities and how they are being implemented by the sector.
The course will look at those areas which have led to the greatest impact on results or workload in converting from national GAAP to IFRS, areas which have given most concern to regulators and auditors and update you on recent and forthcoming developments.
Alan has led numerous IFRS courses around the world with participation of almost all the leading companies in oil & gas industry such as Shell, British Gas, Eni, OMV, RWE, NAPIMS, TPDC, Petrobras, Instituo Nacional de Petroleo, PetroSA, Tullow Ghana, PanAfrican Energy, GAPCO, Tyumen Oil, Pertamina EP, Petronas, Saudi Aramco, PetroChina, PTTEP, RAK Petroleum, Arabian Petrochemical Company, Oman Gas, Dragon Oil and Dubai Supply Authority etc.
The commercial and operational practices of the oil and gas industry pose unique challenges to accountants operating under the IFRS framework. These challenges include accounting for exploration and evaluation activities, joint venture arrangements and production sharing agreements, decommissioning costs, use of hedge accounting and the disclosure of reserves information.
While some areas are represented within the Standards and Interpretations released by the IASB, others are either not dealt with within the Standards or their treatment has to be inferred by interpreting the relevant Standards. Furthermore many of the IASB’s Standards specifically exclude application to mineral resources from their scope.
This workshop focuses on those areas of most concern to the oil and gas industry. It highlights the approach to take when setting accounting policies in the absence of specific guidance within IFRS, looks at the issues in applying standards to oil and gas transactions and the accounting choices available to companies in the sector.
Specific areas treated include:
- Property, plant and equipment
- Intangibles and in particular exploration and evaluation activities
- Oil and gas reserves
- The challenges posed by impairment reviews
- Provisions, particularly decommissioning costs
- Joint venture and production sharing agreements
- Financial instruments and application of hedge accounting treatments
IFRS is constantly evolving, and the course is kept up to date with the latest Standards and Interpretations and includes sections that look at proposed and forthcoming developments.
Course Format
The course format includes presentations on key aspects of the standards, small group exercises and longer workshop style case studies focusing on issues common to the oil and gas sector, group discussions and reviews of relevant financial statements.
Pre-course Questionnaire
A pre-course questionnaire will be sent to you upon your registration which will allows you to raise your specific areas of interest. Alan will review and analyze these in advance and address them during the workshops, seeking to fully satisfy your learning needs.
Certificate of Attendance
Upon the successful completion of this course, you will receive a Certificate of Attendance bearing the signatures from both the Trainer and the Organizer. This Certificate will testify your endeavour and serve towards your professional
For full agenda, please email us your detail contact information to registration@neo-edge.com. Thank you.
16 Modules in a Comprehensive 4-day Course with Group Exercise & Case Studies
| Module 1 | Overview of oil and gas accounting issues |
| Module 2 | Fundamentals |
| Module 3 | First time adoption |
| Module 4 | Financial statement presentation and disclosures |
| Module 5 | Accounting for fixed assets under IFRS (IAS 16, IAS 38, IAS 23 and IAS 36) – general principles |
| Module 6 | From prospecting to evaluation |
| Module 7 | Development spend |
| Module 8 | Production |
| Module 9 | Oil and gas reserves |
| Module 10 | Revenue recognition and inventory (IAS 18 and IAS 2) |
| Module 11 | Provisions (IAS 37, IFRIC 1 & IFRIC 5) |
| Module 12 | Leases and similar transactions (IAS 17 and IFRIC 4) |
| Module 13 | Accounting for strategic investments and joint working arrangements (IAS 28 – associates and IAS 31 – joint ventures) |
| Module 14 | Acquisitions, conveyances and disposals (IFRS 3 and IFRS 5) |
| Module 15 | Financial instruments (IAS 32, IAS 39 & IFRS 9) and foreign currency (IAS 21) |
| Module 16 | Course review |
Led by a World-class IFRS Expert & Trainer
Alan Mayo is an accounting and finance professional with twenty five years experience. For the past seventeen years Alan has specialised in consulting and the delivery of in-house and public financial training delivering programmes in IFRS, local GAAP, interpretation of financial reports and financial management. During this time he has worked across many sectors and in many countries.
Within the oil, gas and petrochemicals sector Alan has worked on IFRS and financial reporting and performance issues with finance teams from Shell, Saudi Aramco, Tyumen Oil, DuPont and British Gas.
Previously as a senior consultant with PwC he led a team of financial training consultants responsible for developing and delivering programmes in financial reporting, business valuation and shareholder value.
Alan started his career at PwC, where he worked for eight years in London in their audit and business advisory division where he obtained his chartered accountancy qualification. After qualifying he was seconded for two years to their Paris office. On his return to London from Paris he co-founded the client training business for PwC in London. Alan now runs a successful financial training company based in the UK and splits his time between managing that business and instructing on IFRS.
Alan is a Fellow of the Institute of Chartered Accountants in England and Wales, a member of their finance and management faculty and has an Honours Degree in Economics from Bristol University.
The course will be of benefit to all finance professionals involved in the preparation or analysis of financial statements under IFRS and particularly to those who are new to the oil and gas industry or for companies which are considering adopting or have recently adopted IFRS for financial reporting, including Chief Accountants, Financial Accountants, Accounting Technicians, Auditors and Financial analysts etc.
Participants shall be involved in the preparation or analysis of local GAAP financial statements and have a fair working knowledge of their applicable accounting principles and rules. No previous experience of IFRS is required.
Materials fully updated for 2011 year ends including extracts from 2009 year end published accounts and reserves disclosures!
Updated for 2011 year ends!
This workshop focuses on those areas of most concern to the oil and gas industry. It highlights the approach to take when setting accounting policies in the absence of specific guidance within IFRS, looks at the issues in applying standards to oil and gas transactions and the accounting choices available to companies in the sector.
Specific areas treated include:
- Property, plant and equipment
- Intangibles and in particular exploration and evaluation activities
- Oil and gas reserves
- The challenges posed by impairment reviews
- Provisions, particularly decommissioning costs
- Joint venture and production sharing agreements
- Financial instruments and application of hedge accounting treatments
IFRS is constantly evolving, and the course is kept up to date with the
latest Standards and Interpretations and includes sections that look at proposed and forthcoming developments.
Course Format
The course format includes presentations on key aspects of the standards,
small group exercises and longer workshop style case studies focusing on issues common to the oil and gas sector, group discussions and reviews of relevant financial statements.
Pre-course Questionnaire
A pre-course questionnaire will be sent to you upon your registration which will allows you to raise your specific areas of interest. Alan will review and analyze these in advance and address them during the workshops, seeking to fully satisfy your learning needs.
Certificate of Attendance
Upon the successful completion of this course, you will receive a Certificate of Attendance bearing the signatures from both the Trainer and the Organizer. This Certificate will testify your endeavour and serve towards your professional
Delegate Fee
Please contact us at enquiry@neo-edge.com or customer service hotline at +65 6557 9166 for details.
Payment Terms
Payment must be made within 5 working days upon your registration in order to guarantee your seat. All payments must quote the delegate name and event code.
Payment can be made via the following ways:
Cheque
Made payable to NeoEdge Pte. Ltd.
Credit card
We accept Mastercard, Visa and American Express
Bank Transfer
Please refer to the Invoice for our Bank A/C detail.
All bank charges to be borne by payer. Please ensure that NeoEdge receives the full invoiced amount.
Unpaid registrations will be billed 40% of the registration fee if you do not attend the event. A complete set of the conference documentation in CD-Rom will be post to you.
Substitutions & Cancellations
Should you be unable to attend, you may substitute delegates at any time before the event at no extra charge. Alternatively, you may choose to credit the full value of your registration towards another NeoEdge event for up to 18 months from the date of issuance. No refunds will be available for cancellations.
IFRS for Oil and Gas, Application of Key Standards and Update offers you the most effective platform to demonstrate your thought leadership and showcase your products and services at the largest gathering of oil & gas industry leaders in the world that includes senior management and decision makers from both private and public sectors.
We will tailor packages to suit your exact marketing requirements helping to make sure that your company is front of mind during any decision-making process.
Please contact:
Thomas Ooi
Head of Business Development
Tel: +65 6557 9168
Main: +65 6557 9166
Fax: +65 6223 5186
Email: thomas.ooi@neo-edge.com
We partner with leading publications, online media and associations etc in relevant sectors to achieve win-win results. Our extensive marketing campaigns will ensure you impress the right players at the forefront of the latest industry advancements and expand your business territory.
To find out detail potential benefit, please contact us today at rilla.eas@neo-edge.com or marketing@neo-edge.com or call us at Tel: +65 6557 9183 or +65 6557 9166.
Media Partners
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Rigsworld is the most complete source of current information in the oil and drilling industry. We are designed to meet the needs of engineers, managers and executives throughout the drilling industry by providing daily news and information about upcoming events, conferences and training.
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This event will be held at The Reef Hotel, Johannesburg, South Africa on 03 – 06 October 2011.
The Reef Hotel
58 Anderson Street, Marshalltown,
Johannesburg, 2107, South Africa
Contact person: Jade January
Administration Manager
Tel: +27 (0)11 689 1000
Fax: +27 (0)11 689 1111
Cell: +27 (0) 78 327 3178
Email: reservations1@reefhotels.co.za
You can either contact the reservations directly or book online.
Please enter the following information for each delegate. All fields marked with an asterisk are required. Upon receiving your submission, we will contact you within one working day to confirm your participation.
Event Name: IFRS OG
Venue: Johannesburg, South Africa
Dates: 03-06 October 2011