Mastering IFRS for Oil and Gas
Radisson Blu Hotel Dubai Deira Creek, UAE,
21st-24th Oct 2024
Accountants and analysts in oil and gas sector face unique challenges. There are complex contractual arrangements, multiple financial reporting requirements and volatility in output and prices has triggered requirements for impairment reviews. Adding to that, with the lack of clear guidance provided by IFRS and constant changes to the Standards, it is little surprise that this sector finds accounting for its transactions so difficult.
This course is intended to provide a broad look at the accounting for these unique arrangements and help you and your team put them into practice effectively, and keep up to date with latest developments in IFRS. Specific areas treated include:
- Accounting for exploration activities and application of IFRS 6
- Accounting for development and production activities
- The importance of hydrocarbon reserves definitions on accounting estimates
- The challenges posed by impairment reviews
- Accounting for decommissioning obligations
- Accounting for joint arrangements by investors and the operator
- Accounting for and cost recovery of production sharing contracts
This course is kept up to date with developments in best practices and evolution of accounting standards, and will consider the impact of IFRS 15 revenue and IFRS 16 leasing, and update on the IASB’s plans relating to upstream activity accounting.
This highly interactive course will use a wide range of learning and development approaches including:
- Lecture-based presentations
- Practice case studies
- Reviews of relevant financial statements
- Group exercises and discussions
- Expert tutor inputs
Ably facilitated by world class expert
Alan Mayo, Director, Maltway Ltd, UK
- Thirty years of successful professional experience accounting, financial statements analysis, IFRS and financial management
- Co-founded the client training business of PwC London
- Worked on accounting and performance issues with finance teams from Shell, BP, Saudi Aramco, Eni and British Gas
Testimonials
“Thought provoking & helpful”
“Alan’s training is a big help in identifying the issues to focus on for the coming year”
“I wish to say that Neoedge and their instructor/trainer possess a wealth of information and knowledge on the subject matter, and were very capable in disseminating the knowledge, thus giving us, the participants, a better understanding and purpose of some of the daily tasks we performed.”
“Good discussions & real life examples”
“Useful short punchy presentations”
For a copy of the FULL AGENDA, please send email to: hayat@neo-edge.com
Or please call us at Tel: +65 6980 8567
Day 1
Fundamental Concepts of Oil and Gas Accounting Methods
Case study: Introductory walkthrough of typical upstream transactions from prospecting to production to view their impact on the financial statements. Comparison of walkthrough results with the real report of an independent exploration company
Accounting for Assets Under IFRS
Case study: Application of IAS 16 and IAS 38 to the construction of a facility
Introduction to Accounting for Exploration Activities
Specific Exploration Accounting Treatments
Case study: Comparing and contrasting the accounting for acquisition of property rights, drilling expenses, non-drilling expenses and dry holes under both successful efforts and full cost methods
Day 2
Use of Leased Assets
Case study: Identifying and accounting for leased assets used during exploration
Principles of Asset Impairment
Case study: Identifying and accounting for impairment of oil and gas properties in the exploration phase
Proved Oil and Gas Reserve Quantities
Accounting in the Development Phase
Case study: Contrasting treatments of development expenditures between successful efforts and full cost
Decommissioning Obligations
Case study: Illustrating the creation of the decommissioning obligation, its run off over time and subsequent changes to estimates
Day 3
Borrowing Costs Capitalization
Case study: Calculate capitalised interest and show its accounting treatment
Production Costs, Depreciation, Depletion and Amortization
Case study: Determine the appropriate accounting treatments for workovers and recompletions
Case study: Estimate the depreciation for a field with both proved developed and proved undeveloped reserves
Revenue Recognition, Measurement and Allocation
Case study: Accounting for oil and gas imbalances
Day 4
Joint Arrangements
Case study: Calculate, prepare and book cash calls, joint interest billing statements and cut-back entries
Production Sharing Contracts
Case study: Determine cost and profit oil split between IOC, NOC and State
Wrap Up of the 4-day Workshop
For a copy of the FULL AGENDA, please send email to: hayat@neo-edge.com
Or please call us at Tel: +65 6980 8567
About Your Expert Trainer
Alan Mayo, Director, Maltway Ltd, UK
Alan Mayo is an accounting and finance professional with forty years of experience. For the past thirty years Alan has specialised in consulting and the delivery of in-house as well as public training programs in accounting, financial statements analysis, IFRS and financial management. During this time he has worked across many sectors and in many countries.
Within the oil, gas and petrochemicals sectors, Alan has worked on accounting and performance issues with finance teams from Shell, BP, Saudi Aramco, Eni and British Gas.
Previously as a senior consultant with PwC, he led a team of financial training consultants responsible for developing and delivering training programmes in financial management, analysis, accounting 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 accountacy 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 accounting and management courses.
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.
Testimonials on Alan’s Facilitation
- “Alan’s training is a big help in identifying the issues to focus on for the coming year”
- “Very informative and focused on controls” “Good discussions & real life examples”
- “A well-organized training! Alan is a good teacher who presents in- depth materials and concrete examples with easy to understand English for full understanding of what was being presented”
- “Useful short punchy presentations”
For a copy of the FULL AGENDA, please send email to: hayat@neo-edge.com
Or please call us at Tel: +65 6282 7082
Attendee Profile
The course will be of benefit to all finance and accounting professionals who require an understanding of oil and gas accounting procedures including those involved in the preparation, audit or analysis of oil and gas accounts and needing to keep up to date with latest developments.
It will particularly benefit staff who are taking on increased financial responsibilities including: Chief Accountants, Financial Accountants, Accounting Clerks, JV and Joint Operating Agreement Accountants, Internal and External Auditors, Financial Analysts from financiers and regulators etc.
Participants shall have a fair working knowledge of general accounting principles and practise.
For a copy of the FULL AGENDA, please send email to: hayat@neo-edge.com
Or please call us at Tel: +65 6980 8567
Accountants and analysts in the oil and gas sector face unique challenges. There are complex contractual arrangements, multiple financial reporting requirements and volatility in output and prices has triggered requirements for impairment reviews. Adding to that, with the lack of clear guidance provided by IFRS and constant changes to the Standards, it is little surprise that this sector finds accounting for its transactions so difficult.
Responding the the above market needs, this course is designed to provide an in-depth look at the accounting for these unique arrangements and help you and your team put them into practice effectively, and keep up to date with latest developments in IFRS.
It considers which International Financial Reporting Standards (IFRS) are of specific relevance to the industry and how they are applied by the industry to its transactions, balances and contracting arrangements. While much of the course focus will be on upstream activities, it also considers many issues that will be of relevance to downstream operations. It considers which costs should be capitalised, how they should be amortised and impaired, production expenses, recognition of revenue and treatment of joint arrangements.
Alan has worked on accounting and performance issues with finance teams from major oil and gas players. He has led numerous accounting courses around the world with participation of almost all the leading organisations in oil & gas industry such as Shell, BP, Eni, RWE Dea, OMV, Saudi Aramco, Dubai Supply Authority, Oman Gas, Al- Khafji Joint Operations, Dragon Oil, Pertamina, Department Of Energy Philippines, PTTEP, PetroChina, Petrobras, Tullow Oil, NAPESCO Gazprom and TPDC etc.
To ensure learning results, this highly interactive course will use a wide range of learning and development approaches including:
- Lecture-based presentations
- Practice case studies
- Reviews of relevant financial statements
- Group exercises and discussions
- Expert tutor inputs
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 analyse these in advance and address them during the workshops, seeking to fully satisfy your learning needs.
Certificate of Achievement
Upon the successful completion of this course, you will receive a Certificate of Achievement bearing the signatures from both the Trainer and the Organizer. This Certificate will testify your endeavour and serve towards your professional advancement.
For a copy of the FULL AGENDA, please send email to: hayat@neo-edge.com
Or please call us at Tel: +65 6980 8567
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For a copy of the FULL AGENDA, please send email to: hayat@neo-edge.com
Or please call us at Tel: +65 6980 8567
The training will be hold at the hotel stated below. The course fee includes lunches, refreshments, full set of Course Material and Certificate, but does not include hotel guest room and travel cost.
It is recommended to book the hotel rooms early as there are only limited rooms available at discounted rate. Kindly contact the following for reservation:
Radisson Blu Hotel, Dubai Deira Creek, UAE
Baniyas Rd, Deira
Dubai, United Arab Emirates
Tel: +971 4 205 7508
Email: bryan.saveret@radissonblu.com
Or please call us at Tel: +65 6980 8567
We suggest you to send registration or enquiries to us via hayat@neo-edge.com directly, which can enable us to respond faster than filling in the below Form. Thank you!