IFRS for the Oil, Gas, and Petrochemical Industries

Course Overview

The IFRS for the Oil, Gas, and Petrochemical Industries training program by KE Leaders is designed to provide in-depth knowledge of International Financial Reporting Standards (IFRS) as they apply to these sectors. This specialized course focuses on the complexities of financial reporting, accounting treatments, and regulatory compliance unique to oil, gas, and petrochemical industries.

Participants will gain critical insights into recognizing and measuring revenue, costs, and assets under IFRS, while ensuring transparency and compliance with global standards.

Learning Outcomes

By the end of this course, participants will:

• Understand IFRS principles specific to the oil, gas, and petrochemical industries.
• Master the application of IFRS standards for revenue recognition and cost allocation.
• Learn how to account for exploration, development, and production costs.
• Navigate complexities of joint arrangements, leases, and asset retirement obligations.
• Ensure compliance with regulatory frameworks and improve financial reporting accuracy.

Course Objectives

Participants will:

• Identify and apply relevant IFRS standards to industry-specific scenarios.
• Address challenges in accounting for upstream, midstream, and downstream operations.
• Evaluate financial statements for accuracy and compliance.
• Gain skills to prepare disclosures that meet IFRS requirements.
• Analyze real-world case studies to apply IFRS principles effectively.

Course Structure

Day 1: Introduction to IFRS and Sector-Specific Standards

• Topics Covered:
  • Overview of IFRS: Purpose, Scope, and Principles
  • Industry-Specific Challenges in Financial Reporting
  • IFRS 6: Exploration and Evaluation of Mineral Resources
  • Case Study: Accounting for Exploration Costs
• Learning Outcomes:
  • Understand IFRS fundamentals and their relevance to oil, gas, and petrochemicals.
  • Analyze exploration costs and their treatment under IFRS.

Day 2: Revenue Recognition and Contract Accounting

• Topics Covered:
  • IFRS 15: Revenue from Contracts with Customers
  • Accounting for Long-Term Sales Contracts and Pricing Mechanisms
  • Take-or-Pay Contracts and Their Revenue Implications
  • Case Study: Revenue Recognition in Oil & Gas Sales Agreements
• Learning Outcomes:
  • Apply IFRS 15 to industry-specific contracts.
  • Recognize revenue in accordance with pricing and contractual terms.

Day 3: Asset Management and Depreciation

• Topics Covered:
  • IFRS 16: Leases in Oil and Gas Operations
  • Property, Plant, and Equipment: Depreciation and Impairment
  • Accounting for Development and Production Assets
  • Asset Retirement Obligations and Decommissioning Liabilities
  • Case Study: Valuation of Assets in Petrochemical Plants
• Learning Outcomes:
  • Implement asset management strategies compliant with IFRS standards.
  • Address complexities of decommissioning and retirement obligations.

Day 4: Financial Reporting for Joint Arrangements and Risk Management

• Topics Covered:
  • IFRS 11: Joint Arrangements and Partnerships
  • Financial Risk Management in Oil and Gas
  • Hedging Activities and Their Reporting Requirements (IFRS 9)
  • Case Study: Joint Ventures and Their Financial Statements
• Learning Outcomes:
  • Account for joint arrangements and risk mitigation activities.
  • Prepare accurate financial statements for joint ventures.

Day 5: Disclosures, Sustainability, and Regulatory Compliance

• Topics Covered:
  • IFRS 7: Financial Instruments Disclosures
  • Sustainability Reporting and Environmental Liabilities
  • Preparing IFRS-Compliant Financial Statements for Oil and Gas Firms
  • Regulatory Trends and Future Changes in IFRS Standards
  • Case Study: Sustainability Reporting in the Petrochemical Industry
• Learning Outcomes:
  • Ensure comprehensive disclosures for stakeholders.
  • Align financial reporting with sustainability and compliance goals.

Training Methodology

This course utilizes:

• Expert Lectures: Delivered by IFRS specialists with industry experience.
• Case Studies: Based on real-world financial scenarios.
• Interactive Workshops: To reinforce key principles and practical skills.
• Discussion Forums: For exchanging insights and addressing challenges.

Who Should Attend?

This course is ideal for:

• Finance and accounting professionals in oil, gas, and petrochemical sectors.
• Financial controllers and auditors working with IFRS.
• Compliance officers and risk managers.
• Decision-makers involved in financial reporting and disclosures.
• Individuals preparing for leadership roles in finance within the energy industry.

Certificate of Completion

Participants will receive a Certificate in IFRS for Oil, Gas, and Petrochemical Industries from KE Leaders, validating their expertise in financial reporting and compliance for these specialized sectors.

Take Charge of Your Financial Reporting Excellence

Elevate your IFRS knowledge to tackle the unique challenges of the oil, gas, and petrochemical industries.

👉 Join KE Leaders today to master financial reporting for energy sectors!

Enquiry at : admin@keleaders.com

Whatsapp: 0044 790 125 9494

visit : www.keleaders.com

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