IFRS for Oil & Gas


10 – 13 September 2013 | Johannesburg

18 – 21 November 2013 | Kuala Lumpur

Tackling specific challenges facing oil & gas industry’s IFRS implementation and updates




Despite the large volume of information available to assist with the interpretation of IASB standards, there is relatively little guidance tailored to the needs of the Oil and Gas industry. The structure and focus of this course is to provide such specific guidance. Attend this IFRS Workshop for Oil and Gas Industry and make use of practical and real life case studies. Gain immediate knowledge and experience in how to apply the various accounting rules to your complex accounting issues in your organisation, and understand the options available to organisations in the Oil and Gas sector in applying those standards.


Programme Agenda


Day 1 – Introduction to IFRS Principles, Oil and Gas Accounting Issues and Non-Current Assets

Module 1: Overview of IFRS Principles and Concepts

Module 2: Oil and Gas Industry Accounting Issues

Module 3: Recognition and Valuation of Non-Current Assets

Case Study: Determination and valuation for oil and gas infrastructure assets and illustration of key accounting issues


Day 2 – Accounting for the Oil and Gas Industry Value Chain: Exploration, Development and Production

Module 4: Accounting for Exploration and Evaluation Activities

Module 5: Accounting for Development and Production Activities

Case Study: Determination of CGU and allocation of impairment charge across CGU. Reversal of impairment loss for CGU with and without goodwill

Module 6: Provisions and Decommissioning

Case Study: Determine appropriate provision and prepare necessary journal entries, allowing for discounted cash flow methodologies


Day 3 – Accounting for the Oil and Gas Industry Value Chain: Inventory, Revenue Recognition

Module 7: Recognition and Valuation of Inventory and Reserves

Module 8: Revenue Measurement and Recognition

Case Study: Calculation of revenue and royalties, and allocation across geographic segments

Module 9: Accounting for Operating and Finance Leases and Similar Transactions

Day 4 – Other Accounting Issues and Disclosure and Analysis of Reserves


Module 10: Business Combination, Strategic Investments and Joint Venture Arrangements

Case Study: Comparison of consolidation, equity accounting and joint venture and implication on financial ratios and financial statements

Module 11: Derivative Instruments and Foreign Currency Transactions

Module 12: Reserve Disclosure, Analysis and Ratio Calculations

Module 13: Future IFRS Direction, US GAAP Convergence and Course Review



“This was the best course I have been on in ages. Really helpful – lots of great info – I look forward to applying it to some cases I have. ”

-          Finance Director, Dana Gas


“The trainer’s knowledge of the subject is excellent. He clearly understands accountant’s needs and what they need to know. ”

-          Finance Manager, Vietnam Oil and Gas Group


“The trainer has a remarkable ability to explain material in clear manner and answer questions thoroughly and concisely.”

-          Finance Manager, Petronas


To register/enquire, please contact:

Lisa Tan

Infocus International Group

tel: +65 6325 0254 email: lisa.tan@infocusinternational.com



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