course | Advanced IFRS and Joint Venture Accounting (JVA) for the Oil and Gas Industry
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FNBN-1807 | Advanced IFRS and Joint Venture Accounting (JVA) for the Oil and Gas Industry
Course Sector : Finance, Accounting and Banking
| Duration | Date from | Date to | Course Venue | Course fees | Book a course |
|---|---|---|---|---|---|
| 5 Days | 2025-04-28 | 2025-05-02 | Dubai | $4,250 | Book now |
| 5 Days | 2025-06-16 | 2025-06-20 | Dubai | $4,250 | Book now |
| 5 Days | 2025-06-23 | 2025-06-27 | London | $4,950 | Book now |
| 5 Days | 2025-07-07 | 2025-07-11 | Abu Dhabi | $4,250 | Book now |
| 5 Days | 2025-08-18 | 2025-08-22 | Dubai | $4,250 | Book now |
| 5 Days | 2025-11-16 | 2025-11-20 | Riyadh | $4,250 | Book now |
Course Introduction
Compliance with International Financial Reporting Standards (IFRS) and Joint Venture Accounting (JVA) is crucial in the oil and gas industry to ensure transparency, accuracy, and regulatory adherence. IFRS provides a standardized framework for financial reporting, addressing industry-specific challenges such as asset valuation, revenue recognition, and cost recovery. Meanwhile, JVA is essential for managing financial transactions in exploration and production partnerships, ensuring fair allocation of costs, revenues, and liabilities among stakeholders.
IFRS and JVA
This advanced training equips finance professionals with in-depth knowledge of IFRS and JVA, focusing on key accounting treatments, reporting requirements, and compliance strategies. Participants will explore complex financial scenarios, including asset impairments, revenue recognition, and joint venture cost allocation. Through case studies and practical exercises, they will gain hands-on experience to enhance financial decision-making and optimize financial reporting in the oil and gas sector.
Training Course Methodology
This course is designed to be interactive and participatory, and includes various learning tools to enable the participants to function effectively and efficiently. The course will use sessions, exercises, and case applications, and presentation about proven-by-practice methods, new insights and ideas about the topic and its effects in a corporate world
Course objective
- Develop a deep understanding of IFRS standards applicable to the oil and gas industry, including revenue recognition, asset valuation, and financial reporting requirements.
- Apply Joint Venture Accounting (JVA) principles effectively, ensuring accurate allocation of costs, revenues, and liabilities among stakeholders.
- Analyze complex IFRS and JVA scenarios, including exploration and production accounting, impairment assessments, and abandonment cost provisions.
- Implement best practices in financial reporting and compliance to enhance transparency and align with international regulatory standards.
- Strengthen their ability to interpret financial statements, resolve accounting discrepancies, and optimize financial decision-making within the oil and gas sector.
Course Outline | Day 01
IFRS Framework and Oil & Gas Financial Reporting
- Overview of IFRS and its applicability to the oil and gas industry
- IFRS standard-setting process and regulatory environment
- Key financial reporting challenges in upstream, midstream, and downstream sectors
- Exploration, evaluation, and development costs under IFRS 6
- Revenue recognition principles under IFRS 15 (Production Sharing Contracts and Sales Contracts)
- Asset capitalization, depreciation, and depletion under IFRS 16 and IAS 16
- Case studies on IFRS-compliant financial statements in the oil and gas sector
Course Outline | Day 02
Joint Venture Accounting (JVA) Principles and Practices
- Fundamentals of Joint Venture Accounting in the oil and gas industry
- Types of joint ventures: Incorporated vs. unincorporated
- Accounting for joint venture contributions, cash calls, and cost-sharing
- Revenue and expense allocation among joint venture partners
- Handling joint interest billing and cash flow reporting
- Accounting treatments for carried interests and farm-in/farm-out arrangements
- Common JVA challenges and dispute resolution strategies
Course Outline | Day 03
Asset Management, Impairment, and Abandonment Provisions
- Asset recognition, valuation, and revaluation under IFRS
- Impairment testing of oil and gas assets (IAS 36)
- Reserves estimation and its impact on financial statements
- Accounting for asset retirement obligations and decommissioning costs (IFRS 37)
- Handling impairment losses and reversals in financial reporting
- Depreciation and depletion models for oil and gas assets
Course Outline | Day 04
Revenue Recognition and Cost Allocation in Oil & Gas
- IFRS 15 revenue recognition for long-term contracts and production sharing agreements
- Cost recovery mechanisms and their financial reporting implications
- Allocation of exploration, development, and operating costs
- Accounting for production entitlements and lifting imbalances
- Treatment of royalties, government take, and profit oil under IFRS
- Differences between full-cost and successful-efforts accounting methods
Course Outline | Day 05
Financial Reporting, Compliance, and Emerging Trends
- Preparation and presentation of IFRS-compliant financial statements
- Disclosures and transparency requirements under IFRS
- Tax implications and deferred tax accounting in the oil and gas sector (IAS 12)
- Internal controls and risk management for financial reporting accuracy
- Emerging trends in oil and gas financial reporting, including ESG considerations
- The impact of digital transformation on IFRS and JVA processes
BOOST’s Professional Attendance Certificate “BPAC”
BPAC is always given to the delegates after completing the training course,and depends on their attendance of the program at a rate of no less than 80%,besides their active participation and engagement during the program sessions.
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