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course | IFRS for the Oil and Gas and Petrochemical Sectors

IFRS for the Oil and Gas and Petrochemical Sectors: Master IFRS 6, Revenue Recognition (IFRS 15), and Leases (IFRS 16). Learn to account for Exploration Assets, Decommissioning Liabilities, Joint Arrangements, and Impairment Testing in the energy sector. Perfect for Oil & Gas Accountants and Financial Controllers. Enroll today!

FNBN-2208 | IFRS for the Oil and Gas and Petrochemical Sectors

Course Sector : Finance, Accounting and Banking

Course dates

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Duration	Date from	Date to	Course Venue	Course fees	Book a course
5 Days	07/09/2026	11/09/2026	Abu Dhabi	$4,250	Book now
5 Days	16/11/2026	20/11/2026	Jakarta	$4,950	Book now
5 Days	01/02/2027	05/02/2027	Dubai	$4,250	Book now
5 Days	24/05/2027	28/05/2027	Dubai	$4,250	Book now

Course Introduction

IFRS for the Oil and Gas and Petrochemical Sectors is a critical training program designed for finance professionals navigating the unique accounting challenges of the energy industry. From the complexities of Upstream exploration to the volatile nature of Downstream refining and petrochemicals, applying International Financial Reporting Standards correctly is essential for transparency and compliance. This course provides a deep dive into sector-specific applications of IFRS 6 (Exploration for and Evaluation of Mineral Resources) and the latest updates in Financial Reporting for energy companies.

In this program, you will explore the accounting lifecycle of an oil asset, including Successful Efforts (SE) vs. Full Cost (FC) accounting methods. We cover critical areas such as Decommissioning Provisions (IAS 37), Revenue from Contracts with Customers (IFRS 15), and the financial implications of Joint Ventures and Production Sharing Agreements (PSAs). Whether you are managing Inventory Valuation (IAS 2) for petrochemical products or performing Impairment Testing (IAS 36) on maturing fields, this certification ensures you possess the technical expertise required to lead in the global Oil & Gas market.

Course objective

Develop an understanding of the accounting standards, policies, and practices used by companies in the Oil & Gas industry.
Explore the nature and financial implications of Production Sharing Contracts and other agreements between host governments and international companies.
Examine issues and guidelines in accounting for Joint Ventures.
Identify and know how to apply international and national accounting standards most relevant to the industry.
Improve the relevance and reliability of financial reports to better meet the needs of users.
Review and use publicly available information for benchmarking the business performance of companies in the industry.

Course audience

Executives who have strategic financial oversight of their unit or organization
Finance-related roles
Accounting-related roles
Marketing Managers
Financial managers
Affiliate marketing leaders
Career Enhancers
Digital Innovators
Business owner / Entrepreneur
General / Senior Accountant
Business Project Manager
Bank Branch Manager
Structured Finance Senior Relationship Manager
Finance Transformation Manager
Risk Manager
Investment Analyst

Course Outline | DAY 01

Major Accounting Issues facing the Oil & Gas and Petrochemical Industry (Upstream, Midstream & Downstream) and the Role of IFRS

The Latest Accounting Issues facing the Oil & Gas and Petrochemical Industry (upstream, midstream & downstream)
The Impact of Commodity Prices, Currency & Interest Rate Fluctuations and Political and Environmental Developments
The Impact on Strategic Development and Growth within the Industry
Establishing the Case for IFRS
An Overview of IFRS in relation to the Oil & Gas Industry
The Annual Reports & Financial Statements of Leading International Petroleum Companies

Course Outline | Day 02

Accounting for Assets in the Oil & Gas and Petrochemical Industry (Upstream, Midstream & Downstream)

IAS 16: Property, Plant and Equipment and Depletion, Depreciation & Amortisation (“DD&A”)
IAS 36: Impairment of Assets
IFRS 6: Exploration for and Evaluation of Mineral Assets and the Accounting Approaches
IFRS 13: Fair Value Measurement
IAS 2 Inventories
Reserve Reporting

Course Outline | Day 03

Accounting for Business Combinations, Joint Ventures & Production Sharing Agreements (“PSA”s)

IFRS 3: Business Combinations
IFRS 10: Consolidated Financial Statements
IAS 38: Intangible Assets
IFRS 12: Disclosure of Interests on Other Entities
IFRS 11: Joint Arrangements
Break-Even Oil, Cost Oil & Profit Oil

Course Outline | Day 04

Accounting for Cash Flow & Financial Instruments in the Oil & Gas and Petrochemical Industry (upstream, midstream & downstream)

IAS 7 Statement of Cash Flows
The Use of Derivatives in the Oil & Gas & Petrochemical Sector to Manage the Commodity, Currency, and Interest-rate Risks, etc.
Treasury Management Issues for Multinationals
IFRS 7 Financial Instruments: Disclosures
IFRS 9 Financial Instruments
Evaluating the Cash Flow & Use of Financial Instruments by Leading International Oil & Gas and Petrochemical Companies

Course Outline | Day 05

Creative Accounting and Corporate Governance

Creative Accounting
Enron and Investor Protection
Corporate Governance
The Role of the Board & Audit Committee
External Auditing - reporting to investors
Internal Auditing - Defining and Developing the Internal Audit Process.

Course Certificates

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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The most specific standard is IFRS 6 (Exploration for and Evaluation of Mineral Resources). However, the industry also relies heavily on IFRS 15 for revenue, IFRS 11 for joint arrangements, and IAS 37 for decommissioning and environmental restoration liabilitie

These are two primary methods used in Upstream accounting. Under Successful Efforts, costs for unsuccessful exploration (dry holes) are expensed immediately. Under Full Cost, all exploration costs, regardless of the outcome, are capitalized into the cost center. This course explains how both interact with IFRS 6 requirements

The energy sector is asset-heavy and relies on long-term leases for drilling rigs, pipelines, and offshore platforms. IFRS 16 (Leases) requires most of these to be recognized on the balance sheet, significantly impacting debt ratios and Financial Statement analysis

Yes. While the focus is often on extraction (Upstream), this course covers Downstream operations, including accounting for refineries, Petrochemical processing, inventory valuation for complex chemical products, and the Crack Spread margin analysis

Given the volatility of Commodity Prices (Oil & Gas prices), assets can lose value rapidly. IAS 36 (Impairment of Assets) requires frequent testing of "Cash Generating Units" (CGUs), such as specific oil fields or plants, to ensure their carrying value is not overstated

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