IFRS for the Oil and Gas and Petrochemical Sectors

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.

• 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.