IFRS for the Oil & Gas and Petrochemical Sectors
(Upstream, Midstream & Downstream)

Introduction

This 5-day IFRS for the Oil & Gas and Petrochemical Sectors (Upstream, Midstream & Downstream) training course develops an essential understanding of oil & gas accounting, reporting and performance measurement issues and practices.

It will examine the very latest developments including IFRS 18 Presentation & Disclosures in Financial Statements issued in 2024 and takes effect 1 January 2027 and IFRS S1 & S2 Sustainability Disclosure Requirements.

This training course develops your ability to prepare, use and critically evaluate information on Upstream, Midstream & Downstream Oil & Gas activities, applying specialist industry knowledge and relevant analytical skills.

This GLOMACS training course will feature:

• Analysis and evaluation using practical case studies
• Facilitated group discussions on current issues, policies, procedures
• Real Life issues within delegates’ organisations and other oil and gas companies 

Objectives

By the end of this training course delegates will learn how to:

Develop an understanding of the accounting standards, policies and practices used by companies in the Oil & Gas industry including IFRS 18 Presentation & Disclosures in Financial Statements issued in 2024 and takes effect 1 January 2027 and IFRS S1 & S2 Sustainability Disclosure Requirements

• Appreciate 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 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

Training Methodology

Each topic on this International Financial Reporting Standards (IFRS) for the Oil & Gas and Petrochemical Sectors training course is introduced with an illustrated presentation on the activities to be accounted for, the methods used, and the issues arising in the financial reporting of those activities. Learning on each topic is developed by a worked example, and participants then complete an exercise, individually or in groups as appropriate, to ensure that they are able to apply what they have learned.

On completion of each exercise, a full solution is issued and discussed, with an opportunity for questions and answers. Having mastered the theory and practice of each issue, learning is further reinforced by examination of relevant extracts from the annual reports of international oil and gas companies. At the end of each day, participants have an opportunity for a one-to-one session with the seminar leader to ask further questions and to go over any material that they have not yet fully understood.

Organisational Impact

The organisation will benefit greatly from their employees participation as they will:

• Gain knowledge and skills for the benefit of the entire organization
• Ensure legal compliance in line with the latest requirements
• Understand the major accounting issues facing the sector
• Be able to apply IFRS specific to their organisational needs
• Aid Corporate Governance thereby reducing risk
• Be able to contribute to financial decision making more effectively

Personal Impact

This training course will be of personal benefit to delegates by providing them with:

• Skills and knowledge to further your professional career
• The latest tools and techniques to assist you in your role
• An ability to make more informed decisions aimed at reducing risk
• Increased skills and improved decision making to increase your importance to your organization
• An ability to liaise effectively with other departments and colleagues regarding current practices and issues affecting oil & gas industry
• A greater understanding or your role and the major issues affecting it