IFRS for Oil and Gas Companies
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1- Online Training...with international accreditation. The value of participation per person is €1,450
2-Requirement : specifying the course, number of participants
implementation date, and joint coordination.
Group contracting ... 20% Discount For Each Participant In Any Group Of Five Person Or More
Other Places To Hold The Course :
KualaLumpur.. Istanbul.. Dubai.. Cairo.. Riyadh.. Jeddah.. Abu Dhabi.. Doha.. Muscat.. Sharm El Sheikh.. Kuwait.. Tripoli.. Amman.. Beirut.. Damascus.. Tunisia.. Casablanca.. London.. Paris.. Barcelona.. Amsterdam.. Brussels
IFRS for Oil and Gas Companies
Introduction :
IFRS stands for international financial reporting standards. IFRS are the collection of accounting and financial rules for the financial statement of public companies. The primary purpose of IFRS is to make the accounting and financial works of corporates and companies transparent locally and internationally. The international standards for finance and accounting are important in Oil and gas companies because they provide transparency, reliability, and consistent operation. Most oil and gas companies operate internationally and they require to follow different regulatory and capital markets with their and competitors who are reporting under IFRS. IFRS works on four basic principles which are clarity, relevance, reliability and comparability. IFRS is the international standard to provide consistency and integrity in the financial and accounting standards and practices regardless of the region.
Course Objectives :
At the end of this course, the participants will be able to :
• Learning of international accounting standards, planning and policies used in Oil and gas sector
• Understanding of financial implications for Oil and gas production contracts
• International and local accounting standards related to oil and gas sector
• Understanding the improved reliability of financial reports for business
• How to utilize publicly information in IFRS for checking the business achievement and performance of oil and gas industry
• Understanding and its application of IFRS for upstream gas and oil sector
• Understanding of diversity in finance and accounting practices in Oil industry
• Understanding hedge accounting related to oil and gas industry
• Understand valuation of tangible assets
• Knowledge of rules related to assets for impairment about IFRS
• Understanding IFRS problems and its solution
• How IFRS will be conducted at the initial stage
Targeted Audience :
- Financial Controllers and Corporate Accountants
- Finance Staff in various finance departments
- Treasury Officers and Management Accountants
- Internal or External Accounts/Financial associates and Auditors
- Employers of government regulatory authorities
- Investment and Financial Experts
- Internal and external auditors
- Employees of government regulatory authorities and auditors
- Upstream professionals in upstream oil & gas activities
Course Outlines :
Module 1 : FINANCIAL REPORTING IN OIL AND GAS SECTOR
- Types of oil/gas contracts
- Leases and concessions
- Product sharing agreement (PSA)
- Exploration/Evaluation of oil and gas Resources
- Plant, property and Equipment
- Intangible and tangible Assets
- Asset impairment
Module 2 : FINANCIAL STATEMENT AND ASSETS
- Financial statements
- Write-off’s treatment
- Oil and gas assets classification
- Asset controland de-recognition
- Estimation of reserves and treatment of cost recovery
Module 3 : REVENUE AND RECOVERY
- Revenue recognition
- Revenue recognised by upstream companies
- Over lift balances
- Cost recovery methods in Psa’s
- Psa’s tax oil
Module 4 : INTEREST AND TAXES
- Interests from Decommissioning
- Restoration Rehabilitation Funds
- Income taxes
- Sales taxes and income taxes
- Tax holidays
- Deferred taxes arising on asset
Module 5 : RISK MANAGEMENT AND ASSESSMENT
- Leases and leasing project
- Foreign currency and functional currency
- Risk assessments in IFRS
- Financial risk control and management of upstream gas and oil
- Derivatives utilization
- Hedging techniques
- Joint ventures and risk
Module 6 : ACCOUNTING AND PRICING
- Asset exchanges accounting
- Oil & Gas | Major and Latest Accounting Issues
- Commodity Prices impact
- Interest Rate and currency variation
Module 7 : ASSETS
- Accounting for Assets in all areas of the Oil & Gas Petrochemical Industry
- Depreciation, depletion and Amortisation
- Assets Impairment
Module 8 : FVM FAIR VALUE MEASUREMENT
- Fair Value system and Measurement
- Reserve-Reporting
- Accounting and financing in oil Business
- Financial Statements consolidated
Module 9 : INTEREST
- Interests on Other Entities
- Strategic Development in the oil Industry
- Joint ventures and joint Arrangements
- Profit, cost oil and Break-Even Oil
Module 10 : CASH FLOW MANAGEMENT AND INVESTORS
- Cash Flow and Financial Instruments in the Oil & Gas
- Statement of Cash Flows
- Creative Accounting and Corporate Governance
- Investor Protection
- Corporate Governance
- The Role of the internal Board and Audit Committees
- Reporting to the investors
European Business Center Training Methodology :
Our training work is presented in a professional and attractive manner.. Interspersed with interceptive information to renew attention throughout the training period… We aim with this method to train the listener and interact… In addition to practical applications that target the direct skills and knowledge required to be achieved.. It is presented to the trainees in more than one way.. Practical exercises and applications.. Surveys and questions.. A training strategy has been adopted based on pairing between the theoretical and the professional and between the local and the global.
What Does The Participant Get From The Course?
Each participant obtains an internationally accredited training certificate from the European Business Center for Training and Development … which has the ISO certificate in quality No. 9001/2015 from the English international company UKAS .. and receives a training bag containing the scientific material via an electronic flash … in addition to an enjoyable and useful training that is reflected Positive and developmental for individuals and the institution
Note :
We can implement the training course in any of the cities referred to in this course..at the appropriate and required time for the trainees..through joint coordination with the training department at the center..the training is implemented in a distinctive manner according to the best quality standards so that we meet all training requirements and needs.
International Accreditations
European Business Center for Training and Development has obtained international and official accreditations with the highest and best international levels scientifically and technically, which reflect the level of outstanding performance in our training work.. so that it achieves what each participant aspires to by obtaining the best certificates with officially approved scientific and technical standards.
