Oxford Management Centre

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

Available dates

Dec 16—20, 2019
5 days
Boston, Massachusetts, United States
USD 6950
USD 1390 per day
Apr 6—10, 2020
5 days
London, United Kingdom
USD 5950
USD 1190 per day
Jul 20—24, 2020
5 days
New York, New York, United States
USD 6950
USD 1390 per day
+3 more options

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About the course

This Oxford course aims to develop an essential understanding of oil & gas accounting, reporting and performance measurement issues and practices, through developing your ability to prepare, use and critically evaluate information on Upstream, Midstream & Downstream Oil & Gas activities, applying specialist industry knowledge and relevant analytical skills.

Seminar Objective

Specifically you will learn to:

  • Develop an understanding of the accounting standards, policies and practices used by companies in the Oil & Gas industry
  • 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

Seminar Outline

  • 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
  • An Overview of IFRS in relation to the Oil & Gas Industry, e.g.
    • 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 9 Financial Instruments
  • Break Even Oil, Cost Oil & Profit Oil
  • The Use of Derivatives in the Oil & Gas & Petrochemical Sector to Manage the Commodity, Currency and Interest-rate Risks, etc.
  • Creative Accounting
  • Corporate Governance
  • External Auditing - reporting to investors
  • Internal Auditing - Defining and Developing the Internal Audit Process

Who should attend

All individuals who have a basic understanding of accounting, and want to learn more about accounting and financial reporting policies and practices in the Oil & Gas and Petrochemical industry (upstream, midstream & downstream).

In particular, will be suitable for:

  • Corporate Accountants, Financial Controllers, Treasury Officers, Management Accountants
  • Finance Staff in General Accounting, Payables, Receivables, Inventory, Fixed Assets, etc.
  • Joint Venture Accountants and Auditors
  • External, Financial and Internal Auditors
  • Financial and Investment Analysts

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