Course description
IFRS Accounting For JV's in Upstream Oil & Gas (Public & Virtual)
This course is aimed at accounting professionals who wishing to deepen their knowledge of IFRS accounting in the upstream oil and gas sector with a particular emphasis on the issues posed when operating with joint venture partners.
It considers in detail the accounting practices that have developed in relation to successful efforts methods in the core areas of exploration, development and production and joint venture accounting under national accounting practices such as US GAAP before considering the interpretation and application of relevant IFRS. We will also consider alternative accounting treatments such as full cost capitalisation in so far as permitted by IFRS.
Throughout the programme we consider the impact on accounting and the procedures to be adopted by the operator in relation to their joint venture partners. In addition, with the current level of petroleum prices we consider the accounting consequences for impairment testing and booking of reserves.
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Upcoming start dates
Suitability - Who should attend?
This course is for accountants working within the E&P sector of oil and gas businesses which have or will be adopting IFRS. In particular the course is aimed at those businesses involved in production sharing contracts.
Outcome / Qualification etc.
- Determine appropriate accounting policies consistent with IFRS, in particular those to be applied during exploration consistent with IFRS 6 and in development and production.
- Apply accepted capitalisation rules and depreciation methods within E&P, considering the impact at the project level.
- Account for the impact of asset impairments.
- Describe the main clauses contained with joint operating agreements.
- Apply the accounting procedures set out in joint operating agreements.
- Identify issues when determining cost sharing with partners and identify commons sources of disputes.
- Analyse and interpret the result of E&P businesses including the use of accepted oil and gas reserves-based ratios.
- Contrast and compare the commonly found accounting treatments in the industry under both IFRS and US GAAP frameworks.
Course delivery details
All London Petro Academy courses are available face to face classroom style as well as virtually.
They are also available In-House and can be tailored to your company's specific requirements.