International Financial Reporting Standards (IFRS) for The Petroleum Industry (Workshop)

International Financial Reporting Standards (IFRS) for The Petroleum Industry (Workshop)

Course Description:

The transition from the General Accounting Principles & Practice (GAPP) to the International Financial Reporting standards (IFRS) has either been gradual, wholesome or in part at different organisations and in different countries.

Given the universality of the new reporting standards expected of all organisations and countries including international oil companies, Banks, other financial institutions and every sector of a national economy, coupled with the provisions of Basel III, it is imperative that every staff whose functions & responsibility has to do with accounting and financial reporting (either in the provision of input documents & data or in final accounts preparation) needs to
understand in details the provisions & exemptions as contained in the IFRS.

This programme is designed to prepare every attendee with the critical basis and the finer advanced aspects of the IFRS that applies to their particular sector & sub-sector of the petroleum industry. Participants will be made aware of the conflict areas with GAAP (where a company / country is yet to fully transit from GAAP to IFRS in its implementation Road Map), and how to treat such entries.

This program will be conducted in a classroom setting with varied examples of financial entries (from other countries) drawn from different sub sectors of the petroleum industry. Also, there will be loads of illustrations. Every attendee from the industry is obviously going to benefit from this technical program.

Each participant will receive summary copy of related portions of the IFRS.

Course Objectives:

1. Learn about the scope & contents of IFRS.
2. Learn about how to switch from GAPP to IFRS.
3. Learn how current practices & reporting standards and switching to the new IFRS affect your organisation particularly in respect of new but deferred standards.
4. Learn how to switch to IFRS seamlessly and without adverse impact on your organisation.
5. Learn about practical strategies (as an accountant, auditor or financial analyst) that will make IFRS to benefit your company.
6. If attended by National Oil Company staff, their attendees will become very conversant with IFRS provisions and therefore be better placed to scrutinize that accounts presented by International Oil companies (IOCs)

Course Content:

1. Conceptual Framework of the IFRS
2. First Time Adoption of IFRS.
3. IFRS for Financial Institutions: IFRS 7 & 9 IAS 32 & 39 and updates
4. Financial Instruments Disclosure.
5. Foreign Currency IAS 21: Generation, Transfers and International Operations Categorisation and Reporting of Forex Losses & Gains
6. Interim Financial Reporting IAS34.
7. Leasing IAS 17
8. Revenue Recognition: For oil & Gas Exploration & Production as against Downstream Operations under the IFRS.
9. IFRS 6 and Accounting for Petroleum Exploration & Production: Implications for Petroleum Accounting Methods (Full Cost vs. Successful Effort)
10. Implications of IFRS 6 for National Oil Companies (NOCs) and International Oil Companies (IOCs)

Module 2

11. Share-Based Payments – IFRS2.

12. Legal & Corporate Governance

13. Taxation IAS 12 (Accounting for Income Taxes).

• • IFRS Provision for Calculations – Tax Base of Assets & Liabilities
  • Deferred Tax Liability & Assets

14. Case Study & Class Exercises on the Application of Various Provisions of IFRS to the Petroleum Industry.