IFRS for Oil and Gas, Application of Key Standards and Updates
|Event Date/Time: May 11, 2010||End Date/Time: May 13, 2010|
The course will look at those areas which have led to the greatest impact on results or workload in converting from national GAAP to IFRS, areas which have given most concern to regulators and auditors and update you on recent and forthcoming developments.
The commercial and operational practices of the oil and gas industry pose unique challenges to accountants operating under the IFRS framework. These challenges include accounting for exploration and evaluation activities, joint venture arrangements and production sharing agreements, decommissioning costs, use of hedge accounting and the disclosure of reserves information.
While some areas are represented within the Standards and Interpretations released by the IASB, others are either not dealt with within the Standards or their treatment has to be inferred by interpreting the relevant Standards. Furthermore many of the IASBâ€™s Standards specifically exclude application to mineral resources from their scope.
This workshop focuses on those areas of most concern to the oil and gas industry. It highlights the approach to take when setting accounting policies in the absence of specific guidance within IFRS, looks at the issues in applying standards to oil and gas transactions and the accounting choices available to companies in the sector.
Specific areas treated include:
- Property, plant and equipment
- Intangibles and in particular exploration and evaluation activities
- Oil and gas reserves
- The challenges posed by impairment reviews
- Provisions, particularly decommissioning costs
- Joint venture and production sharing agreements
- Financial instruments and application of hedge accounting treatments
IFRS is constantly evolving, and the course is kept up to date with the latest Standards and Interpretations and includes sections that look at proposed and forthcoming developments.