IFRS Training Programme for Upstream Oil and Gas Professionals in Calgary
This IFRS for Upstream Oil and Gas Training Course takes place in Calgary, the energy capital of Canada and home to some of the world’s largest oil sands, conventional upstream and pipeline organisations including Enbridge, Canadian Natural Resources and Cenovus Energy. Specifically, Calgary represents the most important upstream financial reporting hub in North America and attracts energy finance professionals from developed and emerging markets globally. Furthermore, this programme is equally relevant for finance professionals operating in any IFRS jurisdiction with significant upstream oil and gas operations. Consequently, participants from Calgary, Canada and every major global upstream market gain the most comprehensive IFRS upstream training available.
Upstream oil and gas accounting is becoming more complex across every major global producing region in 2026. Specifically, Alberta’s oil sands operators are facing significantly increasing IFRS reporting requirements driven by major capital investments and decommissioning obligations. Furthermore, large investments in conventional upstream exploration, natural gas development and pipeline infrastructure are expanding accounting complexity under IFRS 6 and IAS 36 globally. These developments increase accounting complexity across every major Canadian upstream operation. In addition, ageing upstream fields are creating significant decommissioning obligations under IAS 37. Consequently, upstream finance professionals globally now require the most comprehensive IFRS technical training available.
This programme addresses every critical IFRS accounting challenge facing upstream finance professionals globally. Specifically, it covers exploration and evaluation accounting, production accounting and depletion methodologies. Furthermore, it covers impairment testing under IAS 36, asset retirement obligations and production sharing contract accounting. In addition, it covers joint venture accounting, revenue recognition, lease accounting and commodity hedging. It also addresses sustainability disclosures under IFRS S1 and IFRS S2 for listed upstream entities. Consequently, participants leave with the complete technical toolkit to deliver fully compliant IFRS financial statements.
Key Learning Features | IFRS for Upstream Oil & Gas Training | Calgary
- Exploration and Evaluation Accounting. Accounting for exploration and evaluation activities including full cost and successful effort methods for upstream operators globally
- Oil Sands and Upstream Production Accounting. Depletion, depreciation and amortisation of oil sands, conventional upstream and pipeline assets across Canada and globally
- Decommissioning and Restoration Provisions. Asset retirement obligations and decommissioning accounting for upstream operators across developed and emerging markets globally
- Reserves and Resources Disclosures. Reserves and resources disclosures for Canadian oil sands operators and international upstream companies globally
- Production Sharing Contracts. Production sharing contract and concession agreement accounting for Canadian and international upstream operations
- Joint Venture Accounting. Joint arrangement accounting for upstream partnerships and joint ventures across every major global energy market
- Impairment Testing. Impairment methodology and cash generating unit identification for upstream oil and gas assets globally
- Revenue Recognition. Revenue recognition for upstream oil and gas sales contracts including production entitlements and lifting arrangements
- Lease Accounting. Lease accounting for upstream infrastructure, drilling rigs, pipelines and production facilities
- Hedge Accounting. Commodity price, interest rate and foreign currency risk hedging for upstream operators globally
- Sustainability Disclosures. Sustainability disclosure requirements for listed upstream energy entities across every major reporting jurisdiction
- Real-World Case Studies. Case studies from Canadian oil sands operators and leading global upstream company financial statements throughout every session
Global Programme Schedule | IFRS for Upstream Oil and Gas Training Course
This IFRS for Upstream Oil and Gas Training Course is delivered in-person and online across major global financial and energy centres worldwide. This programme is also available as a dedicated in-house engagement tailored to your organisation’s specific IFRS upstream oil and gas training requirements. Explore the full global programme schedule for the IFRS for Oil, Gas, Petrochemical, Power, Utility and Mining Training Courses and reserve your place today.
Online | London | Dubai | Abu Dhabi | Doha | Riyadh | Singapore | Kuala Lumpur | Hong Kong | Sydney | Toronto | Calgary | New York | Zurich | Hague | Brussels | Cape Town | Accra | Lima | Rio de Janeiro | Trinidad
For More Information
For further information about this IFRS for Upstream Oil and Gas Training Course, please contact us. Specifically, our specialist training team is ready to assist with course registration, group booking options, upcoming dates and in-house delivery enquiries. Furthermore, this programme is also available as a dedicated in-house engagement tailored to your organisation’s specific IFRS upstream oil and gas training requirements.
Instructor Bio
The course instructor will be one of our highly experienced
faculty members.
Our Faculty: Expertise That Drives Success
Shasat is proud to have over 30 world-renowned faculty members, each an expert in their respective field, who share hands-on implementation experience through our technical and professional development programmes.
This IFRS for Oil, Gas and LNG Training Course is led by one of Shasat’s distinguished faculty members, a globally respected technical expert in IFRS, and US GAAP for the oil, gas, LNG and energy sector. The instructor has extensive experience in handling oil, gas and LNG sector specific accounting issues and the practical application of accounting requirements. Specifically, this includes implementation challenges, technical interpretations and industry best practices across upstream, midstream, downstream, LNG and petrochemical operations globally. They have supported major energy institutions across developed and emerging markets globally on upstream accounting, LNG joint ventures, decommissioning provisions, revenue recognition, hedge accounting and ISSB sustainability disclosures.
The instructor brings deep technical expertise in exploration and evaluation accounting, LNG asset recognition, production sharing agreement accounting, commodity price hedge accounting and energy sector impairment assessment under IFRS and US GAAP. Drawing on years of global advisory and implementation experience, every session delivers practical insights, real-world case studies and proven strategies. Furthermore, our faculty combine real-world expertise with academic rigour, ensuring every session is interactive, relevant and outcomes driven. Consequently, participants gain practical tools and strategic frameworks they apply immediately across their oil, gas and LNG organisations.
Our Partners
Course Description
Day 1 | Upstream Accounting, LNG Revenue Recognition and Reserves
Module 1 | Exploration and Evaluation Accounting
- Accounting for exploration and evaluation activities including full cost and successful effort methods
- Non-drilling and drilling exploration cost accounting and capitalisation criteria
- Production, depreciation, depletion and amortisation of upstream oil and gas assets
- Dismantlement, restoration and abandonment accounting including asset retirement obligations
- Accounting for development and production activities across upstream operations
- Analysis of exploration and production activities with practical case studies
Module 2 | Revenue Recognition for Oil, Gas and LNG
- Revenue measurement and recognition for oil, gas and LNG contracts under IFRS 15
- Recognition and valuation of reserves and production entitlements
- Accounting issues arising from production sharing agreements and concession arrangements
- Revenue recognition for LNG sales contracts and long-term offtake agreements
- Accounting for take-or-pay arrangements and LNG supply contracts
- Sale and purchase accounting for physical oil, gas and LNG contracts
Module 3 | Inventory and Property Plant and Equipment
- Calculation of period end inventory for oil, gas and LNG commodities
- Inventory valuation approaches including IAS 2 broker-trader exemption for trading portfolios
- Property plant and equipment accounting for upstream and LNG assets
- Full cost practices and areas where they may not be appropriate under IFRS
- LNG liquefaction asset accounting and componentisation under IAS 16
Module 4 | Impairment and Oil and Gas Reserves
- Impairment methodology and cash generating unit identification for upstream assets
- Reversal of impairment for oil, gas and LNG assets
- IFRS approach to oil, gas and LNG reserves and depletion accounting
- Impairment assessment for LNG liquefaction trains and upstream infrastructure
- Valuation issues arising from commodity price volatility and energy transition risk
- Practical case studies from QatarEnergy and leading global upstream companies
Module 5 | Leases and Environmental Accounting
- Lease accounting for LNG liquefaction trains, drilling rigs and upstream infrastructure
- Disclosure requirements for lease arrangements across oil, gas and LNG operations
- Environmental accounting and disclosure requirements for oil and gas producing activities
- Proved oil and gas reserve quantities disclosure and reporting requirements
- Costs incurred for property acquisition, exploration and development activities
Module 6 | Industry Metrics and Performance Assessment
- Assessment of future net cash flows for oil, gas and LNG exploration and production
- Financial and operational metrics used to assess oil and gas exploration and production performance
- Finding costs and reserve value-added-to-spending ratios
- LNG specific performance metrics and financial reporting considerations
- Practical examples and illustrative financial statements from global energy companies
- Worked examples and case studies throughout
Day 2 | Financial Reporting, IASB Updates and Business Combinations
Module 7 | IASB Update and Accounting Policies
- Latest IASB updates on extractive industries project and energy transition reporting developments
- IASB December 2024 amendments to IFRS 9 and IFRS 7 for nature-dependent electricity contracts effective 1 January 2026
- IFRS S1 and IFRS S2 sustainability disclosure requirements for oil, gas and LNG companies
- Carbon credit accounting and emissions trading scheme accounting developments in 2026
- Specific accounting principles and changes in accounting policies and valuation
- Transition to IFRS for oil, gas and LNG companies and changes in estimates
- Practical examples and case studies
Module 8 | Financial Statements and Notes
- Critical accounting issues and estimation uncertainty in oil, gas and LNG financial statements
- Estimation of reserves and future cash flows and their impact on financial reporting
- Identified risks, capital management and events post reporting period disclosures
- Presentation of financial statements under IAS 1 for oil, gas and LNG companies
- Statement of cash flows under IAS 7 for upstream and LNG operations
- Accounting policies, changes in accounting estimates and errors under IAS 8
Module 9 | Financial Standards and Reporting Requirements
- Events after the reporting period under IAS 10 for oil, gas and LNG companies
- Operating segments under IFRS 8 for diversified oil, gas and LNG groups
- Interim financial reporting under IAS 34 for listed energy companies
- Provisions, contingent liabilities and contingent assets under IAS 37 including decommissioning
- Government grant accounting under IAS 20 for energy projects and subsidies
- Practical examples and case studies from global oil, gas and LNG reporting
Module 10 | Financial Instruments and Hedge Accounting
- Presentation, recognition and measurement of financial instruments under IFRS 9
- Impairment methodology for financial assets held by oil, gas and LNG companies
- Hedge accounting for commodity price risk, interest rate risk and foreign currency risk
- Classification and valuation of oil, gas and LNG sale and purchase contracts
- Accounting for LNG derivatives including forwards, options and structured products
- Fair value hierarchy and valuation techniques for energy sector financial instruments
- Hedge effectiveness testing and documentation for oil, gas and LNG hedging programmes
- Worked examples and case studies on LNG derivative accounting and valuation
Module 11 | Business Combinations and Consolidated Financial Statements
- Business combinations accounting under IFRS 3 for oil, gas and LNG mergers and acquisitions
- Consolidated and separate purpose financial statements under IFRS 10 and IFRS 11
- Joint arrangement accounting for upstream joint ventures and LNG infrastructure projects
- Disclosures under IFRS 12 for interests in subsidiaries, joint arrangements and associates
- Practical issues arising from oil, gas and LNG business combinations and joint ventures
- Comprehensive case studies from QatarEnergy and global oil, gas and LNG transactions
Module 12 | LNG Accounting, Energy Transition and Sustainability
- LNG contract accounting under IFRS 9 and IFRS 15 including offtake and supply agreements
- Accounting for LNG joint ventures including North Field expansion project accounting
- Carbon credit accounting, emissions allowance valuation and government incentive schemes
- IFRS S1 and IFRS S2 sustainability disclosure requirements for Qatari and global LNG operators
- Latest IASB developments relevant to oil, gas and LNG reporting in 2026
- Comprehensive wrap-up case studies covering all key oil, gas and LNG accounting issues
The course agenda provided herein is the proprietary intellectual property of Shasat. It is intended solely for the use of participants enrolled in the respective course. Any reproduction, distribution or unauthorised use of this course agenda, in whole or in part, without the explicit written consent of Shasat, is strictly prohibited and may result in legal action.
All rights reserved. © 2026 Shasat
Why you must attend?
Upstream oil and gas accounting is one of the most technically demanding areas of IFRS financial reporting globally. Specifically, exploration and evaluation accounting, decommissioning provisions and production sharing agreements create unprecedented technical challenges. Furthermore, regulators, auditors and investors now scrutinise upstream IFRS financial statements with greater rigour than ever before. In addition, national oil company IPO programmes globally are raising IFRS reporting standards across the entire upstream sector. Consequently, upstream finance professionals who lack IFRS technical mastery face significant professional and organisational risk in 2026.
This programme delivers the most comprehensive and practically focused IFRS upstream training available globally. Specifically, every session addresses critical IFRS accounting challenges facing oil and gas, petrochemical, power, utility and mining organisations worldwide. Furthermore, real-world case studies from actual IFRS financial statements of leading global upstream companies are used throughout. Every session also addresses the latest IFRS developments relevant to upstream operators across every major global jurisdiction. Consequently, participants leave with the technical authority to deliver fully compliant IFRS financial statements across every upstream operation globally.
Finance professionals who attend gain significantly more than technical IFRS knowledge. Specifically, they develop the strategic insight to identify IFRS implications at every stage of the upstream value chain. Furthermore, they leave fully equipped to communicate complex financial reporting outcomes to boards, auditors and regulators confidently. In addition, participants from Calgary and every global upstream market strengthen their organisation’s IFRS reporting frameworks. Consequently, this is a career-defining investment for every finance professional across oil and gas, petrochemical, power, utility and mining industries globally.
Teaching methodology
The training program will employ a comprehensive and engaging approach to learning, designed to deliver maximum impact and retention. The methodology includes:
- A user-friendly slide deck that presents the concepts, methodologies, and principles in a clear and concise manner, making the material easily accessible to all attendees.
- Interactive sessions featuring real-life case studies to provide hands-on experience and bring the material to life.
- Explanations of concepts and methodologies through the use of examples and distinct scenarios, allow attendees to understand the material in context.
- Group exercises designed to illustrate accounting principles, encouraging collaboration and fostering a deeper understanding of the material.
- Discussions on GAAP differences ( IFRS vs US GAAP), industry issues, and diversity in practices, provide attendees with a well-rounded understanding of the subject matter.
- Access to additional course material and handouts, ensuring attendees have a comprehensive reference resource to support their learning.
- An open and inclusive atmosphere that encourages attendees to ask questions and engage in discussion, ensuring a thorough understanding of the material.
The combination of these elements creates a dynamic and engaging learning experience that will support the professional development of all attendees.
Who should attend?
The IFRS for Oil & Gas, Power, Utility, & Mining companies training program is designed for financial professionals who want to update their knowledge of IFRS accounting standards and stay ahead of the curve in a constantly evolving financial reporting landscape. This program is perfect for finance executives, accountants, auditors, financial analysts, and other professionals who are involved in financial reporting and decision-making. It is expected that participants have a basic understanding of financial reporting and accounting principles, or have previously completed basic accounting courses and are looking to enhance their skills and knowledge of IFRS standards.
This training program provides practical and comprehensive training to equip participants with the necessary skills to succeed in today’s ever-evolving financial landscape. It is an excellent opportunity for professionals seeking to improve their expertise and advance their careers in the oil and gas, power, utility, and mining sectors.
Feedback
Upon completion of the course, all delegates will receive an evaluation questionnaire aimed at gathering valuable feedback. This feedback is crucial to Shasat’s ongoing commitment to improving the quality of its learning solutions. By analyzing the trends in the responses, we are able to continuously enhance and refine our offerings to meet the evolving needs of our clients.
Venue & other info
Our training programs take place at the most prestigious professional training facilities in the city. Our venues have been meticulously chosen and expertly crafted to deliver an unparalleled and sophisticated learning experience. To further elevate your training journey, we will offer an array of refreshments including gourmet tea/coffee, delectable snacks, and a sumptuous lunch to sustain you throughout the course. Your comfort and satisfaction are of the utmost importance to us. One week before the program begins, you will receive comprehensive joining instructions that include the exact venue details.
Please note that accommodation arrangements are the responsibility of the attendee.
Workshop Delivery (Online Programs)
The workshop will be delivered via the WebEx platform. Upon registration, all participants will receive comprehensive joining instructions for the live workshop. This fully virtual event will encompass a live-streamed presentation, personalized networking opportunities, interactive Q&A sessions, engaging polls, and post-event consultation to address specific concerns and support your continued growth.
In-Person Workshop
Please be advised that for all in-person training programs, joining instructions will be sent via email to registered participants one week prior to the program’s commencement. These instructions will provide comprehensive information regarding the venue location, date, and time, as well as other important details such as parking arrangements, dress code, and any necessary equipment or materials. Kindly ensure that you carefully review the joining instructions and follow the guidelines provided to ensure a smooth and well-organized experience during the program.
Changes to the conference
Shasat reserves the right, at its sole discretion, to make modifications to the format, speakers, participants, content, venue location, program, or any other aspect of the conference, at any time and for any reason, without incurring any liability. This policy has been implemented due to recent events such as the Covid-19 pandemic and other jurisdictional restrictions. These modifications may include but are not limited to, changes necessitated by a Force Majeure Event
We are pleased to offer sponsorship opportunities for our training programs, providing companies with a unique platform to showcase their brand and services to a highly engaged and relevant audience. By becoming a sponsor, your organization will have the opportunity to build brand awareness, demonstrate thought leadership, and cultivate valuable relationships with industry professionals. Our programs offer a platform to reach a targeted audience and generate new business leads while showcasing your expertise. The benefits of sponsorship include increased brand exposure, opportunities to connect with key decision-makers, and a platform to promote your products and services. We invite you to take advantage of this prime opportunity and partner with us to enhance your visibility and impact within the industry.
We kindly request that you carefully review all of the terms and conditions outlined on our website. This information is critical in ensuring a clear understanding of our policies and procedures. Please follow the link provided to access this information.
Discover more about Shasat by exploring our “About Us” page, where you can gain insights into our company’s mission, values, and history, and learn how we can help you achieve your goals.
Payment
Our training programs take place at the most prestigious professional training facilities in the city. Our venues have been meticulously chosen and expertly crafted to deliver an unparalleled and sophisticated learning experience. To further elevate your training journey, we will offer an array of refreshments including gourmet tea/coffee, delectable snacks, and a sumptuous lunch to sustain you throughout the course. Your comfort and satisfaction are of the utmost importance to us. One week before the program begins, you will receive comprehensive joining instructions that include the exact venue details.
Please note that accommodation arrangements are the responsibility of the attendee.
Workshop Delivery (Online Programs)
The workshop will be delivered via the WebEx platform. Upon registration, all participants will receive comprehensive joining instructions for the live workshop. This fully virtual event will encompass a live-streamed presentation, personalized networking opportunities, interactive Q&A sessions, engaging polls, and post-event consultation to address specific concerns and support your continued growth.
In-Person Workshop
Please be advised that for all in-person training programs, joining instructions will be sent via email to registered participants one week prior to the program’s commencement. These instructions will provide comprehensive information regarding the venue location, date, and time, as well as other important details such as parking arrangements, dress code, and any necessary equipment or materials. Kindly ensure that you carefully review the joining instructions and follow the guidelines provided to ensure a smooth and well-organized experience during the program.
Changes to the conference
Shasat reserves the right, at its sole discretion, to make modifications to the format, speakers, participants, content, venue location, program, or any other aspect of the conference, at any time and for any reason, without incurring any liability. This policy has been implemented due to recent events such as the Covid-19 pandemic and other jurisdictional restrictions. These modifications may include but are not limited to, changes necessitated by a Force Majeure Event
We are pleased to offer sponsorship opportunities for our training programs, providing companies with a unique platform to showcase their brand and services to a highly engaged and relevant audience. By becoming a sponsor, your organization will have the opportunity to build brand awareness, demonstrate thought leadership, and cultivate valuable relationships with industry professionals. Our programs offer a platform to reach a targeted audience and generate new business leads while showcasing your expertise. The benefits of sponsorship include increased brand exposure, opportunities to connect with key decision-makers, and a platform to promote your products and services. We invite you to take advantage of this prime opportunity and partner with us to enhance your visibility and impact within the industry.
We kindly request that you carefully review all of the terms and conditions outlined on our website. This information is critical in ensuring a clear understanding of our policies and procedures. Please follow the link provided to access this information.
Discover more about Shasat by exploring our “About Us” page, where you can gain insights into our company’s mission, values, and history, and learn how we can help you achieve your goals.
In-House Training
Enhance your team’s skills and drive success for your business with our custom In-house training program. Our tailored approach aligns with your specific business needs, offering a cost and time-efficient solution for upskilling your employees. This not only improves their productivity but also positions your company as a competitive force in the market. Transform your investment in employee development into tangible results by choosing our In-house training option. To discuss and learn more about our services, please don’t hesitate to contact our training desk. We’re ready to help you create a bespoke program that’s just right for you.
