IFRS for Oil & Gas, Petrochemical, Power, Utility & Mining | Online Training Course

This IFRS for Oil & Gas, Petrochemical, Power, Utility & Mining Training Course is a 2-day online technical workshop. Specifically, it is designed for finance professionals, accountants, auditors and financial controllers worldwide. Furthermore, each of these industries faces unique and complex IFRS accounting challenges. Consequently, this programme provides comprehensive practical guidance on IFRS standards across all these highly regulated industries.

IFRS for Oil & Gas Companies | Upstream, Midstream & Downstream Training

The oil and gas industry plays a vital role in powering economies worldwide. Specifically, upstream exploration and production activities involve high capital costs and long lead times. Furthermore, midstream transportation requires specialised infrastructure including pipelines and tankers. In addition, downstream refining and marketing operations face distinct revenue recognition challenges. Consequently, this programme addresses the following oil and gas specific areas:

IFRS 6 — Exploration for and Evaluation of Mineral Resources
Production sharing contracts and joint venture arrangements
Asset retirement obligations and decommissioning provisions
Depletion and depreciation of oil and gas assets
Reserves and resources disclosures — upstream reporting requirements

IFRS for Mining & Extractive Industries Training

The mining industry involves extracting minerals, metals and geological materials from the earth. Specifically, mining operations require significant capital investment. Furthermore, the industry is subject to commodity price fluctuations and geopolitical risks. In addition, environmental obligations including land reclamation are increasingly important. Consequently, this programme addresses the following mining specific areas:

IFRS 6 — mineral exploration costs and evaluation expenditures
Stripping and waste removal costs — production phase accounting
Mine closure and rehabilitation provisions under IAS 37
Impairment of mineral assets under IAS 36
Royalty arrangements and production-based revenue recognition
Joint operations accounting under IFRS 11

IFRS for Petrochemical Companies Training

The petrochemical industry operates across complex integrated value chains. Specifically, it connects upstream hydrocarbon production to downstream chemical manufacturing. Furthermore, petrochemical companies face distinct IFRS accounting challenges. In addition, capital-intensive plant and equipment requires careful impairment assessment. Consequently, this programme addresses the following petrochemical specific areas:

Inventory valuation — specific identification and weighted average cost
Long-term supply contracts and take-or-pay arrangements
IFRS 15 revenue recognition for variable consideration contracts
IFRS 16 lease accounting for processing and storage facilities
Impairment testing under IAS 36 for capital-intensive assets

IFRS for Power & Utility Companies Training

The power and utility industry provides essential services including electricity, natural gas and water. Specifically, utility companies face IFRS reporting challenges from regulated tariffs. Furthermore, aging infrastructure and renewable energy investment create additional complexity. In addition, bundled energy contracts require careful revenue recognition assessment. Consequently, this programme addresses the following power and utility specific areas:

Rate-regulated activities and regulatory asset accounting
Power purchase agreements — recognition and measurement
Renewable energy asset accounting under IFRS 16
IFRS 15 revenue recognition for bundled energy contracts
IFRS 9 hedge accounting for energy price risk management

IFRS for Renewable Energy Companies Training

The renewable energy sector is the fastest growing segment of the global energy industry. Specifically, solar, wind and green infrastructure companies face unique IFRS challenges. Furthermore, government grants and carbon credits require specific accounting treatment. In addition, sustainability disclosures are increasingly essential for energy transition reporting. Consequently, this programme addresses the following renewable energy specific areas:

IFRS 16 lease accounting for land and equipment
IFRS 15 revenue recognition for long-term energy supply contracts
IFRS 9 financial instruments for interest rate and currency risk
IAS 20 government grant accounting for renewable energy projects
Carbon credit accounting and environmental asset recognition
IFRS S1 and IFRS S2 sustainability disclosures for energy transition

Key IFRS Standards Covered Across All Sectors

By completing this programme participants will gain practical knowledge and technical confidence across all sectors. Specifically, the key learning features include:

Comprehensive coverage of all sector-specific IFRS standards
Practical case studies drawn from real-world oil gas mining and energy financial statements
US GAAP comparison across all key sector-specific accounting areas
Hands-on exercises covering upstream midstream and downstream accounting
Technical guidance on decommissioning provisions mine closure and rehabilitation
Practical application of IFRS 15 IFRS 16 and IFRS 9 across all energy sectors
Coverage of IFRS S1 and IFRS S2 sustainability disclosures for energy transition reporting
Interactive Q&A sessions with experienced IFRS sector specialists

Furthermore, this programme is available as a dedicated in-house engagement tailored to your organisation’s specific sector. Specifically, it can be structured to focus exclusively on any individual sector. Contact us to discuss in-house delivery options and upcoming dates.

Global Programme Schedule

This IFRS for Oil & Gas, Petrochemical, Power, Utility & Mining Training Course is also available in-person across major global energy and financial centres. Specifically, upcoming in-person programmes are scheduled in:

For More Information

Contact us to enrol in the IFRS training course for Oil & Gas, Power, Utility, Mining and Petrochemical companies. Specifically, our customer service team is ready to provide guidance on upcoming dates, locations and group booking options.

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. Specifically, each faculty member is an expert in their respective field. Furthermore, every instructor shares hands-on implementation experience through our technical and professional development programmes. Consequently, participants benefit from practical real-world expertise in every session.

This programme is led by one of Shasat’s distinguished faculty members. Specifically, the instructor is a globally respected specialist in IFRS financial reporting for the energy and extractive industries. Furthermore, they have extensive experience advising oil and gas companies, mining corporations, petrochemical groups, power utilities and renewable energy businesses across the Middle East, Africa, Asia Pacific, Europe and the Americas.

The instructor brings deep technical expertise across all key sector-specific IFRS standards. Specifically, this includes IFRS 6 exploration and evaluation, production sharing contract accounting, decommissioning and rehabilitation provisions under IAS 37, impairment testing under IAS 36 and commodity price hedging under IFRS 9. Furthermore, they have direct experience supporting upstream, midstream and downstream operations across all energy and extractive industry sectors.

Drawing on years of global advisory and implementation experience, every session provides practical insights, real-world case studies and proven strategies. Specifically, participants gain the technical tools needed to address the most complex IFRS accounting judgements in their industry. Furthermore, our faculty combine real-world sector expertise with academic rigour. Consequently, every session is interactive, practically relevant and outcomes-driven.

Our Partners

Our Partners in Learning

Course Description

Day 1 | Exploration, Production & Sector-Specific Accounting

Module 1 — Exploration, Evaluation & Development Costs

Overview of IFRS for extractive industries and scope of IFRS 6
Accounting for exploration and evaluation activities under IFRS 6
Full cost method vs successful efforts method
Non-drilling and drilling exploration costs
Development expenditure capitalisation and treatment
Transition from exploration to development phase
Examples and case studies

Module 2 — Production, Depletion, Depreciation & Amortisation

Accounting for production activities and cost allocation
Depletion, depreciation and amortisation methodologies
Unit of production method and straight-line depreciation
Production sharing agreements and concession accounting
Accounting for reserves and resources
Recognition and valuation of oil and gas reserves
Examples and case studies

Module 3 — Asset Retirement Obligations & Decommissioning

Dismantlement, restoration and abandonment provisions
Measurement of decommissioning obligations under IAS 37
Changes in decommissioning estimates and discount rates
Mine closure and rehabilitation provisions for mining companies
Tailings management and environmental restoration accounting
Examples and case studies

Module 4 — Mining & Extractive Industries

Stripping and waste removal costs during production phase
Mineral rights and exploration licence accounting
Mine development expenditure capitalisation
Royalty arrangements and production-based revenue recognition
Mineral asset impairment testing under IAS 36
Examples and case studies

Module 5 — Revenue Recognition (IFRS 15)

Revenue measurement and recognition for sector-specific contracts
Accounting issues arising from production sharing agreements
Take-or-pay arrangements for petrochemical and utility companies
Long-term supply contracts and variable consideration
Recognition and measurement of government royalties
Examples and case studies

Module 6 — Inventory, Property, Plant & Equipment

Calculation and valuation of period-end inventory
Specific identification and weighted average cost methods
Property, plant and equipment recognition and measurement
Full cost practices under IFRS vs US GAAP
Borrowing costs capitalisation under IAS 23
Examples and case studies

Module 7 — Power, Utility & Renewable Energy Accounting

Rate-regulated activities and regulatory asset accounting
Power purchase agreements — recognition and measurement
Renewable energy asset accounting and right-of-use assets
Government grants for renewable energy projects under IAS 20
Carbon credit accounting and emissions trading schemes
Sale and leaseback transactions for energy infrastructure
Examples and case studies

Day 2 | Financial Reporting, ESG, Sustainability & Advanced Topics

Module 8 — Lease Accounting (IFRS 16)

Right-of-use asset recognition for energy and extractive industry assets
Lease liability measurement and subsequent accounting
Lessee and lessor accounting for pipeline, drilling rig and processing facilities
Sale and leaseback transactions in oil and gas and mining
Disclosure requirements for energy sector leases
Examples and case studies

Module 9 — Impairment of Assets (IAS 36)

Impairment methodology for oil and gas, mining and energy assets
Cash-generating unit definition and allocation
Value in use and fair value less costs of disposal
Commodity price assumptions in impairment models
Reversal of impairment and subsequent measurement
Examples and case studies

Module 10 — Financial Instruments & Hedging (IFRS 9)

Recognition and measurement of financial instruments
Commodity price hedging for oil gas and energy companies
Interest rate and currency risk hedging
Impairment of financial assets under expected credit loss model
Hedge accounting documentation and effectiveness testing
Examples and case studies

Module 11 — Joint Arrangements & Business Combinations

Joint operations vs joint ventures distinction under IFRS 11
Farm-in and farm-out arrangements in oil and gas
Unitisation agreements and carried interest arrangements
Business combinations under IFRS 3
Consolidated and separate financial statements under IFRS 10
Disclosure of interests in other entities under IFRS 12
Examples and case studies

Module 12 — Financial Statements & Accounting Policies

Presentation of financial statements under IAS 1
Statement of cash flows under IAS 7
Accounting policies, changes in estimates and errors under IAS 8
Events after the reporting period under IAS 10
Operating segments under IFRS 8
Interim financial reporting under IAS 34
Critical accounting issues and estimation uncertainty
Examples and case studies

Module 13 — ESG & Sustainability Reporting

Introduction to IFRS S1 General Requirements for Sustainability Disclosures
IFRS S2 Climate-related Disclosures for energy and extractive industries
Climate risk integration in oil gas mining and utility financial reporting
Environmental liability accounting and disclosures
Carbon credit accounting and green asset recognition
Scope 1, Scope 2 and Scope 3 emissions reporting requirements
TCFD framework alignment with IFRS S1 and IFRS S2
ESG disclosure requirements for listed energy and mining companies
Examples and case studies

Module 14 — IASB Update & Emerging Issues

Latest IASB updates on extractive industries project
Recent amendments to IFRS 15, IFRS 16 and IFRS 9
Emerging accounting issues in renewable energy and energy transition
US GAAP comparison across key sector-specific accounting areas
Assessment of future net cash flows and industry metrics
Finding costs and reserve value-added-to-spending ratios
Financial and operational KPIs for oil gas and mining companies
Practical examples and illustrative financial statements
Q&A and open discussion with course instructor

The course agenda provided herein is the proprietary intellectual property of Shasat. Specifically, it is intended solely for the use of participants enrolled in this programme. Furthermore, any reproduction, distribution or unauthorised use of this course agenda, in whole or in part, without the explicit prior written consent of Shasat, is strictly prohibited. Consequently, unauthorised use may result in legal action under applicable intellectual property laws.

Why you must attend?

The energy and extractive industries are among the most technically demanding IFRS environments in the world. Specifically, professionals in these sectors must master IFRS 6 exploration and evaluation costs, decommissioning provisions under IAS 37, impairment testing under IAS 36, production sharing contracts and commodity price hedging under IFRS 9. Furthermore, regulators, auditors and investors across all major jurisdictions are demanding significantly higher quality financial reporting from energy and extractive industry companies. Consequently, finance professionals who master these sector-specific IFRS standards are becoming the most valuable and sought-after professionals in these industries.

The stakes have never been higher. Specifically, IFRS S1 and IFRS S2 sustainability disclosures are fundamentally reshaping financial reporting obligations for power, utility and renewable energy companies. Furthermore, ongoing IASB amendments to IFRS 15 revenue recognition, IFRS 16 lease accounting and IFRS 9 financial instruments continue to create new and complex accounting challenges across upstream, midstream and downstream operations. In addition, mining and petrochemical companies face increasing scrutiny on mine closure obligations, stripping and waste removal costs under IFRS 11, take-or-pay arrangements and environmental liability disclosures. Consequently, professionals who understand these requirements will lead their organisations through the most significant period of IFRS change in a generation.

This programme delivers the technical depth, practical confidence and sector-specific expertise that no other IFRS training can match. Specifically, every session covers IFRS 6, IFRS 9, IFRS 11, IFRS 15, IFRS 16, IAS 20, IAS 36, IAS 37 and IFRS S1 and IFRS S2 applied directly to oil and gas, petrochemical, power, utility, mining and renewable energy operations. Furthermore, real-world case studies and hands-on exercises ensure every participant leaves with skills that can be immediately applied within their organisation. Consequently, professionals who complete this programme will have the technical authority, regulatory confidence and sector-specific expertise to make a measurable difference to their organisation’s financial reporting quality. This is the programme that separates good finance professionals from truly exceptional ones.

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

Sponsorship

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.

Terms and Conditions

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.

About shasat

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

Enroll in our program with ease by choosing from our secure online payment options. You can make a payment through our website using PayPal or Stripe, or opt for a bank transfer, demand draft, or cheque payment. Our payment page will provide all necessary options during checkout. If you encounter any issues, our customer service team is here to assist you. Simply reach out to us with your selected course, and we’ll guide you through the payment process.

We kindly request that you take into consideration any associated bank fees when making your course fee payment. To ensure your participation in the program, payment must be received before the course date. Once we have received both payment and a completed registration form, we will confirm your enrollment in the program. Thank you for your understanding and cooperation.

Group discount

Our company is proud to offer a group discount of 15% for organizations or individuals who book a course for 5 or more participants. To take advantage of this offer and receive a personalized group discount code, please reach out to our customer service desk at info@shasat.com. Our team will be delighted to assist you with the booking process and answer any questions you may have. With this group discount, you can invest in the professional development of your team and drive success for your organization. Don’t hesitate to contact us today to learn more.

CPD hours

Upon successful completion of the training course, each participant will receive a certificate of completion that attests to the number of hours spent in training and serves as a valuable representation of their dedication to professional development. The certificate is not only a symbol of their achievement but also serves as proof of continuous professional development (CPD) and demonstrates their commitment to staying current in their field. We believe that CPD is a crucial aspect of career advancement and personal growth, and are proud to provide our participants with this important document.

Enquires

For further assistance, we invite you to contact our dedicated customer service team. Our experienced and knowledgeable representatives are available to answer any questions you may have and provide the support you need to make informed decisions. We are committed to ensuring that you have a positive experience and are here to help in any way we can. Please don’t hesitate to reach out to us at your convenience.

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.

IFRS for Oil & Gas, Petrochemical, Power, Utility & Mining | Online Training Course | GID 16000