IFRS for Oil & Gas, Petrochemical, Power, Utility, & Mining companies
This IFRS for Oil, Gas, Mining and Commodities Trading Training Course takes place in Zurich. Specifically, Switzerland is the world’s largest commodities trading hub. Furthermore, Glencore Vitol Trafigura Gunvor and Mercuria make Switzerland the most important commodities trading finance centre globally. In addition, Switzerland handles 35 percent of global oil trading and 60 percent of global metals trading. Consequently, this programme is equally relevant for finance professionals across every major global oil gas mining and commodities trading market.
Oil gas mining and commodities trading accounting is becoming more complex in 2026. Specifically, the collapse of Rio Tinto and Glencore merger talks in February 2026 is increasing IFRS 3 complexity. Furthermore, the Swiss Code of Obligations now requires large Swiss companies to publish annual non-financial reports.
In addition, IFRS S1 and IFRS S2 disclosures are significantly increasing reporting complexity for Swiss commodity traders. Consequently, oil gas mining and commodities trading finance professionals now require the most comprehensive IFRS technical training available.
This programme addresses every critical IFRS accounting challenge facing oil gas mining and commodities trading finance professionals globally. Specifically, it covers exploration and evaluation accounting under IFRS 6 and commodity trading revenue recognition under IFRS 15.
Furthermore, it covers impairment testing under IAS 36 and decommissioning provisions under IAS 37. In addition, it covers commodity derivatives under IFRS 9, fair value under IFRS 13 and sustainability disclosures. Consequently, participants leave with the complete technical toolkit to deliver fully compliant IFRS financial statements.
Key Learning Features | IFRS for Oil, Gas, Mining and Commodities Trading | Zurich
- Exploration and Evaluation Accounting. IFRS 6 exploration and evaluation accounting for Glencore Vitol Trafigura and global oil gas and mining operators
- Commodity Trading Revenue Recognition. IFRS 15 and IFRS 9 own-use exemption accounting for physical oil gas metals and mining commodity contracts
- Commodity Derivatives Accounting. IFRS 9 and IFRS 13 fair value and hedge accounting for oil gas and metals commodity derivatives
- Mining Asset Accounting. IFRS 6 IAS 16 and IFRIC 20 stripping cost accounting for global mining exploration development and production
- Business Combinations. IFRS 3 and IFRS 11 accounting for oil gas mining and commodity trading combinations and joint ventures
- Impairment Testing. IAS 36 impairment testing for oil gas mining and commodity trading assets for Swiss and global operators
- Sustainability Disclosures. IFRS S1 IFRS S2 and Swiss Code of Obligations disclosures for listed oil gas mining and commodity traders
Global Programme Schedule | IFRS for Oil, Gas, Mining and Commodities Trading
This IFRS for Oil, Gas, Mining and Commodities Trading Training Course is delivered in-person across major global oil gas LNG and petrochemical financial centres worldwide. Specifically, upcoming programmes are scheduled in the cities listed below. Furthermore, this programme is also available as a dedicated in-house engagement tailored to your organisation’s specific IFRS oil gas LNG and petrochemicals training requirements.
Online | London | Toronto | Calgary | New York | Abu Dhabi | Zurich | Sydney | Singapore | Dubai | Doha | Cape Town | Lima | Rio de Janeiro | Hong Kong | Brussels | Hague | Kuala Lumpur | Trinidad | Riyadh | Accra
For More Information
For further information about this IFRS for Oil, Gas, Mining and Commodities Trading 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.
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 | Exploration, Production, Mining and Commodity Trading
Module 1 | IFRS for Oil, Gas and Mining — Key Accounting Principles
- Principles-based IFRS framework for oil gas mining and commodity trading companies
- Full cost method versus successful efforts method under IFRS 6 for upstream operators
- IFRS allows impairment reversals for oil gas and mining assets — key difference from US GAAP
- IAS 16 property plant and equipment for oil gas mining and commodity infrastructure assets
- Decommissioning provisions under IAS 37 for upstream oil gas and mining operators
- Case studies from Glencore Vitol Trafigura and leading Swiss commodity trading companies
Module 2 | Exploration and Evaluation Accounting — IFRS 6
- Exploration and evaluation accounting under IFRS 6 including full cost and successful efforts methods
- Treatment of dry holes and non-drilling exploration costs under IFRS 6
- Impairment of exploration and evaluation assets under IAS 36
- Reclassification of exploration and evaluation assets to development and production assets
- IFRS 6 application for mining exploration including stripping costs under IFRIC 20
- Case studies from Glencore and global oil gas and mining company financial statements
Module 3 | Mining Asset Accounting — IFRS 6 IAS 16 and IFRIC 20
- Accounting for mine development and infrastructure assets under IAS 16
- Stripping costs during production phase under IFRIC 20
- Componentisation of mining assets under IAS 16
- Rehabilitation and decommissioning provisions under IAS 37 for mining operations
- Reserves disclosures and impairment testing under IAS 36 for mining companies
- Case studies from Glencore and global mining company financial statements
Module 4 | Commodity Trading Revenue Recognition — IFRS 15 and IFRS 9
- Revenue recognition for physical oil gas metals and mining commodity trading contracts under IFRS 15
- Five-step revenue recognition model — application to commodity trading transactions
- Own-use exemption under IFRS 9 for physical commodity contracts — criteria and assessment
- Failed own-use — accounting implications when contracts no longer qualify for own-use exemption
- Commodity broker-trader inventory accounting under IAS 2 — fair value less costs to sell exemption
- Case studies from Vitol Trafigura Gunvor Mercuria and leading Swiss commodity trading companies
Module 5 | Commodity Trading Inventory and Fair Value Accounting
- Commodity inventory accounting under IAS 2 — cost versus net realisable value
- Commodity broker-trader exemption under IAS 2 — fair value less costs to sell measurement
- Fair value measurement of commodity trading portfolios under IFRS 13
- IFRS 13 fair value hierarchy — Level 1 Level 2 and Level 3 inputs for commodity trading
- Commodity inventory presentation and disclosure requirements under IAS 2 and IFRS 13
- Case studies from Glencore Trafigura and leading global commodity trading company financial statements
Module 6 | Production Accounting Depletion and Impairment
- Unit of production depletion depreciation and amortisation under IFRS
- Componentisation of oil gas and mining production assets under IAS 16
- Borrowing costs capitalisation during development phase under IAS 23
- Impairment testing under IAS 36 for oil gas mining and commodity trading assets
- Stranded asset impairment risk for oil gas and mining assets under IAS 36
- Case studies from Glencore and global oil gas and mining company financial statements
Day 2 | Financial Instruments, Business Combinations, Sustainability and IASB Update
Module 7 | IASB Update — 2026 Key Developments
- IASB September 2023 decision to retain IFRS 6 following extractive activities research project completion
- IASB December 2024 PPA amendments to IFRS 9 and IFRS 7 — own-use exemption for nature-dependent electricity contracts effective 1 January 2026
- IASB December 2025 Post-Implementation Review of IFRS 9 hedge accounting — Request for Information planned in 2026
- Swiss Code of Obligations non-financial reporting requirements — commodity trader sustainability disclosures
- IFRS 18 effective 1 January 2027 — income statement presentation and management-defined performance measures
- Practical examples and case studies from Glencore Vitol Trafigura and Swiss commodity trading companies
Module 8 | Financial Statements and Reporting Requirements
- Presentation of financial statements under IFRS 18 and IAS 1 for oil gas mining and commodity trading companies
- Segment reporting under IFRS 8 for diversified oil gas mining and commodity trading groups
- Statement of cash flows under IAS 7 for commodity trading and upstream operations
- Alternative performance measures and non-IFRS measures — Glencore adjusted EBIT and EBITDA disclosure
- Interim financial reporting under IAS 34 for listed oil gas mining and commodity trading companies
- Case studies from Glencore Vitol Trafigura and Swiss commodity trading company financial statements
Module 9 | Financial Standards and Reporting Requirements
- Lease accounting under IFRS 16 for oil gas mining and commodity trading infrastructure and equipment
- Provisions contingent liabilities and contingent assets under IAS 37 for commodity trading operations
- Government grants and royalty accounting under IAS 20 for oil gas and mining operators
- Joint venture and joint operation accounting under IFRS 11 for oil gas mining and commodity trading
- Associates and equity method accounting under IAS 28 for commodity trading investments
- Case studies from global oil gas mining and commodity trading company financial statements
Module 10 | Financial Instruments and Commodity Derivatives
- Classification and measurement of financial instruments under IFRS 9 for commodity traders
- Own-use exemption assessment for physical oil gas metals and mining commodity contracts under IFRS 9
- Hedge accounting for oil gas metals and commodity price risk under IFRS 9
- Fair value measurement of energy and commodity derivatives under IFRS 13 and IFRS 9
- Expected credit loss model under IFRS 9 for commodity trading receivables and counterparty risk
- Case studies on commodity derivatives accounting and valuation from Swiss trading companies
Module 11 | Business Combinations and Joint Arrangements
- Business combinations under IFRS 3 for oil gas mining and commodity trading transactions
- Glencore Rio Tinto merger talks collapse February 2026 — IFRS 3 accounting implications
- Joint arrangement accounting under IFRS 11 for oil gas mining and commodity trading operations
- Goodwill recognition measurement and impairment testing under IFRS 3 and IAS 36
- Consolidated financial statements under IFRS 10 for diversified commodity trading groups
- Case studies from major Swiss and global oil gas mining and commodity trading transactions
Module 12 | Sustainability Disclosures and Energy Transition
- IFRS S1 and IFRS S2 sustainability disclosure requirements for oil gas mining and commodity trading companies
- Swiss Code of Obligations non-financial reporting requirements for large Swiss commodity traders
- Carbon credit and emissions allowance accounting under IAS 38 IAS 37 and IAS 20
- Accounting for energy transition investments including carbon capture renewables and critical minerals
- IFRS S2 climate-related disclosures — Scope 1 Scope 2 and Scope 3 emissions for commodity traders
- Comprehensive wrap-up case studies covering all IFRS accounting challenges for oil gas mining and commodity trading companies
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?
Oil gas mining and commodities trading accounting creates the most complex IFRS financial reporting challenges globally. Specifically, the IFRS 9 own-use exemption is one of the most technically demanding areas of IFRS practice. It applies to physical oil gas and metals contracts at Glencore Vitol Trafigura and Swiss commodity traders. Furthermore, commodity broker-trader inventory accounting under IAS 2 and fair value measurement under IFRS 13 create significant P&L volatility risks. In addition, IFRS 6 exploration accounting and IFRIC 20 stripping cost accounting create major challenges for global mining companies. Consequently, finance professionals who lack mastery of these critical standards face significant financial reporting risk in 2026.
This programme addresses every critical IFRS accounting challenge unique to oil gas mining and commodity trading companies. Specifically, it covers IFRS 9 own-use exemptions, IAS 2 commodity broker-trader accounting and IFRS 13 fair value measurement. Furthermore, it covers IFRS 6 exploration accounting, IFRIC 20 stripping costs and IAS 37 rehabilitation provisions for mining operators. In addition, IFRS 15 revenue recognition for physical commodity contracts and IFRS 9 hedge accounting are covered in depth. Consequently, every session uses real case studies from Glencore Vitol Trafigura Gunvor and Mercuria financial statements.
Finance professionals who attend gain significantly more than technical IFRS knowledge. Specifically, they develop the confidence to resolve complex own-use exemption, fair value and hedge accounting challenges in practice. Furthermore, they leave fully equipped to advise boards auditors and regulators on complex IFRS commodity trading issues. In addition, participants from Zurich and every major global commodity trading market strengthen their organisation’s IFRS reporting frameworks. Consequently, It strengthens both personal IFRS technical knowledge and the organisation’s financial reporting position 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?
This programme is designed for finance professionals working in oil gas mining and commodity trading organisations globally. Specifically, it is directly relevant for financial controllers, finance managers, financial analysts and management accountants. Furthermore, it is equally relevant for auditors, treasury professionals and investor relations professionals at Swiss commodity trading companies. In addition, professionals working at Glencore Vitol Trafigura Gunvor Mercuria and global oil gas and mining companies will benefit significantly. Consequently, participants are expected to have a foundational understanding of financial reporting and accounting principles.
This programme is also directly relevant for professionals seeking to strengthen their IFRS technical knowledge. Specifically, it is suitable for professionals transitioning into IFRS reporting roles at Swiss and global commodity trading companies. Furthermore, it is equally relevant for finance professionals at NYSE and LSE listed oil gas and mining companies with IFRS reporting obligations. In addition, professionals who have completed basic accounting courses and wish to deepen their IFRS commodity trading knowledge will benefit greatly. Consequently, this is a career-defining investment for every finance professional across oil gas mining and commodity trading industries globally.
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
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.
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.
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.
