US GAAP and IFRS Reporting | US LNG Accounting | SEC Reporting and Energy Transition
This IFRS for Oil, Gas and LNG Training Course takes place in New York City, the world’s leading capital markets and energy finance centre. Specifically, New York is home to the New York Stock Exchange, the world’s largest stock exchange by market capitalisation.
Furthermore, New York attracts oil gas and LNG finance professionals from across the United States and developed and emerging markets globally. Consequently, this programme is equally relevant for finance professionals operating in any IFRS or US GAAP jurisdiction with significant oil gas and LNG operations.
Upstream oil gas and LNG accounting is becoming more complex across every major global producing region in 2026. Specifically, the United States is now the world’s largest LNG exporter. Furthermore, Sabine Pass, Calcasieu Pass, Corpus Christi and Golden Pass are significantly increasing dual reporting requirements for international operators.
In addition, large capital investments in US LNG liquefaction trains and deepwater exploration are expanding accounting complexity under IFRS 6, IAS 16 and IAS 36. Consequently, oil gas and LNG finance professionals globally now require the most comprehensive IFRS and US GAAP dual reporting training available.
This programme addresses every critical IFRS and US GAAP accounting challenge facing oil gas and LNG finance professionals globally. Specifically, it covers exploration and evaluation accounting under IFRS 6 and ASC 932 and LNG production accounting. Furthermore, it covers impairment testing under IAS 36 and ASC 360 and asset retirement obligations under IAS 37 and ASC 410.
In addition, it covers LNG joint venture accounting, revenue recognition under IFRS 15 and ASC 606 and commodity hedging. Consequently, participants leave with the complete technical toolkit to deliver fully compliant IFRS and US GAAP financial statements.
Key Learning Features | IFRS for Oil & Gas and LNG Training | New York City
- Exploration and Evaluation Accounting. Accounting for exploration and evaluation activities including full cost and successful efforts methods under IFRS 6 and ASC 932 for upstream operators globally
- IFRS versus US GAAP Dual Reporting. Key differences between IFRS and US GAAP for oil gas and LNG companies including impairment reversals decommissioning and reserves disclosures
- US LNG Accounting. Accounting for LNG liquefaction assets tolling agreements and export terminal operations for Sabine Pass Calcasieu Pass Corpus Christi and Golden Pass
- Revenue Recognition. Revenue recognition for LNG cargo sales long-term offtake agreements and oil and gas supply contracts under IFRS 15 and ASC 606
- Decommissioning and Restoration Provisions. Asset retirement obligations and decommissioning accounting under IAS 37 and ASC 410 for US and global upstream operators
- SEC Reporting and Reserves Disclosures. SEC Form 20-F reporting requirements and oil and gas reserves disclosures under SEC Regulation S-X Rule 4-10
- Sustainability Disclosures. IFRS S1 IFRS S2 sustainability disclosures SEC climate reporting obligations and FASB Topic 818 environmental credits for listed oil gas and LNG companies globally
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 | Toronto | Calgary | New York | Abu Dhabi | Zurich | Sydney | Singapore | Dubai | Doha | Cape Town | Lima (Peru) | Rio de Janeiro | Hong Kong | Brussels | Hague | Kuala Lumpur | Trinidad | Accra | Riyadh
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 | Exploration, Production, LNG and Revenue Recognition
Module 1 | IFRS versus US GAAP — Key Differences for Oil and Gas Companies
- Principles-based IFRS versus rules-based US GAAP — fundamental differences for oil and gas companies
- Full cost method versus successful efforts method under IFRS 6 and ASC 932
- IFRS allows impairment reversals for oil and gas assets — prohibited under US GAAP ASC 932
- Decommissioning provisions — IAS 37 versus ASC 410 asset retirement obligations
- Financial statement presentation — IAS 1 versus ASC 205 and SEC Regulation S-X
- Case studies comparing IFRS and US GAAP oil and gas financial statements
Module 2 | Exploration and Evaluation Accounting — IFRS 6 and ASC 932
- Exploration and evaluation accounting under IFRS 6 including full cost and successful efforts methods
- ASC 932 guidance — SEC permits both full cost and successful efforts methods for US companies
- Treatment of dry holes and non-drilling exploration costs under IFRS and US GAAP
- Impairment of exploration and evaluation assets — IAS 36 versus ASC 932 ceiling test
- Reclassification of exploration and evaluation assets to development and production assets
- Case studies from NYSE and dual-listed upstream oil and gas companies
Module 3 | Production Accounting and Depletion
- Unit of production depletion depreciation and amortisation under IFRS and US GAAP
- Componentisation of oil and gas production assets under IAS 16 and ASC 360
- Borrowing costs capitalisation during development phase — IAS 23 versus ASC 835
- Production sharing agreement and concession accounting under IFRS and US GAAP
- Joint venture and joint operation accounting under IFRS 11 versus ASC 323
- Case studies from Chevron ExxonMobil BP and Shell financial statements
Module 4 | US LNG Accounting — Sabine Pass Calcasieu Pass Corpus Christi and Golden Pass
- LNG liquefaction plant asset accounting under IAS 16 and ASC 360
- LNG infrastructure lease accounting under IFRS 16 and ASC 842
- US LNG export growth — Sabine Pass Calcasieu Pass Plaquemines Corpus Christi and Golden Pass — the United States is now the world’s largest LNG exporter
- Golden Pass LNG — QatarEnergy and ExxonMobil joint venture — first export cargo loaded April 2026 with total capacity of 18 million metric tons per year
- LNG joint venture accounting for US export terminals under IFRS 11 and ASC 323
- Tolling agreement and liquefaction fee accounting under IFRS 15 and ASC 606
- Case studies from Cheniere Energy Venture Global and Golden Pass financial statements
Module 5 | Revenue Recognition — IFRS 15 versus ASC 606
- Five-step revenue recognition model under IFRS 15 and ASC 606 — key similarities and differences
- LNG revenue recognition — control transfers at agreed terminal with each cargo treated as a separate performance obligation
- Revenue recognition for FOB and delivered basis LNG cargo sales
- Accounting for long-term LNG supply contracts including take-or-pay arrangements
- Variable consideration and price adjustment mechanisms in oil and gas contracts
- Case studies from US and international LNG and oil gas company financial statements
Module 6 | Decommissioning Provisions and Impairment
- Asset retirement obligations under IAS 37 versus ASC 410
- More than 3 million active and idle oil and gas wells in the US legally required to be plugged and reclaimed — ARO accounting and disclosure implications
- FASB January 2026 decision not to rewrite ARO rules — current ASC 410 requirements remain in force for wells pipelines and power plants
- Impairment testing under IAS 36 versus ASC 360 — commodity price assumptions and discount rates
- Stranded asset impairment risk for US oil and gas assets under IAS 36 and ASC 360
- Case studies from US and international oil and gas company financial statements
Day 2 | Financial Reporting, Instruments, Sustainability and SEC Reporting
Module 7 | IASB and FASB Update — 2026 Key Developments
- IASB September 2023 decision to retain IFRS 6 following completion of extractive activities research project
- IASB December 2024 PPA amendments to IFRS 9 and IFRS 7 — own-use exemption clarification for nature-dependent electricity contracts effective 1 January 2026
- FASB Topic 818 — new standard on environmental credits finalized August 2025 standardizing compliance and noncompliance credit accounting for US oil and gas companies
- IASB December 2025 launch of Post-Implementation Review of IFRS 9 hedge accounting — Request for Information planned in 2026
- US methane fee repealed in early 2025 but provision remains on the books — accounting implications for US upstream operators in 2026
- IFRS 18 effective 1 January 2027 — income statement presentation and management-defined performance measures for oil and gas companies
- Practical examples and case studies
Module 8 | Financial Statements and SEC Reporting
- SEC March 2024 climate disclosure rules — material Scope 1 and Scope 2 GHG emissions requirements and SEC subsequent decision to end its defence of those rules — current status and implications
- SEC Form 20-F reporting requirements for foreign private issuers using IFRS
- SEC Regulation S-X Rule 4-10 — full cost method and supplemental oil and gas disclosures
- Oil and gas reserves disclosures — SEC rules versus IFRS reserve reporting requirements
- Presentation of financial statements under IFRS 18 and IAS 1 for oil and gas companies
- Statement of cash flows under IAS 7 versus ASC 230 for oil and gas operations
Module 9 | Financial Standards and Reporting Requirements
- Business combinations under IFRS 3 versus ASC 805 for oil and gas transactions
- Lease accounting under IFRS 16 versus ASC 842 for oil gas and LNG equipment
- Provisions and contingent liabilities under IAS 37 versus ASC 450
- Government grants and royalty accounting under IAS 20 versus US GAAP treatment
- Interim financial reporting under IAS 34 versus ASC 270 for listed oil and gas companies
- Case studies from global oil gas and LNG company financial statements
Module 10 | Financial Instruments and Hedge Accounting
- Classification and measurement of financial instruments under IFRS 9 versus ASC 815
- Key IFRS 9 versus ASC 815 hedge accounting differences — ineffectiveness measurement required under IFRS 9 but eliminated under US GAAP and different effectiveness testing timing requirements
- Hedge accounting for oil gas and LNG commodity price risk under IFRS 9 and ASC 815
- IASB December 2024 PPA amendments — own-use exemption for net purchasers of nature-dependent electricity and variable volume hedge accounting — virtual PPAs never qualify for own-use exemption
- Own-use exemption assessment for LNG and oil gas supply contracts under IFRS 9
- Expected credit loss model under IFRS 9 versus ASC 326 CECL model
- Case studies on energy commodity derivatives accounting and valuation
Module 11 | Business Combinations and Joint Arrangements
- Business combinations under IFRS 3 versus ASC 805 for oil gas and LNG transactions
- Joint arrangement accounting under IFRS 11 versus ASC 323 equity method
- Unincorporated joint venture accounting for US oil gas and LNG operations
- Consolidated financial statements under IFRS 10 versus ASC 810
- Disclosures for joint ventures and associates under IFRS 12 versus ASC 323
- Case studies from major US and international oil gas and LNG transactions
Module 12 | Sustainability Disclosures and Energy Transition
- IFRS S1 and IFRS S2 sustainability disclosure requirements for oil gas and LNG companies
- SEC March 2024 climate disclosure rules — material Scope 1 and Scope 2 GHG emissions requirements for large accelerated filers from fiscal year beginning 2026
- US energy policy shift — carbon capture sequestration and storage and geothermal credits retained while wind and solar incentives reduced — accounting implications for oil and gas companies
- Carbon credit and emissions allowance accounting under FASB Topic 818 and IAS 38
- Accounting for energy transition investments including carbon capture and LNG decarbonisation
- Comprehensive wrap-up case studies covering all IFRS and US GAAP differences for oil gas and LNG 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 and LNG accounting is one of the most technically demanding areas of IFRS and US GAAP dual reporting globally. Specifically, US LNG export accounting, production sharing agreements, asset retirement obligations and stranded asset impairment create unprecedented technical challenges for oil gas and LNG finance professionals. Furthermore, regulators, auditors and investors now scrutinise oil gas and LNG financial statements with greater rigour than at any point in history.
In addition, evolving SEC climate disclosure obligations and FASB Topic 818 environmental credits are raising reporting standards across every NYSE and NASDAQ listed oil gas and LNG company. Consequently, oil gas and LNG finance professionals who lack comprehensive IFRS and US GAAP technical mastery face significant professional and organisational risk in 2026.
This programme delivers the most comprehensive and practically focused IFRS and US GAAP dual reporting training for oil gas and LNG companies available globally. Specifically, every session addresses critical IFRS and US GAAP accounting challenges facing oil gas and LNG organisations across developed and emerging markets worldwide.
Furthermore, real-world case studies from actual IFRS and US GAAP financial statements of Cheniere Energy, Venture Global, ExxonMobil and leading global oil gas and LNG companies are integrated throughout. In addition, every session addresses the latest developments including IASB December 2024 PPA amendments, FASB Topic 818 environmental credits and SEC climate reporting obligations. Consequently, participants leave with the technical authority to deliver fully compliant IFRS and US GAAP financial statements across every oil gas and LNG operation globally.
Finance professionals who attend gain significantly more than technical IFRS and US GAAP knowledge. Specifically, they develop the strategic insight to identify IFRS and US GAAP accounting implications at every stage of the oil gas and LNG value chain. Furthermore, they leave fully equipped to communicate complex dual reporting outcomes to boards, auditors and regulators confidently.
In addition, participants from New York and every major global oil gas and LNG market strengthen their organisation’s IFRS and US GAAP reporting frameworks. Consequently, this is a career-defining investment for every finance professional operating across oil gas and LNG 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
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.
