IFRS Training: Oil & Gas, Power, Utility, & Mining Companies | GID 16013 | Toronto | 29-30 April 2024

Friday, March 15th, 2024

 

IFRS for Oil & Gas, Power, Utility, & Mining companies

The Oil and Gas industry plays a vital role in powering economies worldwide, with the primary objective being to find, extract, refine, and sell hydrocarbons such as oil and gas. However, the industry faces challenges such as high capital costs, long lead times, and significant environmental impact. Exploration and production activities often occur in challenging environments, and transportation of outputs requires specialized infrastructure such as pipelines and tankers. The industry is also vulnerable to macroeconomic factors such as commodity prices, currency fluctuations, and political developments. Companies in the Oil and Gas industry must continuously evaluate commercial viability and technical feasibility and implement measures to mitigate environmental impact.

Similarly, the mining industry involves extracting minerals, metals, and other geological materials from the earth, which often requires significant capital investment and complex processes. Mining operations face challenges related to environmental impact, including land reclamation and tailings management. The industry is also subject to commodity price fluctuations and geopolitical risks.

The utility industry provides essential services such as electricity, natural gas, water, and sewage treatment to consumers and businesses. Utility companies often face regulation and operational challenges, including ageing infrastructure, changing consumer demands, and the need to invest in renewable energy sources. Additionally, the industry is increasingly focused on reducing carbon emissions and adopting sustainable practices.

The Oil, Gas, Mining, and Utility industries have specific accounting requirements, and the following accounting standards are crucial for financial reporting. IFRS 6 applies to the Exploration and Evaluation of Mineral Resources. IAS 23 is the accounting standard for Borrowing Costs, while IFRS 15 covers Revenue Recognition. IFRS 16 is critical for Leases, and IFRS 9 addresses Financial Instruments. Additionally, IFRS 10 is for Consolidated Financial Statements, and IFRS 11 applies to Joint Arrangements. IFRS 12 is the standard for the Disclosure of Interests in Other Entities, and IAS 36 deals with the Impairment of Assets. Compliance with these accounting standards is crucial to ensure that financial statements are accurate and transparent, providing relevant information to stakeholders in the Oil, Gas, Mining, and Utility industries.

Accounting issues have a significant impact on the Upstream, Mid-Stream, and Down-Stream industries. For the Upstream, reserves and resources, depletion and depreciation of assets, exploration and evaluation, development expenditures, borrowing costs, revenue recognition, and disclosure of reserves and resources are major issues. Production-sharing agreements and concessions also play a vital role in the upstream industry. In contrast, Mis-Stream and Down-Stream industries face product valuation issues, revenue recognition issues, emission trading schemes, and depreciation of assets. Therefore, accounting practices and disclosures are crucial to ensure regulatory compliance and to provide relevant financial information to investors and other stakeholders in the Oil and Gas industry.

We are excited to invite you to our comprehensive two-day program on International Financial Reporting Standards (IFRS) for Oil & Gas, Power, Utility, & Mining companies. Our course is designed to help you understand the key accounting issues and regulatory requirements specific to these industries.  Our course will help you understand how to apply these accounting standards and requirements to your business activities, enabling you to make informed business decisions based on sound financial reporting practices. The course is designed for professionals working in the Oil & Gas, Power, Utility, & Mining industries, including auditors, and consultants.

 

Enroll Now

By joining our program, you will gain insights into the latest accounting issues, challenges, and best practices in these industries, as well as the opportunity to network with other professionals and experts in the field. Our program will equip you with the knowledge and skills necessary to comply with accounting standards, ensure transparency, and enhance the value of your organization.   Don’t miss this opportunity to enhance your accounting skills and knowledge of IFRS for Oil & Gas, Power, Utility, & Mining companies. We look forward to welcoming you to our program and helping you take your career to the next level. 

 

Global Program Schedule

Our program has been scheduled in multiple cities worldwide. For a comprehensive schedule and to find a program in your Country / City, please explore the following links. If you are interested in organizing this program in your city, we encourage you to contact us for collaboration opportunities and more information.

Online | London | Toronto | New York | Abu Dhabi | Zurich | Sydney | Singapore | Dubai | Doha | Cape Town | Lima (Peru) | Rio de Janeiro | Hong Kong

 

For More Information

To enroll in the IFRS training course for Oil & Gas, Power, Utility, & Mining companies, contact our customer service team for guidance and information. We’re dedicated to excellent service and answering your questions. Contact us to achieve your career goals.

 

Instructor Bio

Our trainers have specialist knowledge and first-hand experience in implementing the International Financial Reporting Standards (IFRS), International Public Sector Accounting Standards (IPSAS), Generally Accepted Accounting Principles (USGAAP), UK GAAP, Risk management strategies, Valuations, Mergers & Acquisitions, Corporate Governance, Environmental, social, and corporate governance (ESG) reporting, Supply Chain Management, Prudential regulations, Compliance matters (such as Basel regulations, Solvency II, Anti Money Laundering regulations and a number of other evolving regulatory matters) and a whole range of professional development programs (e.g., Negotiations Skills, Presentation Skills, Data Management, Python, Block-Chain, Digital Assets, Becker CPA etc.)

This ensures an engaging and stimulating learning experience for professionals and senior executives, helping to ensure knowledge is retained. They understand the accounting and regulatory requirements, risk environment, industry issues and challenges, risk management strategies, financial reporting & disclosure requirements, and compliance environment. They impart their knowledge using real-life industry examples, simple and user-friendly presentations of important concepts/approaches and case studies.

 

Instructor for this course

Shasat Faculty

 

Our Partners

Our Partners in Learning

Course Description

Day 1:

  • Exploration and development costs:
    • Accounting for exploration and evaluation activities (IFRS 6)
    • Full cost practices
    • Successful effort
    • Non-drilling exploration costs
    • Drilling exploration costs
    • Production, depreciation, depletion, and amortization
    • Dismantlement, restoration, and abandonment (“asset retirement obligations”)
    • Accounting for development and production activities
    • Analysis of Exploration and Production Activities
  • Revenue Recognition (IFRS 15):
    • Revenue measurement and recognition
    • Recognition and valuation of reserves
    • Accounting issues arising from Production Sharing Agreements
  • Inventory:
    • Calculation of period end inventory
    • Valuation approach
    • Examples and case studies
  • Property, plant, and equipment:
    • Certain full cost practices may not be appropriate under IFRS
  • Impairment:
    • Impairment methodology
    • Reversal of impairment
  • Oil & Natural gas reserves:
    • IFRS follows a different approach
    • Depletion accounting
  • Leases (IFRS 16):
    • Disclosure requirements
  • Impairment Environmental accounting and disclosures:
    • Disclosure requirements relating to oil and gas producing activities
    • Proved oil and gas reserve quantities
    • Costs incurred for property acquisition, exploration and development activities
  • Assessment of future net cash flows:
    • Industry data regarding firms’ exploration and production activities
    • Financial and operational metrics used to specifically assess oil and gas company’s exploration and production
    • Business Calculation and interpretation of various industry metrics used to assess an oil and gas company’s exploration and production business performance
    • Finding costs and reserve value-added-to-spending ratios
    • Practical examples and illustrative financial statements are used throughout the course
    • Examples and Case studies

Day 2:

  • IASB update:
    • Update on the IASB’s project for extractive industries
    • Examples and case studies
  • Accounting policies:
    • Specific accounting principles
    • Changes in accounting policies and valuation
    • Transition to IFRS
    • Changes in estimates
  • Notes to the Financial Statements:
    • Critical accounting issues and estimation uncertainty
    • Estimation of reserves and future cash flows
    • Identified risks
    • Capital management
    • Events post reporting period
  • Financial Statements:
    • Presentation of financial statements (IAS 1)
    • Statement of cash flows (IAS 7)
    • Policies, changes in accounting estimates and errors (IAS 8)
    • Events after the reporting period (IAS 10)
    • Operating segments (IFRS 8)
    • Interim financial reporting (IAS 34)
    • Provisions, Contingent Liabilities and Contingent Assets (IAS 37)
  • Financial Instruments (IFRS 9):
    • Presentation
    • Recognition and Measurement
    • Impairment and Hedging
  • Business Combinations and Consolidated Financial Statements:
    • Business combinations (IFRS 3)
    • Consolidated/separate purpose financial statements (IFRS 10 and IFRS 11)
    • Disclosures (IFRS 12)
    • Examples and practical issues
    • Case studies

 

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 unauthorized 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. ©2024, Shasat

Why you must attend?

 

As a finance professional, you understand the critical role that International Financial Reporting Standards (IFRS) play in financial reporting and decision-making. To navigate the complexities of real-life business transactions and effectively apply principle-based accounting standards, you need a thorough understanding of the underlying accounting concepts and principles. Furthermore, staying up-to-date with the latest amendments and new accounting requirements is crucial to meet the evolving expectations of stakeholders.  Whether you’re a finance executive, auditor, capital market expert, analyst from a rating agency, regulator, or someone interested in building a career in the Oil, Gas, Power, Utility, or Mining industry, this program is designed to equip you with the knowledge and skills needed to succeed.

With over 140 countries adopting the IFRS framework and ongoing revisions, there’s no better time to update your knowledge of IFRS accounting standards. By enrolling in our training program, you will gain a practical understanding of IFRS and learn to handle the complexities of real-life business transactions in the Oil, Gas, Power, Utility, or Mining industry. You will develop the necessary skills to make informed judgments and apply the principles to a range of different scenarios, with a focus on practical application and real-world scenarios.

Our program has been specifically designed to provide financial professionals with an in-depth understanding of the underlying accounting concepts and principles, financial statement formatting, and disclosure requirements. Participants will have access to the latest developments in IFRS, key issues impacting the industries, and best practices ensuring they stay ahead of the curve and build a successful career in finance or related fields.

Don’t miss this opportunity to enhance your professional credibility and take your career to the next level. By enrolling in our program today, you will gain the knowledge and skills you need to succeed in today’s dynamic financial environment. With access to best industry practices and the latest developments in IFRS, you can stay current and thrive in today’s ever-evolving accounting landscape. Join us now!

 

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.

 

 

 

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