Overview:
With IFRS now the accounting standards of record for over 100 countries, financial professionals serving multinational oil and gas companies must understand the parts of IFRS specific to their industry. This targeted seminar will educate you on IFRS's rules for oil and gas companies. You will:
- Learn the key accounting differences between IFRS and US GAAP for exploration and evaluation expenditures
- Know how to properly assess and account for property impairments
- Review the IFRS rules for Depreciation, Depletion and Amortization (DD&A)
- Know which IFRS apply when industry-specific rules are lacking
Objective:
To provide financial professionals serving multinational oil and gas companies with an in-depth understanding of IFRS as it applies to the oil and gas industry. You will review the broad differences between IFRS and US GAAP and then drill down into the specific rule differences for oil and gas companies.
Emphasis:
- IFRS: background and authoritative literature
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IFRS 6: Exploration for and Evaluation of Mineral Resources
– Scope
– Requirements
– Examples of and associated accounting for E&E expenditures
– Capitalizing at cost vs. expensing as incurred
– Impairments
– Development properties
– Revaluation - Farm-ins, farm-outs and reserves
- Depreciation, Depletion and Amortization (DD&A)
- Decommissioning and Asset Retirement Obligations (AROs)
- Rules for other long-lived assets, including impairments
- Intangible assets
- Inventories
- Revenue recognition
- Business combinations
- Consolidations, joint ventures and equity method investees
- Transition issues from IFRS to US GAAP for oil and gas companies
