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Institute For Oil & Gas Training
OGI-1170 New

Fixed Assets & Capital Projects: AFE & Impairment Training Course

Duration
5 days
CPD hours
15
Language
English
Next date
12 Oct 2026
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Overview

Fixed Assets & Capital Projects is a specialist corporate training course from Institute For Oil & Gas Training designed to strengthen financial control over capital expenditure, authorisation for expenditure, asset accounting, project cost accumulation and impairment across oil and gas operations. The course addresses the financial and operational challenges organisations face when managing large-scale capital projects, complex asset portfolios, construction activities, project overruns, ageing capital work in progress and assets exposed to changing economic or operational conditions.

Oil and gas organisations manage significant investments in exploration infrastructure, production facilities, processing plants, pipelines, terminals, storage systems, drilling equipment, utilities and other long-life assets. These investments require disciplined controls from initial project approval through expenditure monitoring, commissioning, capitalisation, asset verification, depreciation, impairment assessment and project close-out. Weak controls at any stage create risks around inaccurate asset values, incomplete project records, delayed capitalisation, unsupported expenditure, poor budget visibility and unreliable financial reporting.

Institute For Oil & Gas Training delivers this course with a strong focus on the connection between capital project management, petroleum accounting and financial governance. Participants examine how an authorisation for expenditure supports capital approval, how project cost accumulation should be controlled, how capital work in progress ageing can identify delayed or inactive projects, and how completed projects transition into operational fixed assets.

The course also addresses impairment assessment and the identification of impairment indicators across oil and gas assets. Participants develop a practical understanding of how changes in production expectations, commodity prices, operating conditions, asset performance, project delays and other relevant factors influence impairment analysis. The treatment of a cash generating unit is examined alongside the wider asset portfolio to help participants understand how impairment assessments are structured and documented.

A further focus is placed on asset verification. Fixed asset registers must align with physical assets, project records and accounting records. Effective verification supports stronger control over asset existence, location, status, ownership, commissioning dates and accounting classifications. Participants explore practical approaches for reconciling asset records with operational information and identifying discrepancies requiring management attention.

Capital project tracking is another important component. Large projects often generate expenditure across engineering, procurement, construction, commissioning and related support activities. Without structured project cost accumulation, organisations lose visibility over committed costs, actual expenditure, budget movements and costs requiring review. The course develops practical approaches for maintaining financial visibility throughout the project lifecycle.

The programme also examines project close-out as a critical control stage rather than an administrative final step. Proper close-out supports the transfer of completed assets from capital work in progress into the appropriate fixed asset categories, establishes appropriate depreciation commencement, resolves outstanding commitments and ensures project documentation is complete.

Institute For Oil & Gas Training positions the course for finance professionals, accounting teams, capital project personnel, asset managers, controllers and operational leaders who need stronger integration between financial records and physical project activity. The programme connects accounting principles with the realities of oil and gas capital investment, helping organisations establish more reliable processes for project expenditure, asset accounting and impairment management.

The course provides a structured framework for reviewing the complete capital asset lifecycle. Participants consider the controls required before expenditure begins, during project execution, at commissioning and after assets enter service. They also examine how finance, engineering, procurement, project management and operations work together to maintain reliable information.

Particular attention is given to capital expenditure governance. Effective authorisation for expenditure establishes accountability before significant funds are committed. Participants explore the relationship between approved project scope, expenditure authority, budget controls and subsequent financial monitoring. This helps create clearer ownership of project spending and supports stronger management reporting.

The programme is also relevant to organisations dealing with ageing projects and accumulated capital work in progress. Projects that remain open for extended periods require systematic review to determine whether expenditure remains active, whether assets are ready for commissioning, whether project records require reconciliation and whether management action is required.

By the end of the course, participants understand how Fixed Assets & Capital Projects processes support accurate petroleum accounting, effective financial control and stronger capital governance. Institute For Oil & Gas Training combines accounting principles, practical exercises and oil and gas scenarios to make the subject directly applicable to corporate environments.

Objectives

  • Understand the financial lifecycle of fixed assets and capital projects in the oil and gas sector

  • Strengthen controls over authorisation for expenditure and capital investment approval

  • Apply effective methods for capital project tracking and expenditure monitoring

  • Improve project cost accumulation and classification throughout the project lifecycle

  • Evaluate capital work in progress ageing and identify projects requiring management review

  • Strengthen asset verification and reconciliation between physical assets and accounting records

  • Understand the principles governing recognition and measurement of property, plant and equipment

  • Apply appropriate approaches to capitalisation and the transition from project expenditure to operational assets

  • Identify relevant impairment indicators affecting oil and gas assets

  • Understand the application of cash generating unit concepts in impairment assessment

  • Improve documentation and analysis supporting impairment reviews

  • Strengthen project close-out controls and asset commissioning processes

  • Improve coordination between finance, project management, engineering, procurement and operations

  • Support accurate fixed asset registers and reliable management information

  • Strengthen financial control over capital expenditure and long-term asset portfolios

  • Apply recognised accounting standards to fixed asset and impairment processes

  • Improve the quality of capital project reporting and financial review

  • Develop practical approaches for resolving project accounting discrepancies

  • Support stronger governance across the complete capital project lifecycle

Training methodology

Institute For Oil & Gas Training uses a practical, corporate-focused methodology designed around the financial and operational realities of oil and gas capital projects. The course combines technical instruction with case studies, project-based exercises, asset accounting scenarios, impairment assessments and group discussions.

Participants work through realistic capital project situations covering initial approval, expenditure monitoring, project cost accumulation, capital work in progress ageing, asset verification and project close-out. These exercises connect accounting decisions with the operational information available from engineering, procurement, construction and asset management teams.

Case studies are used to demonstrate how project expenditure develops throughout the capital lifecycle. Participants review project information, identify control requirements and assess whether expenditure should remain within capital work in progress or be transferred into the appropriate fixed asset category.

Impairment scenarios focus on practical identification of impairment indicators. Participants assess changes in asset performance, project assumptions and economic conditions before considering how an impairment assessment should be structured. Cash generating unit scenarios reinforce the relationship between individual assets and the wider asset group used for impairment analysis.

Group exercises focus on cross-functional decision making. Participants examine situations where finance records, project records and physical asset information do not align. The exercises encourage structured reconciliation and clear documentation of management actions.

Simulation-based exercises are used for authorisation for expenditure and project monitoring. Participants review project proposals, expenditure information and budget movements before identifying appropriate approval and monitoring requirements.

Asset verification exercises connect accounting records with physical asset information. Participants consider asset identification, location, status, commissioning information and register accuracy while examining the consequences of unresolved discrepancies.

The methodology also includes project close-out scenarios. Participants review outstanding project costs, documentation, commitments and asset information to determine the actions required before formal closure.

The approach is designed to support immediate workplace application. Rather than treating fixed assets as an isolated accounting subject, Institute For Oil & Gas Training presents the topic as an integrated process involving finance, projects, engineering, procurement, operations and asset management.

Organisational impact

Effective Fixed Assets & Capital Projects processes give organisations stronger visibility over capital investment and asset values. The course helps sponsoring organisations establish clearer controls from project approval through final close-out.

Stronger authorisation for expenditure processes improve accountability around capital commitments. Management teams gain clearer visibility over approved scope, expenditure authority and subsequent spending, supporting more disciplined capital governance.

Improved capital project tracking strengthens financial monitoring throughout project execution. Finance and project teams can establish clearer relationships between approved budgets, actual expenditure, project commitments and accumulated costs.

Better project cost accumulation reduces the risk of inappropriate classification and incomplete project records. This supports more reliable reporting of capital work in progress and strengthens the information available for management review.

Capital work in progress ageing provides an important management control. Systematic review of ageing projects helps organisations identify projects that remain open for extended periods, require additional documentation, are approaching commissioning or require management intervention.

Improved asset verification supports stronger asset register integrity. Reconciliation between accounting records and operational information helps identify missing assets, incorrect classifications, outdated records and discrepancies requiring resolution.

The course also supports more structured impairment processes. Organisations gain stronger internal capability to identify impairment indicators, assess relevant information and document the rationale supporting impairment reviews.

Better understanding of cash generating unit assessment supports more consistent impairment analysis where assets operate as part of interconnected asset groups. This is particularly relevant in oil and gas environments where individual assets contribute to integrated production, processing, transportation or storage activities.

Improved project close-out processes support cleaner transitions from capital work in progress to operational fixed assets. This strengthens the accuracy of asset records and supports appropriate depreciation and subsequent asset management processes.

The cross-functional nature of the course also improves coordination between departments. Finance teams gain greater understanding of project processes, while project and operational teams gain stronger awareness of accounting requirements affecting capital expenditure.

At organisational level, these capabilities support stronger financial control, better management reporting, improved project governance and more reliable asset information.

Personal impact

Participants develop practical capability across the complete fixed asset and capital project lifecycle. They gain a clearer understanding of how accounting, project management and operational information interact throughout major oil and gas investments.

Finance professionals strengthen their ability to review capital expenditure, monitor project costs, evaluate asset records and support impairment assessments. They gain practical knowledge for challenging inconsistencies and requesting the information required for sound financial analysis.

Project professionals develop stronger awareness of accounting requirements affecting project expenditure. This helps them understand how project decisions influence capital work in progress, asset recognition, project close-out and financial reporting.

Asset management professionals strengthen their ability to connect physical asset information with financial records. They gain practical insight into asset verification, asset status, register integrity and information required by finance teams.

Participants also develop stronger analytical skills in relation to impairment indicators. They learn how operational and financial developments influence impairment reviews and how evidence should be organised for management assessment.

The course strengthens cross-functional communication. Participants gain a clearer understanding of the terminology and information requirements used by finance, engineering, procurement, projects and operations.

Professionally, the programme supports greater confidence in capital expenditure governance, asset accounting and project financial control. Participants return to their organisations with structured approaches that support stronger decision making and improved process discipline.

Who should attend

Oil and Gas Accountants

Designed for professionals responsible for fixed asset accounting, capital expenditure, project accounting and asset-related financial reporting.

Petroleum Finance Professionals

Relevant for finance personnel who monitor capital investment, project expenditure and financial performance across petroleum operations.

Financial Controllers

Supports controllers responsible for financial governance, asset registers, capital expenditure controls and management reporting.

Capital Project Accountants

Provides practical tools for project cost accumulation, capital work in progress monitoring and project close-out.

Project Managers

Helps project managers understand the accounting implications of project expenditure, approvals, commissioning and closure.

Asset Managers

Strengthens understanding of asset verification, financial records, impairment considerations and asset lifecycle controls.

Engineering Managers

Supports engineers involved in project execution who need to understand the financial information required for capital accounting and project completion.

Procurement Professionals

Relevant for procurement personnel involved in capital project expenditure, purchase commitments and documentation supporting project cost records.

Internal Audit Professionals

Provides insight into controls surrounding capital expenditure, asset verification, project accounting and impairment processes.

Senior Finance Managers

Supports managers responsible for capital governance, financial reporting, asset portfolios and strategic investment oversight.

Course outline

This module establishes the financial governance framework for oil and gas capital projects. It examines how authorisation for expenditure supports investment approval, accountability and expenditure control from project initiation through execution. Participants examine the relationship between project scope, approved expenditure, budget monitoring and financial accountability.

  1. COSO Internal Control Framework

    • Provides a recognised framework for designing and evaluating internal controls

    • Supports structured approaches to control activities, risk assessment and accountability

    • Provides useful principles for capital expenditure governance and approval controls

    • Supports clearer documentation of responsibilities and control procedures

    Learning Outcomes

    • Understand the purpose of authorisation for expenditure

    • Apply structured capital expenditure controls

    • Improve capital project tracking processes

    • Distinguish approved expenditure from subsequent project spending

    • Strengthen project cost accumulation controls

    • Identify control weaknesses requiring management attention

This module focuses on the accumulation, monitoring and classification of project expenditure before assets enter operational service. Participants examine how capital work in progress is monitored and how ageing information supports project review and management action.

  1. IAS 16 Property Plant Equipment

    • Establishes principles for recognition and measurement of property, plant and equipment

    • Provides requirements relevant to costs associated with qualifying assets

    • Supports consistent treatment of assets during their useful lifecycle

    • Provides a recognised accounting basis for asset recognition and subsequent measurement

    Learning Outcomes

    • Understand the role of capital work in progress

    • Apply structured approaches to project cost accumulation

    • Analyse capital work in progress ageing

    • Identify projects requiring review or escalation

    • Improve reconciliation between project and finance records

    • Establish stronger controls around capitalisation readiness

This module addresses the transition from project execution to operational asset management. It focuses on asset verification, capitalisation, commissioning information and project close-out controls required to establish accurate fixed asset records.

  1. IAS 16 Property Plant Equipment

    • Provides the accounting framework for property, plant and equipment

    • Addresses recognition, measurement and depreciation principles

    • Supports appropriate treatment of assets once they are available for use

    • Provides a recognised basis for maintaining reliable asset accounting records

    Learning Outcomes

    • Strengthen asset verification procedures

    • Reconcile physical assets with financial records

    • Improve fixed asset register accuracy

    • Identify information required for capitalisation

    • Support effective project close-out

    • Improve the transition from capital work in progress to operational assets

This module develops practical capability in impairment assessment for oil and gas assets. Participants examine impairment indicators, asset performance information and the concept of the cash generating unit in assessing whether carrying amounts remain supportable.

  1. IAS 36 Impairment of Assets

    • Establishes principles for identifying and measuring impairment

    • Defines requirements for impairment testing and impairment indicators

    • Provides guidance on cash generating units

    • Supports consistent assessment of recoverable amounts and impairment losses

    Learning Outcomes

    • Identify relevant impairment indicators

    • Understand the role of a cash generating unit

    • Structure information required for impairment assessment

    • Analyse operational and financial factors affecting asset values

    • Improve impairment review documentation

    • Support consistent communication between finance and operational teams

This module integrates the financial controls covered throughout the programme and examines additional accounting considerations affecting capital projects. Participants review borrowing costs, project completion, final reconciliation and management reporting before applying the complete lifecycle approach to a practical oil and gas scenario.

  1. IAS 23 Borrowing Costs

    • Establishes principles for borrowing costs directly attributable to qualifying assets

    • Provides guidance on when borrowing costs are included in asset costs

    • Supports consistent treatment of financing costs associated with qualifying capital projects

    • Helps organisations maintain appropriate documentation for capitalised borrowing costs

    Learning Outcomes

    • Understand borrowing cost considerations affecting qualifying assets

    • Complete structured project cost reviews

    • Support final project reconciliation

    • Strengthen project close-out controls

    • Improve capital work in progress clearance

    • Integrate asset verification with final project accounting

    • Apply the complete capital project control lifecycle to an oil and gas case scenario

Certificate

Attendees receive a Certificate of Completion from Institute For Oil & Gas Training upon successfully finishing the course.

Certificate eligibility requires attendance and participation throughout the full course. Participants are expected to complete the scheduled learning activities and engage with the practical exercises forming part of the programme.

Course dates

  • Europe

    Middle East

    Asia

    Africa

    North America

    Online

    Fee: £3,900

  • Europe

    Middle East

    Asia

    Africa

    North America

    Online

    Fee: £3,900

  • Europe

    Middle East

    Asia

    Africa

    North America

    Online

    Fee: £3,900

  • Europe

    Middle East

    Asia

    Africa

    North America

    Online

    Fee: £3,900

Fees include tuition, course materials and refreshments. Need different dates or a different city? Ask about your preferred date.

Frequently asked questions

What does this Fixed Assets & Capital Projects course cover?

The course covers authorisation for expenditure, capital project tracking, project cost accumulation, capital work in progress ageing, asset verification, impairment indicators, cash generating units and project close-out.

Who is this course designed for?

It is designed for oil and gas accountants, financial controllers, petroleum finance professionals, project accountants, project managers, asset managers, engineering managers, procurement professionals and internal audit personnel.

How is the course delivered?

Institute For Oil & Gas Training uses practical case studies, group exercises, simulations and realistic oil and gas project scenarios to connect accounting principles with operational capital project processes.

Does the course cover impairment assessment?

Yes. The programme covers impairment indicators, impairment assessment principles and cash generating units, with practical scenarios focused on oil and gas assets and project conditions.

What certificate is provided after completion?

Attendees receive a Certificate of Completion from Institute For Oil & Gas Training upon finishing the course, subject to attendance and participation throughout the full programme.

Next: 12 Oct 2026

4 dates available

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