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Institute For Oil & Gas Training
OGI-1081 New

IFRS for Oil & Gas Entities Fundamentals Training Course

Duration
5 days
CPD hours
15
Language
English
Next date
18 Jan 2027
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Overview

The Institute For Oil & Gas Training delivers the IFRS for Oil & Gas Entities Fundamentals Training Course for finance, accounting, reporting, audit, and commercial professionals working across the oil and gas sector. IFRS for Oil & Gas Entities provides the financial reporting foundation required to interpret transactions, establish accounting policies, assess recognition and measurement requirements, and produce decision-useful financial information across complex petroleum operations.

Oil and gas entities operate through capital-intensive projects, exploration programmes, development activities, production assets, joint arrangements, decommissioning obligations, financing structures, commodity-linked transactions, and cross-border operations. These activities create financial reporting requirements that demand more than a general understanding of accounting standards. Finance teams need to understand how the IFRS framework applies to the economic substance of petroleum operations and how accounting decisions affect financial statements, management reporting, investor communication, compliance, and corporate governance.

This course addresses the skills gap between general IFRS knowledge and practical application within oil and gas businesses. It focuses on the principles that finance professionals use when assessing transactions and preparing financial information for upstream, midstream, downstream, energy services, and integrated petroleum organisations. The programme develops a structured approach to accounting policy selection, recognition, measurement, presentation, and disclosure.

A key focus is the relationship between IFRS requirements and industry-specific accounting challenges. Certain extractive activities involve specialised economic characteristics for which industry specific guidance gaps require professional judgement. Participants therefore examine how to establish defensible accounting treatments when a transaction does not have a single industry-specific answer. The course also addresses IFRS versus national GAAP considerations for organisations operating across different jurisdictions.

Participants examine the IFRS framework as an integrated reporting system rather than a collection of individual standards. The programme connects accounting principles with financial statement preparation, disclosure requirements, materiality judgement, management estimates, and governance responsibilities. This approach helps finance teams maintain consistency between accounting policies and the underlying commercial activities of an oil and gas entity.

The course also addresses first time adoption considerations for organisations moving towards IFRS-based reporting. Participants explore the importance of opening IFRS statements of financial position, transition adjustments, comparative information, accounting policy decisions, and appropriate disclosures. The emphasis remains on practical financial reporting decisions that arise within corporate environments.

Going concern assessment is another important component. Oil and gas businesses operate within investment cycles where exploration expenditure, development commitments, commodity price movements, financing requirements, production performance, and asset impairment considerations influence financial reporting. Participants learn how financial reporting teams approach going concern assessment using relevant evidence and appropriate documentation.

The programme provides a practical foundation for professionals who need to communicate accounting conclusions across finance, commercial, operations, tax, audit, legal, and executive functions. It strengthens the connection between technical accounting requirements and the operational realities of petroleum businesses.

Objectives

  • Understand the fundamental principles of the IFRS framework and their application within oil and gas entities.

  • Apply IFRS requirements to transactions arising across petroleum operations and corporate functions.

  • Strengthen accounting policy selection using relevant standards, facts, circumstances, and professional judgement.

  • Identify the financial reporting implications of exploration, development, production, and supporting activities.

  • Understand industry specific guidance gaps and develop structured approaches to accounting conclusions.

  • Evaluate IFRS versus national GAAP differences relevant to multinational and cross-border oil and gas organisations.

  • Understand the fundamental requirements associated with first time adoption of IFRS.

  • Improve the identification, classification, measurement, and presentation of financial statement items.

  • Strengthen understanding of disclosure requirements and the information needed to support transparent reporting.

  • Apply materiality judgement when evaluating financial statement information and disclosures.

  • Develop a structured approach to going concern assessment within petroleum businesses.

  • Improve communication of technical accounting conclusions to management, auditors, commercial teams, and operational stakeholders.

  • Connect accounting policies with the economic substance of oil and gas transactions.

  • Strengthen the quality and consistency of financial reporting decisions.

  • Build practical capability for reviewing financial statements and identifying areas requiring further technical analysis.

Training methodology

The Institute For Oil & Gas Training uses a practical corporate delivery approach designed around the financial reporting challenges encountered by oil and gas organisations. The programme combines technical instruction with applied exercises so participants connect IFRS principles with business transactions and reporting decisions.

Industry-Based Case Studies

Participants work through realistic oil and gas financial reporting scenarios involving exploration expenditure, development projects, production assets, provisions, leases, revenue arrangements, financial instruments, and disclosure decisions. Each case requires participants to identify the accounting issue, establish the relevant IFRS requirements, evaluate available evidence, and document an appropriate conclusion.

Financial Reporting Simulations

Simulations replicate the decision-making environment of a corporate finance function. Participants assess transactions, review supporting information, identify reporting implications, and determine how accounting conclusions affect financial statements and disclosures.

Group Exercises

Group exercises encourage finance, accounting, commercial, and operational perspectives to be considered together. Teams analyse accounting policy questions, compare reporting treatments, assess materiality, and develop clear explanations for management and auditors.

Real-World Scenarios

The programme uses scenarios based on the commercial structure of petroleum operations. These include extractive activities project decisions, capital expenditure assessments, project development, asset-related transactions, financing arrangements, and cross-border reporting issues.

Practical Interpretation

The methodology focuses on how professionals interpret and apply standards rather than simply memorising technical requirements. Participants practise identifying the relevant standard, understanding its scope, assessing facts and circumstances, and documenting the resulting accounting treatment.

Professional Judgement Exercises

Accounting policy selection and materiality judgement require disciplined professional reasoning. Participants examine how assumptions, evidence, consistency, and financial statement impact influence accounting conclusions.

Discussion and Review

Facilitated discussions allow participants to compare accounting approaches and understand the practical consequences of different decisions. This strengthens communication between finance teams and other business functions involved in financial reporting.

Organisational impact

The Institute For Oil & Gas Training designed this programme to strengthen the financial reporting capability of organisations operating in complex petroleum environments. A stronger understanding of IFRS supports more consistent accounting decisions across business units, projects, subsidiaries, and reporting periods.

Improved accounting policy selection creates greater consistency in the treatment of similar transactions. Finance teams gain a structured process for identifying applicable requirements, evaluating facts, documenting judgements, and communicating accounting conclusions. This supports more efficient review processes and reduces unnecessary duplication during financial reporting cycles.

The course also strengthens the quality of communication between finance and operational functions. Exploration, engineering, project management, procurement, commercial, legal, treasury, and finance teams frequently contribute information that affects financial statements. Participants learn how to identify the accounting relevance of operational information and communicate reporting requirements more effectively.

A stronger understanding of disclosure requirements improves the organisation's ability to prepare complete and decision-useful financial reporting. Participants understand how material information is identified and how judgements and estimates are incorporated into reporting processes.

The programme supports better management of IFRS versus national GAAP considerations for organisations with international operations. Finance leaders can establish clearer processes for identifying differences, reviewing accounting policies, and maintaining appropriate reporting documentation across jurisdictions.

First time adoption knowledge is particularly valuable for organisations transitioning their reporting basis. A structured understanding of transition requirements supports more controlled implementation, better documentation, and clearer coordination between finance teams, external advisers, auditors, and management.

The course also strengthens the quality of going concern assessment processes. Participants understand how relevant financial and operational information contributes to the assessment and documentation process, supporting more disciplined financial reporting governance.

For organisations managing multiple petroleum projects, the programme promotes consistency in accounting analysis. Participants learn to distinguish between transactions requiring established IFRS treatment and situations where industry specific guidance gaps require careful application of principles and professional judgement.

The overall organisational impact includes stronger internal accounting capability, improved reporting consistency, more effective collaboration between finance and business functions, better documentation of accounting conclusions, and more structured preparation for financial statement review.

Personal impact

Participants develop a practical understanding of how IFRS applies to the financial reporting environment of oil and gas businesses. This gives finance and accounting professionals a stronger foundation for analysing transactions and explaining their conclusions within corporate reporting structures.

The course improves technical confidence in accounting policy selection. Participants learn how to identify relevant requirements, evaluate the economic substance of transactions, assess available guidance, and document the reasoning behind accounting decisions.

Professionals also strengthen their ability to identify reporting issues before they become significant reporting challenges. Early recognition of accounting implications supports better coordination with project teams, commercial departments, treasury, tax, legal functions, and auditors.

The programme enhances participants' ability to analyse financial statements and supporting disclosures. They develop a clearer understanding of how recognition and measurement decisions flow through the statement of financial position, income statement, cash flow information, and related disclosures.

Participants gain stronger capability in materiality judgement and professional assessment. They learn to distinguish between information that requires detailed analysis and information that has limited relevance to financial statement users.

The course supports career development for professionals seeking greater responsibility in financial reporting, technical accounting, controllership, audit liaison, finance management, and corporate reporting. It also strengthens the ability to communicate technical accounting matters to senior management and non-finance stakeholders.

For professionals involved in international reporting, understanding IFRS versus national GAAP provides a stronger basis for cross-border financial reporting discussions. For professionals supporting reporting transformation, first time adoption principles provide a useful framework for understanding transition-related accounting activities.

Who should attend

Finance Managers and Financial Controllers

Designed for professionals responsible for financial reporting, accounting policies, closing processes, and financial statement quality across oil and gas businesses.

Financial Reporting Professionals

Suitable for specialists preparing statutory accounts, group reporting packages, accounting papers, disclosures, and technical reporting assessments.

Technical Accountants

Relevant for professionals responsible for interpreting IFRS requirements and developing accounting conclusions for complex petroleum transactions.

Oil and Gas Accountants

Built for accounting professionals who need to connect general IFRS principles with exploration, development, production, and petroleum-related commercial activities.

Internal Auditors

Useful for internal audit professionals reviewing financial controls, reporting processes, accounting judgements, and governance arrangements.

External Audit Professionals

Relevant for audit professionals working with oil and gas clients and reviewing IFRS-based financial statements, accounting policies, estimates, and disclosures.

Commercial and Project Finance Professionals

Suitable for professionals whose project and commercial decisions generate accounting information or affect financial reporting conclusions.

Treasury and Corporate Finance Professionals

Relevant for professionals dealing with financing arrangements, liquidity considerations, financial instruments, and reporting implications.

Senior Finance Leaders

Designed for heads of finance, finance directors, and senior managers who oversee reporting governance, accounting policy decisions, and financial statement preparation.

Professionals Supporting IFRS Transition

Suitable for professionals involved in first time adoption, reporting transformation, group reporting changes, or conversion from national GAAP.

Course outline

This Module establishes the financial reporting foundation for oil and gas entities. Participants examine the structure of the IFRS framework and connect fundamental reporting principles with petroleum business activities. The focus is on understanding how the nature of an oil and gas transaction determines the accounting issue that requires assessment.

  1. IFRS Fundamentals and Financial Reporting

    • IFRS Accounting Standards

    • Conceptual Framework for Financial Reporting

    • IAS 1 Presentation of Financial Statements

    • IAS 8 Basis of Preparation of Financial Statements and Accounting Policies

    • IAS 10 Events after the Reporting Period

    Learning Outcomes

    • Explain the fundamental structure of the IFRS framework.

    • Identify the key principles influencing financial reporting decisions.

    • Apply a structured process to accounting policy selection.

    • Recognise how petroleum transactions create financial reporting implications.

    • Distinguish accounting requirements from areas requiring professional judgement.

    • Understand the role of presentation and disclosure in financial statements.

This Module focuses on accounting issues associated with extractive activities. Participants examine the financial reporting challenges created by exploration, evaluation, development, and production activities while considering the role of existing IFRS requirements where specialised extractive activities guidance is limited.

  1. Accounting for Exploration and Petroleum Assets

    • IFRS 6 Exploration for and Evaluation of Mineral Resources

    • IAS 16 Property, Plant and Equipment

    • IAS 36 Impairment of Assets

    • IAS 38 Intangible Assets

    • IAS 37 Provisions, Contingent Liabilities and Contingent Assets

    Learning Outcomes

    • Understand the core accounting considerations for exploration and evaluation activities.

    • Identify relevant IFRS requirements for petroleum assets.

    • Assess expenditure in the context of applicable recognition principles.

    • Recognise situations involving industry specific guidance gaps.

    • Apply structured professional judgement to extractive activities project scenarios.

    • Understand impairment and provision considerations relevant to oil and gas operations.

This Module examines financial reporting implications arising from commercial and contractual arrangements. Participants consider how oil and gas entities account for revenue arrangements, leases, financial instruments, and related contractual transactions.

  1. Revenue, Leases and Financial Instruments

    • IFRS 15 Revenue from Contracts with Customers

    • IFRS 16 Leases

    • IFRS 9 Financial Instruments

    • IFRS 7 Financial Instruments Disclosures

    • IFRS 13 Fair Value Measurement

    Learning Outcomes

    • Identify key IFRS considerations in oil and gas revenue arrangements.

    • Analyse contractual terms relevant to revenue recognition.

    • Understand the accounting fundamentals of leases.

    • Recognise classification and measurement principles for financial instruments.

    • Understand fair value concepts relevant to financial reporting.

    • Identify important financial instrument disclosure requirements.

This Module focuses on reporting transition and comparative reporting requirements. Participants examine first time adoption principles and the practical differences that arise when an organisation moves from national GAAP to IFRS-based reporting.

  1. IFRS Transition, Accounting Policies and Financial Statement Presentation

    • IFRS 1 First-time Adoption of International Financial Reporting Standards

    • IAS 8 Basis of Preparation of Financial Statements and Accounting Policies

    • IAS 1 Presentation of Financial Statements

    • IAS 10 Events after the Reporting Period

    • IFRS 18 Presentation and Disclosure in Financial Statements

    Learning Outcomes

    • Explain the fundamental principles of first time adoption.

    • Identify key transition considerations for an oil and gas reporting entity.

    • Understand how accounting policy selection affects transition reporting.

    • Assess IFRS versus national GAAP differences.

    • Identify information required to support appropriate disclosures.

    • Develop a structured approach to transition-related reporting decisions.

This Module brings together the core principles covered throughout the programme. Participants focus on materiality judgement, going concern assessment, management estimates, disclosure quality, and the integration of technical accounting decisions into the wider corporate reporting process.

  1. Materiality, Going Concern and Accounting Judgement

    • IAS 1 Presentation of Financial Statements

    • IAS 8 Basis of Preparation of Financial Statements and Accounting Policies

    • IAS 10 Events after the Reporting Period

    • IAS 37 Provisions, Contingent Liabilities and Contingent Assets

    • IAS 36 Impairment of Assets

    Learning Outcomes

    • Apply materiality judgement to financial reporting information.

    • Understand the fundamental principles of going concern assessment.

    • Identify relevant evidence supporting management's reporting conclusions.

    • Evaluate significant judgements and estimates affecting financial statements.

    • Strengthen the quality of financial statement disclosures.

    • Integrate accounting, commercial, and operational information into reporting decisions.

    • Communicate technical accounting conclusions clearly to management and auditors.

Certificate

Attendees receive a Certificate of Completion from The Institute For Oil & Gas Training upon successfully finishing the course. Certificate eligibility requires attendance throughout the scheduled programme and completion of the course requirements established by The Institute For Oil & Gas Training.

Course dates

  • Europe

    Middle East

    Asia

    Africa

    North America

    Online

    Fee: £4,100

  • Europe

    Middle East

    Asia

    Africa

    North America

    Online

    Fee: £4,100

  • Europe

    Middle East

    Asia

    Africa

    North America

    Online

    Fee: £4,100

  • Europe

    Middle East

    Asia

    Africa

    North America

    Online

    Fee: £4,100

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

Frequently asked questions

What does the IFRS for Oil & Gas Entities Fundamentals Training Course cover?

The course covers the IFRS framework and its application to oil and gas financial reporting. It addresses accounting policy selection, extractive activities, assets, revenue, leases, financial instruments, first time adoption, disclosures, materiality judgement, and going concern assessment.

Who is this oil and gas IFRS course designed for?

The programme is designed for finance managers, financial controllers, technical accountants, financial reporting professionals, oil and gas accountants, auditors, project finance professionals, commercial teams, treasury professionals, and senior finance leaders.

How is the course delivered?

Institute For Oil & Gas Training uses corporate-focused delivery methods including case studies, practical exercises, financial reporting simulations, group activities, and real-world oil and gas scenarios. The approach connects IFRS principles with practical reporting decisions.

Does the course cover IFRS versus national GAAP?

Yes. The programme examines IFRS versus national GAAP considerations and provides a structured approach for identifying differences in accounting policies and financial reporting requirements, particularly for organisations operating across jurisdictions.

What certificate is provided after completing the course?

Attendees receive a Certificate of Completion from Institute For Oil & Gas Training upon finishing the course. Attendance throughout the scheduled programme and completion of the applicable course requirements are required for certificate eligibility.

Next: 18 Jan 2027

4 dates available

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