Classroom session

11-13 Nov 2024

London, UK

11-13 Nov 2024

London, UK

Course Summary

  • course overview


  • course audience

Course Summary

In this 3-day course, participants will gain comprehensive knowledge of accounting principles and standards as they apply to the oil and gas industry.

The oil and gas industry is a complex and highly regulated sector, and understanding the intricacies of accounting within this industry is vital for professionals in the field. This multi-day course is designed to provide participants with a deep understanding of accounting principles and standards specific to the oil and gas sector.

Day 1 - Fundamentals

Understanding the Nature of Oil and Gas Entities

In the first day of the course, participants will delve into the unique characteristics of oil and gas entities. This section will help you grasp the intricacies of this industry, setting the stage for more in-depth learning.

An Overview of the IASB Framework

International Accounting Standards Board (IASB) plays a significant role in shaping accounting standards. In this segment, you will gain insights into the IASB framework and its relevance to the oil and gas sector.

Composition of IFRS Financial Statements

Understanding the structure and components of financial statements is crucial. You will explore how International Financial Reporting Standards (IFRS) apply to the oil and gas industry.

Accounting for Reserves and Key Relevant Standards

Reserves are the lifeblood of the oil and gas industry. This section will delve into accounting for reserves and the standards that govern it.

Financial Statement Presentation and Disclosures

Learn how to present financial statements effectively and ensure that the necessary disclosures are made. This knowledge is essential for compliance and transparency.

Case Studies Reviewing Presentation and Disclosures by IFRS E&P Companies

Real-world case studies will provide practical insights into how IFRS exploration and production (E&P) companies present their financial statements and disclosures.

Accounting for Fixed Assets under IFRS

Fixed assets are a significant part of the oil and gas industry. Understand the principles, initial recognition, and measurement of these assets under IFRS.

Examination of Impairment Principles and Comparison to US GAAP

Impairment can significantly impact financial statements. This section compares impairment principles under IFRS with US Generally Accepted Accounting Principles (GAAP).

Treatments on Disposal and Discontinuance of Assets

Learn how to account for the disposal and discontinuance of assets, a crucial aspect of managing oil and gas operations.

Day 2 - From Prospecting to Evaluation

A Comparison of "Traditional" Full Cost and Successful Efforts Accounting Methods

In this section, you will explore different accounting methods and their implications on financial reporting.

Review of IFRS 6 and Its Impact on Accounting Methods

IFRS 6 is a standard tailored to the extractive industry. Understand its impact on accounting methods within the oil and gas sector.

Treatment of Dry Holes and Impairment of Exploration Expenditure

Dry holes are a common occurrence in exploration. This part of the course explains how to account for them and manage exploration expenditures effectively.

Case Studies on Accounting Policy Choices and Their Impact

Through case studies, you'll gain a practical understanding of how accounting policy choices can affect financial outcomes.

Recognition, Measurement, and Classification of Development Spend

Development spend is a significant component of oil and gas projects. Learn how to recognize, measure, and classify these expenses correctly.

Treatment of Abnormal Expenditures and Application of Impairment Standards

Abnormal expenditures can arise during oil and gas operations. This section discusses their treatment and the application of impairment standards.

Case Studies on Cash Generating Units Impairment

Real-world case studies will highlight how cash generating units are assessed for impairment in the oil and gas industry.

Day 3 - Provisions, Decommissioning, Production, and Revenue Recognition

Definitions, Measurement, and Provisions under IAS 37, IFRIC 1 & IFRIC 5

Gain an understanding of provisions under IAS 37, IFRIC 1, and IFRIC 5, and how they impact financial reporting.

Capitalization of Environmental Damage and Decommissioning Obligations

Environmental responsibility is a critical aspect of the oil and gas industry. Learn how to account for environmental damage and decommissioning obligations.

Accounting for Rehabilitation Funds and Measurement of Asset Retirement Obligations

Discover how rehabilitation funds are accounted for and how asset retirement obligations are measured.

Application of IAS 16 to Production Assets

This section explores how International Accounting Standard 16 applies to production assets in the oil and gas sector.

Units of Depreciation Method and Their Application

Understand the units of depreciation method and how it is applied in the oil and gas industry.

Revenue Recognition and Measurement Issues

Revenue recognition can be challenging in this industry. Learn about the issues and how to address them effectively.

Accounting for Royalty, Production Tax Payments, and Revenue Allocations

Royalties and production tax payments are part of the revenue landscape. This section provides insights into their accounting treatment.

Measurement of Inventories

Managing inventories efficiently is crucial in the oil and gas sector. Learn how to measure them accurately.


In conclusion, this course provides a comprehensive understanding of accounting principles and practices in the oil and gas industry. It covers everything from the fundamentals to specific accounting methods and real-world case studies. By the end of this course, participants will be well-equipped to handle the intricacies of oil and gas industry accounting.

Questions about the course?

Why don't you schedule a free Microsoft Teams meeting with one of our advisors at your convenient time?

Our Expert

Meet your trainer

Alan is an accounting and finance professional with over thirty years’ experience. For the past twenty two years Alan has specialised in consulting and the delivery of in-house and public training, delivering programmes in financial reporting, financial management and analysis of financial information with a focus on upstream oil and gas.

His experience includes delivery and development of in-house training programmes in IFRS for oil and gas for BP, Eni, Kogas, Gazprom, Petronas, Nigerian LNG, Mubadala and Ugandan Revenue Service and has run numerous public courses in the Far East, Middle East, Africa and Europe in financial reporting for oil and gas for a wide range of international and national oil companies and public regulators.


What do they say about this course?

A lot of information was covered, but it was very informative and well presented. Mr Mayo is very knowledgeable, personable and kept the class moving at a comfortable pace. The material given was helpful and useful.

Arlana Bobb

Accounts Payable Analyst

Informative and the specific accounting treatment relating to UOCs were useful

Leslie Ann Phillip

Accounts Payable Analyst

The course was delivered through the right medium.

 I was able to work on the practical assignments as a individual and gain a better understand vs using a team approach to work out the practical exercises

Melissa Ayres

Finance Control Analyst

Course Fees

Virtual Sessions

All our courses are available virtually using MS Teams & Zoom platforms

Kindly refer to our 2024 calendar for a complete list of our virtual courses



Classroom Sessions

All our classroom sessions are now resumed and courses are held in different cities around the world.

Kindly refer to our 2024 calendar for dates & locations

  • 7 to 8 Hours per day
  • 1 Hour Lunch break with Morning & Afternoon breaks
  • Superfast wifi during the course
  • Held in Five star hotels 
  • Held in different cities around the world



In-House Course

All our courses are available In-House and can be tailored to your specific needs. If you are interested in having this course In-House either in your office or in any location of your choice, please complete the form below and one of our advisors will be in touch with you shortly.

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  • 10-Day Oil & Gas Mini MBA
  • Accounting for JV’s & PSC’s in Upstream Oil & Gas
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  • Advanced LNG Trading
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Do you have ten or more people interested in attending this course? Do you want to tailor it to meet your company’s exact requirements? If you’d like to do either of these, we can bring this course to your company’s office. You could even save up to 50% on the cost of sending delegates to a public course and dramatically increase your ROI.


If you want to run this course at a location convenient to you or if you want a completely customised learning solution, we can help.


We produce learning solutions that are completely unique to your business. We’ll guide you through the whole process, from the initial consultancy to evaluating the success of the full learning experience. Our learning specialists ensure you get the maximum return on your training investment

Questions about the course?

Why don't you schedule an MS Teams meeting with one of our advisors?

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