An Intensive 5-day Training Course
International Financial Reporting Standards (IFRS)
for the Oil & Gas and Petrochemical Sectors
(Upstream, Midstream & Downstream)
Essential Guide to IFRS Relevant to the Oil & Gas Sector
Scheduled Dates
Classroom
| 04-08 May 2026 | London - UK | $5,950 | RESERVE A SEAT |
| 29 Jun-03 Jul 2026 | Amsterdam - The Netherlands | $5,950 | RESERVE A SEAT |
| 03-07 Aug 2026 | Dubai - UAE | $5,950 | RESERVE A SEAT |
| 07-11 Sep 2026 | London - UK | $5,950 | RESERVE A SEAT |
| 09-13 Nov 2026 | Dubai - UAE | $5,950 | RESERVE A SEAT |
| 21-25 Dec 2026 | London - UK | $5,950 | RESERVE A SEAT |
Online
| 15-19 Jun 2026 | Online | $3,950 | RESERVE A SEAT |
| 09-13 Nov 2026 | Online | $3,950 | RESERVE A SEAT |
Would an alternative date be more suitable?
We offer a variety of tailored training options, customized to meet your organisation's needs. Delivered anytime, anywhere, we make it easy to bring expert training directly to your team.
Why Choose this Training Course?
This International Financial Reporting Standards (IFRS) for the Oil & Gas and Petrochemical Sectors (Upstream, Midstream & Downstream) training course equips participants with the skills to navigate accounting, reporting, and performance evaluation in the oil & gas and petrochemical sectors. Covering Upstream, Midstream, and Downstream operations, the training course incorporates the latest updates including IFRS 18 – Presentation and Disclosures in Financial Statements (effective 1 January 2027) and Sustainability Disclosure Standards IFRS S1 & S2.
The training course emphasises practical application, enabling participants to prepare and critically assess financial information for their organisations while applying industry-specific analytical tools.
Key features of the International Financial Reporting Standards (IFRS) for the Oil & Gas and Petrochemical Sectors (Upstream, Midstream & Downstream) training course include:
- Case study exercises for hands-on learning
- Group discussions on industry policies, regulations, and emerging trends
- Real-world examples drawn from participants’ organisations and leading oil & gas companies
What are the Goals?
At the International Financial Reporting Standards (IFRS) for the Oil & Gas and Petrochemical Sectors (Upstream, Midstream & Downstream) conclusion of this training course, participants will be able to:
- Apply IFRS standards and best practices specific to oil & gas and petrochemical sectors
- Understand financial impacts of Production Sharing Contracts and government agreements
- Address accounting challenges in Joint Ventures
- Utilise international and national accounting standards most relevant to the industry
- Enhance financial reporting quality to meet user needs
- Benchmark organisational performance using publicly available information
Who is this Training Course for?
This International Financial Reporting Standards (IFRS) for the Oil & Gas and Petrochemical Sectors (Upstream, Midstream & Downstream) training course is designed for finance professionals seeking to specialise in oil & gas accounting, including:
- Corporate Accountants, Financial Controllers, Treasury Officers, Management Accountants
- Staff in accounting functions such as Payables, Receivables, Inventory, and Fixed Assets
- Joint Venture Accountants and Auditors
- Internal, External, and Financial Auditors
- Government Regulators
- Financial and Investment Analysts
How will this Training Course be Presented?
Each topic on this International Financial Reporting Standards (IFRS) for the Oil & Gas and Petrochemical Sectors (Upstream, Midstream & Downstream) training course is introduced with an illustrated presentation on the activities to be accounted for, the methods used, and the issues arising in the financial reporting of those activities. Learning on each topic is developed by a worked example, and participants then complete an exercise, individually or in groups as appropriate, to ensure that they are able to apply what they have learned.
On completion of each exercise, a full solution is issued and discussed, with an opportunity for questions and answers. Having mastered the theory and practice of each issue, learning is further reinforced by examination of relevant extracts from the annual reports of international oil and gas companies. At the end of each day, participants have an opportunity for a one-to-one session with the seminar leader to ask further questions and to go over any material that they have not yet fully understood.
Organisational Impact
Participation in this training course allows organisations to:
- Develop teams with specialist IFRS knowledge
- Ensure compliance with current and upcoming accounting requirements
- Understand key sector-specific accounting challenges
- Apply IFRS in alignment with organisational objectives
- Strengthen corporate governance and mitigate financial risk
- Support strategic financial planning and decision-making
Personal Impact
Individuals completing this training course will gain:
- Advanced professional skills and industry knowledge
- Tools and methods to enhance role effectiveness
- Improved decision-making and risk management capabilities
- Greater influence and credibility within the organisation
- Ability to collaborate effectively across departments
- Deeper insight into industry-specific financial reporting issues
Daily Agenda
Day One: Major Accounting Issues facing the Oil & Gas and Petrochemical Industry (Upstream, Midstream & Downstream) and the Role of IFRS
- The Latest Accounting Issues facing the Oil & Gas and Petrochemical Industry (upstream, midstream & downstream) including IFRS S1 & S2 Sustainability Disclosure Standards and IFRS 18 Presentation & Disclosures in Financial Statements issued in 2024 and takes effect 1 January 2027
- The Impact of Commodity Prices, Currency & Interest Rate Fluctuations and Political and Environmental Developments
- The Impact on Strategic Development and Growth within the Industry
- Establishing the Case for IFRS
- An Overview of IFRS in relation to the Oil & Gas Industry
- The Annual Reports & Financial Statements of Leading International Petroleum Companies
Day Two: Accounting for Assets in the Oil & Gas and Petrochemical Industry (Upstream, Midstream & Downstream)
- IAS 16: Property, Plant and Equipment and Depletion, Depreciation & Amortisation (“DD&A”)
- IAS 36: Impairment of Assets
- IFRS 6: Exploration for and Evaluation of Mineral Assets and the Accounting Approaches
- IFRS 13: Fair Value Measurement
- IAS 2 Inventories
- Reserve Reporting
Day Three: Accounting for Business Combinations, Joint Ventures & Production Sharing Agreements (“PSA”s)
- IFRS 3: Business Combinations
- IFRS 10: Consolidated Financial Statements
- IAS 38: Intangible Assets
- IFRS 12: Disclosure of Interests on Other Entities
- IFRS 11: Joint Arrangements
- Break Even Oil, Cost Oil & Profit Oil
Day Four: Accounting for Cash Flow & Financial Instruments in the Oil & Gas and Petrochemical Industry (upstream, midstream & downstream)
- IAS 7 Statement of Cash Flows
- The Use of Derivatives in the Oil & Gas & Petrochemical Sector to Manage the Commodity, Currency and Interest-rate Risks, etc.
- Treasury Management Issues for Multi-nationals
- IFRS 7 Financial Instruments: Disclosures
- IFRS 9 Financial Instruments
- Evaluating the Cash Flow & Use of Financial Instruments by Leading International Oil & Gas and Petrochemical Companies
Day Five: Creative Accounting and Corporate Governance
- Creative Accounting
- Enron and Investor Protection
- Corporate Governance
- The Role of the Board & Audit Committee
- External Auditing - reporting to investors
- Internal Auditing - Defining and Developing the Internal Audit Process
Certificate
- On successful completion of this Training Course / Online Training Course, a PetroKnowledge Certificate / E-Certificate will be awarded to the delegates.
