Advanced IFRS and Joint Venture Accounting (JVA) for the Oil and Gas Industry

Course Code: FNBN 2739

25 Course Visits

Course Sector:

Finance, Accounting and Banking

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Course Dates and Locations

Choose a date and location to book your seat

No.

Date

Days

Location

Fees

Enrollment

06 - 10 Jul 2025

5 Days

Abu Dhabi, UAE

$4,250

18 - 22 Aug 2025

5 Days

Dubai, UAE

$4,250

16 - 20 Nov 2025

5 Days

Riyadh, KSA

$4,250

Introduction

Training course introducion / brief

Compliance with International Financial Reporting Standards (IFRS) and Joint Venture Accounting (JVA) is crucial in the oil and gas industry to ensure transparency, accuracy, and regulatory adherence. IFRS provides a standardized framework for financial reporting, addressing industry-specific challenges such as asset valuation, revenue recognition, and cost recovery. Meanwhile, JVA is essential for managing financial transactions in exploration and production partnerships, ensuring fair allocation of costs, revenues, and liabilities among stakeholders.

IFRS and JVA

This advanced training equips finance professionals with in-depth knowledge of IFRS and JVA, focusing on key accounting treatments, reporting requirements, and compliance strategies. Participants will explore complex financial scenarios, including asset impairments, revenue recognition, and joint venture cost allocation. Through case studies and practical exercises, they will gain hands-on experience to enhance financial decision-making and optimize financial reporting in the oil and gas sector.

Training Course Methodology

This course is designed to be interactive and participatory, and includes various learning tools to enable the participants to function effectively and efficiently. The course will use sessions, exercises, and case applications, and presentation about proven-by-practice methods, new insights and ideas about the topic and its effects in a corporate world.

Develop a deep understanding of IFRS standards applicable to the oil and gas industry, including revenue recognition, asset valuation, and financial reporting requirements.
Apply Joint Venture Accounting (JVA) principles effectively, ensuring accurate allocation of costs, revenues, and liabilities among stakeholders.
Analyze complex IFRS and JVA scenarios, including exploration and production accounting, impairment assessments, and abandonment cost provisions.
Implement best practices in financial reporting and compliance to enhance transparency and align with international regulatory standards.
Strengthen their ability to interpret financial statements, resolve accounting discrepancies, and optimize financial decision-making within the oil and gas sector.

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IFRS Framework and Oil & Gas Financial Reporting

Overview of IFRS and its applicability to the oil and gas industry
IFRS standard-setting process and regulatory environment
Key financial reporting challenges in upstream, midstream, and downstream sectors
Exploration, evaluation, and development costs under IFRS 6
Revenue recognition principles under IFRS 15 (Production Sharing Contracts and Sales Contracts)
Asset capitalization, depreciation, and depletion under IFRS 16 and IAS 16
Case studies on IFRS-compliant financial statements in the oil and gas sector

Joint Venture Accounting (JVA) Principles and Practices

Fundamentals of Joint Venture Accounting in the oil and gas industry
Types of joint ventures: Incorporated vs. unincorporated
Accounting for joint venture contributions, cash calls, and cost-sharing
Revenue and expense allocation among joint venture partners
Handling joint interest billing and cash flow reporting
Accounting treatments for carried interests and farm-in/farm-out arrangements
Common JVA challenges and dispute resolution strategies

Asset Management, Impairment, and Abandonment Provisions

Asset recognition, valuation, and revaluation under IFRS
Impairment testing of oil and gas assets (IAS 36)
Reserves estimation and its impact on financial statements
Accounting for asset retirement obligations and decommissioning costs (IFRS 37)
Handling impairment losses and reversals in financial reporting
Depreciation and depletion models for oil and gas assets

Revenue Recognition and Cost Allocation in Oil & Gas

IFRS 15 revenue recognition for long-term contracts and production sharing agreements
Cost recovery mechanisms and their financial reporting implications
Allocation of exploration, development, and operating costs
Accounting for production entitlements and lifting imbalances
Treatment of royalties, government take, and profit oil under IFRS
Differences between full-cost and successful-efforts accounting methods

Financial Reporting, Compliance, and Emerging Trends

Preparation and presentation of IFRS-compliant financial statements
Disclosures and transparency requirements under IFRS
Tax implications and deferred tax accounting in the oil and gas sector (IAS 12)
Internal controls and risk management for financial reporting accuracy
Emerging trends in oil and gas financial reporting, including ESG considerations
The impact of digital transformation on IFRS and JVA processes

Boost certificate of completion

BOOST's Professional Attendance Certificate “BPAC” is always given to the delegates after completing the training course, and depends on their attendance of the program at a rate of no less than 80%, besides their active participation and engagement during the program sessions.

ENDORSED EDUCATION PROVIDER

Flexible deadlines

Customized dates accordance to your schedule

Shareable Certificate

Earn certificate upon completion

COURSE METHODOLOGY

Our Training programs are implemented by combining the participants' academic knowledge and practical practice (30% theoretical / 70% practical activities).

At The end of the training program, Participants are involved in practical workshop to show their skills in applying what they were trained for. A detailed report is submitted to each participant and the training department in the organization on the results of the participant's performance and the return on training. Our programs focus on exercises, case studies, and individual and group presentations.

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TRAINING COURSE: Advanced IFRS and Joint Venture Accounting (JVA) for the Oil and Gas Industry