Chicago

GID 16037 – IFRS for Energy companies: 3-4 October 2019 @ Chicago

£2,200.00

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Course Introduction

IFRS for Energy companies

The adoption speed and challenges on the subject of International Financial Reporting Standards (IFRS) are on with frequent communications from many sources. As the volume increases, you may find yourself exploring the impact of IFRS and triggering events that would compel you to understand IFRS more quickly.

IFRS is inevitable and will be the final destination for most companies around the world.  Some companies will perceive benefits in embarking immediately but others may adopt a more measured approach. Still some may choose to closely examine the roadmap before they take any steps. Most energy companies have significant international operations, multiple regulatory and capital market considerations, complex organizational structures and global competitors who may already be reporting under IFRS. Energy companies in these circumstances may discover compelling reasons to understand, take advantage of IFRS and also ensure full compliance.

Like any significant business decision, determining the timing and pace of an IFRS conversion requires an understanding of the potential costs and benefits. Regardless of your ultimate conversion plan, it is crucial to make an informed decision based on a thorough analysis.

Instructor Bio

Our trainers have specialist knowledge and first-hand experience of dealing in derivatives, setting up hedges and reporting requirements under IFRS and US GAAP. This ensures an engaging and stimulating learning experience, helping to ensure knowledge is retained. They understand the risk environment, industry issues and challenges, hedging strategies, financial reporting requirements, and compliance environment. They impart their knowledge via demonstrations, anecdotes, role plays, and simulations.

Instructor for this Programme

To be announced

Course Description

Day 1

Exploration and development costs:

  • Accounting for exploration and evaluation activities (IFRS 6)
    • Full cost practices
    • Successful effort
    • non-drilling exploration costs
    • drilling exploration costs
    • production, depreciation, depletion and amortization Dismantlement, restoration and abandonment (‘asset retirement obligations’)
  • Accounting for development and production activities
  • Analysis of Exploration and Production Activities

Revenue Recognition (IFRS 15)

  • Revenue measurement and recognition
  • Recognition and valuation of reserves
  • Accounting issues arising from Production Sharing Agreements

Inventory

  • Calculation of period end inventory;
  • Valuation approach
  • Examples and case studies

Property, plant, and equipment

  • Certain full cost practices may not be appropriate under IFRS

Impairment

  • Impairment methodology
  • Reversal of impairment

Oil & Natural gas reserves

  • IFRS follows a different approach
  • Depletion accounting

Leases (IFRS 16)

Disclosure requirements

  • Impairment Environmental accounting and disclosures
  • Disclosure requirements relating to oil and gas producing activities
    • Proved oil and gas reserve quantities
    • Costs incurred for property acquisition;
    • exploration & development activities

Assessment of future net cash flows

  •  Industry data regarding firms’ exploration and production activities;
  • Financial and operational metrics used to specifically assess oil and gas company’s exploration and production
  • Business Calculation and interpretation of various industry metrics used to assess an oil and gas company’s exploration and production business performance
    • Finding costs and reserve value-added-to-spending ratios;
    • Practical examples and illustrative financial statements are used throughout the course
  • Examples and Case studies

Day-2

IASB update

  • Update on the IASB’s project for extractive industries
  • Examples and case studies

Accounting policies

  • Specific accounting principles
  • Changes in accounting policies and valuation
  • Transition to IFRS
  • Changes in estimates

Notes to the Financial Statements

  • Critical accounting issues and estimation uncertainty
  • Estimation of reserves and future cash flows
  • Identified risks
  • Capital management
  • Events post reporting period

Financial Statements

  • Presentation of financial statements (IAS 1)
  • Statement of cash flows (IAS 7)
  • Policies, changes in accounting estimates and errors (IAS 8)
  • Events after the reporting period (IAS 10)
  • Operating segments (IFRS 8)
  • Interim financial reporting (IAS 34)
  • Provisions, Contingent Liabilities and Contingent  Assets (IAS 37)

Financial Instruments

  • Presentation
  • Recognition and Measurement
  • Impairment and Hedging

Business Combinations and Consolidated Financial Statements

  • Business combinations (IFRS 3)
  • Consolidated/ separate purpose financial statements (IFRS 10 and IFRS 11)
  • Disclosures (IFRS 12)
  • Examples and practical issues
  • Case studies

Why you must attend?

Why you must attend?

With more and more countries adopting the IFRS as their accounting standards (almost over 125 countries) and also due to regular revisions and replacement of existing standards & principles, you must continue to develop your conceptual and practical understanding of IFRSs.  If you intend to use IFRS for the first time then you must have the required knowledge and skills to implement the IFRSs, be able to understand how this transition affects company’s reporting, and what it means going forward. If you have already implemented IFRS even then you need to make sure that you continue to invest your time in learning and keep your self-updated with further changes to the IFRSs.

We have designed this course to give you all the required knowledge, skills and experience to deal with these challenges.  We have one of the best and most experienced faculties’ world, with over 15 years of IFRS implementation experience in the European region.

This is an instructor led course for professionals (beginners to expert level) who want to gain a complete and in-depth understanding of IFRSs in a class room environment.  This IFRS course has been designed to be highly interactive and practical to provide exhaustive learning of conceptual and practical issues for those who are looking to sharpen their skills and knowledge in IFRS.  Shasat has developed this high quality learning programme to help users develop their knowledge and application of the IFRS principles and concepts.  Our Class sizes are limited (Maximum 10 participants per class) to preserve maximum interactivity and to enhance the fulfilment of learning outcomes.  Some of the key features of our training courses are:

  • Expert IFRS instructors with field experience;
  • Distinct scenarios, examples and case studies to explain concepts and methodologies;
  • A firm grounding for developing skills and competencies essential for financial reporting
  • Access to IFRS templates, tools, models and resources
  • Opportunities to discover new career path in IFRS/US GAAP

What would you gain from this course?

  • This training course has been designed to be specific to professionals in the energy/utility sector, therefore, it covers industry specific accounting requirements and challenges;
  • Greater understanding of presentation and disclosure requirements for the oil and gas entities;
  • Accounting for extractive activities is complex, therefore, this course would cover variety of accounting policy choices available for entities;
  • Companies need to account for transactions in the exploration and evaluation phase, therefore, our experienced instructor would share their in-depth experience in this area;
  • The training will provide specific guidance for certain transactions and arrangements presents the sector with a challenge to produce useful financial statements through effective presentation and disclosure.
  • Unfortunately, differences in accounting policies and their application make comparability more difficult and increases complexity. However, this training course will provide industry data and variety of practices adopted by Oil and Gas companies;
  • Impact of IFRS 15, IFRS 16 and other newly introduced accounting standards and various other amendments;
  • Discuss the latest developments and emerging accounting issues
  • Real life case scenarios

Teaching methodology

  • User friendly slide deck which summarises the concept, methodology and principles in a simplest possible manner;
  • Interactive sessions with real life case studies;
  • Concepts and methodologies are explained using examples and distinct scenarios;
  • Group exercises to illustrate accounting principles;
  • Discussion on GAAP differences, industry issues and diversity in practices
  • Additional course material and hand outs to all the attendees
  • Participants are encouraged to ask questions.

Who should attend?

  • This course is suitable for professionals (beginners to specialists) from all industry groups.  Examples of some of the roles that will benefit from this course are:
  • Chief Financial Officers/ Finance Directors;
  • Finance executives
  • Corporate finance function;
  • Accountants / Financial Controllers
  • Financial Reporting Executives
  • Treasurer
  • Budget Officers / Forecasting Specialists;
  • Auditors (internal/External)
  • Risk managers
  • Merchant bankers
  • Tax Directors /managers
  • Regulators;
  • Academicians
  • Accountancy students
  • Analysts
  • Fund Managers and Investors
  • Strategic and Financial Planners
  • Private Equity and M&A Specialists
  • Investment Bankers
  • Corporate Bankers
  • Investment Managers
  • Senior operations managers

Feedback

All delegates will receive an evaluation questionnaire upon completion of the course. The feedback from these questionnaires allows Shasat to conduct trend analysis and continuously approve the quality of its learning solutions

Venue & other info

All our training courses are organised at one of the recognised professional training facilities or training facilities at one of the 4 to 5 star hotels in the city.  We will send you the joining instructions with venue details at least 2 weeks before the commencement of the training program.  We provide tea/coffee, snacks and lunch during the duration of this course. You are responsible to organise your accommodation.

Changes to the conference:

Shasat may at its sole discretion change the format, speakers, participants, content, venue location and programme or any other aspect of the Conference at any time and for any reason, whether or not due to a Force Majeure Event, in each case without liability.

Sponsorship Opportunities

If you are seeking to profile your products, expertise and experience in the field of Financial Instrument then the Shasat will endeavour to assist your business objectives with opportunities such as:

Brand exposure

  • Targeted brand awareness and the association of your company with this area of expertise.

Thought leadership

  • Present your expertise to a targeted group of industry leaders.

Product demonstrations

  • Exhibit your products to new prospective clients already attending this conference.

Networking

We will provide you with a platform to meet face to face with a room full of potential clients and exhibit the benefit of your services. For more information on how Shasat can help you meet your marketing objectives, Contact our customer service team at info@shasat.com

Data protection

The personal information which you provide to us will be held by us in our database. You agree that Shasat may share this information with other companies in the Shasat Group. Occasionally your details may be made available to selected third parties who wish to communicate with you offers related to your business activities. If you do not wish to receive these offers please contact the database manager at: info@shasat.com

For more information about how Shasat (UK) Limited use the information you provide please see our privacy policy at: http://www.shasat.co.uk.com.   If you do not wish your details to be available to companies in the Shasat Group or selected third parties, please contact the customer service at info@shasat.com.

Payment

In order to enrol for this programme, you can either make the payment online through our website or you can opt to make the payment via bank transfer/Demand draft/Cheque payment. Our payment web page will give you all the necessary options at the time of check out. Should you face any difficulty, please do not hesitate to contact us with your selected course and our customer services team will be happy to guide you through the payment process. You must also bear all the bank charges in relation to payment of course fees and payment must be made at least 3 weeks before the course date. Registration will be confirmed upon receipt of payment and completion of registration form only.

Group discount

We offer a group discount of 15% if you book a course for 4 or more people. Please contact our customer services desk at info@shasat.com to discuss further on how to obtain a group discount code.

CPD hours

Each participant will be issued a training certificate which will certify that you have successfully completed the training course and the number of hours you spent to complete this training course.

Enquiries

Please contact our Customer Service for further assistance at info@shasat.com

In-House Training

Besides our wide range of public courses, we are proud to offer our In-house training services to our Global clients. This form of training is tailored to meet your business needs and also an effective way of training your teams which saves time and money and will improve the productivity of your employees, making your business more competitive. If you would like to run this course as an In-house programme in your organisation with necessary customisation to suit your needs then please contact us today to discuss this further.