IFRS For Oil & Gas, Power, Utility, & Mining Industries | GID 16012 | New York City

Friday, March 15th, 2024

£2,500.00

Upcoming Program: 3-4 February 2025.

Contact us for additional 2025 dates.

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IFRS for Oil & Gas, Petrochemical, Power, Utility, & Mining companies

Join us for our 2-day IFRS workshop for the oil, gas, utility, mining, and energy sectors in New York, USA.

 

Oil & Gas Industry

The Oil and Gas industry plays a vital role in powering economies worldwide. Its primary objective is to find, extract, refine, and sell hydrocarbons such as oil and gas. However, the industry faces challenges such as high capital costs, long lead times, and significant environmental impact. Exploration and production activities often occur in challenging environments. Additionally, transportation of outputs requires specialized infrastructure such as pipelines and tankers.

The industry is also vulnerable to macroeconomic factors. These include commodity prices, currency fluctuations, and political developments. Companies must continuously evaluate commercial viability and technical feasibility. They must also implement measures to mitigate environmental impact.

 

Similar Challenges in the Mining Industry

Similarly, the mining industry involves extracting minerals, metals, and other geological materials from the earth. This often requires significant capital investment and complex processes. Mining operations face challenges related to environmental impact, including land reclamation and tailings management. Additionally, the industry is subject to commodity price fluctuations and geopolitical risks.

 

The Power & Utility Industry: Essential Services and Challenges

The utility industry provides essential services such as electricity, natural gas, water, and sewage treatment. Utility companies often face regulation and operational challenges. These include aging infrastructure, changing consumer demands, and the need to invest in renewable energy sources. Additionally, the industry is increasingly focused on reducing carbon emissions and adopting sustainable practices.

 

Crucial Accounting Standards for Industries

The Oil, Gas, Mining, and Utility industries have specific accounting requirements. The following accounting standards are crucial for financial reporting:

  • IFRS 6: Exploration and Evaluation of Mineral Resources
  • IAS 23: Borrowing Costs
  • IFRS 15: Revenue Recognition
  • IFRS 16: Leases
  • IFRS 9: Financial Instruments
  • IFRS 10: Consolidated Financial Statements
  • IFRS 11: Joint Arrangements
  • IFRS 12: Disclosure of Interests in Other Entities
  • IAS 36: Impairment of Assets

Compliance with these accounting standards is crucial. It ensures that financial statements are accurate and transparent. This provides relevant information to stakeholders in these industries.

 

Impact of Accounting Issues Across Industries

Accounting issues significantly impact the Upstream, Midstream, and Downstream sectors. For the Upstream sector, major issues include reserves and resources, depletion and depreciation of assets, and exploration and evaluation. Other issues include development expenditures, borrowing costs, revenue recognition, and disclosure of reserves and resources. Production-sharing agreements and concessions also play a vital role.

In contrast, the Midstream and Downstream sectors face different challenges. These include product valuation issues, revenue recognition issues, emission trading schemes, and depreciation of assets. Therefore, accounting practices and disclosures are crucial. They ensure regulatory compliance and provide relevant financial information to investors and other stakeholders in the Oil and Gas industry.

We are excited to invite you to our comprehensive two-day program on International Financial Reporting Standards (IFRS) for Oil & Gas, Power, Utility, and Mining companies. Our course is designed to help you understand the key accounting issues and regulatory requirements specific to these industries. It will enable you to make informed business decisions based on sound financial reporting practices.

 

Enroll Now

The course is designed for professionals in the Oil & Gas, Power, Utility, and Mining industries. This includes auditors and consultants. By joining our program, you will gain insights into the latest accounting issues, challenges, and best practices in these industries. Additionally, you will have the opportunity to network with other professionals and experts in the field.

Our program will equip you with the knowledge and skills necessary to comply with accounting standards. This ensures transparency and enhances the value of your organization. Don’t miss this opportunity to enhance your accounting skills and knowledge of IFRS for Oil & Gas, Power, Utility, and Mining companies.

We look forward to welcoming you to our program and helping you take your career to the next level.

 

Global Program Schedule

Online | London | Toronto | Calgary | New York | Abu Dhabi | Zurich | Sydney | Singapore | Dubai | Doha | Cape Town | Lima (Peru) | Rio de Janeiro | Hong Kong | Brussels | Hague | Kuala Lumpur | Trinidad | Accra | Riyadh 

 

For More Information

To enroll in the IFRS training course for Oil & Gas, Power, Utility, & Mining companies, contact our customer service team for guidance and information. We’re dedicated to excellent service and answering your questions. Contact us to achieve your career goals.

 

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