IFRS for the Oil & Gas and Petrochemical Sectors (Upstream, Midstream & Downstream) Training Course

ICTI and Partners Certification

1 Week

20 hours

Classroom, In-House, Online

Price: £3500

Group discounts available. Get Registered for more details.

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The IFRS for the Oil & Gas and Petrochemical Sectors (Upstream, Midstream & Downstream) Training Course by Imperial Corporate Training Institute provides a specialised understanding of International Financial Reporting Standards (IFRS) tailored to the complexities of the energy, oil, and petrochemical industries. This advanced corporate training is designed to address the accounting, reporting, and performance measurement challenges that arise in exploration, production, refining, and distribution operations. Participants will gain insight into how IFRS impacts financial decision-making and strategic reporting across all operational phases of the oil and gas value chain.

As the energy sector evolves under the pressures of digital transformation, sustainability goals, and fluctuating global demand, professionals need a robust understanding of international accounting standards. This course focuses on the practical interpretation and implementation of IFRS for the oil and gas industry, offering clarity on issues such as reserves accounting, asset impairment, revenue recognition, joint ventures, and financial disclosures. The training delivers actionable knowledge that empowers financial leaders to ensure compliance, transparency, and operational excellence within their corporate structures.

Objectives

By the end of this corporate-focused training, participants will be able to:

Understand and apply IFRS principles specific to the oil, gas, and petrochemical sectors.
Analyse and interpret accounting treatments for upstream, midstream, and downstream activities.
Recognise revenue and expenses in compliance with IFRS 15 and IFRS 6 relevant to exploration and production.
Manage joint arrangements, production sharing contracts, and farm-out agreements under IFRS 11.
Identify asset impairment, decommissioning liabilities, and environmental provisions in accordance with IFRS standards.
Enhance financial transparency through consolidation, fair value measurement, and segment reporting.
Strengthen corporate governance by ensuring IFRS-compliant financial statements and disclosures.
Evaluate the financial impact of energy transition and sustainability reporting (IFRS S1 and S2).
Build internal reporting frameworks aligned with IFRS best practices to improve decision-making.
Integrate IFRS insights into strategic planning, investor relations, and corporate communication.

Target Audience

This specialised training programme by Imperial Corporate Training Institute is designed for professionals working within the oil, gas, and petrochemical industries who are involved in financial reporting, accounting, compliance, or strategic management. The course is particularly beneficial for:

Finance Directors, CFOs, and Financial Controllers in the energy sector.
Accountants, Auditors, and Analysts specialising in oil and gas reporting.
Petrochemical Finance Managers involved in cost control and performance measurement.
Corporate Planners and Strategy Executives in integrated oil and gas companies.
Project Finance Teams managing upstream, midstream, or downstream operations.
Joint Venture Accountants and Auditors overseeing shared asset operations.
Energy Investment and Risk Analysts requiring IFRS-based financial insights.
Compliance and Reporting Officers responsible for IFRS alignment.
Treasury and Tax Professionals engaged in energy sector financial structuring.

Course Modules

Understanding the IFRS framework and its global relevance.
Evolution of financial reporting standards in the energy sector.
Key differences between IFRS and previous accounting frameworks (GAAP).
The role of IFRS in ensuring transparency, consistency, and comparability.

Accounting policies for exploration and evaluation expenditure.
Treatment of geological and geophysical costs.
Recognition of exploration assets and impairment testing.
Case study: Exploration project accounting under IFRS 6.

Applying the five-step revenue recognition model in oil and gas contracts.
Production sharing, long-term offtake, and sales agreements.
Managing take-or-pay contracts and transfer of control in revenue recognition.
Recognition challenges in downstream petrochemical product sales.

Identifying and classifying joint operations and joint ventures.
Accounting for shared assets and liabilities in exploration and production.
Managing farm-in and farm-out transactions.
Financial implications of joint venture reporting under IFRS.

Recognition and measurement of lease liabilities in the energy sector.
Accounting for drilling rigs, pipelines, storage facilities, and refining plants.
Impact of IFRS 16 on balance sheets and key financial ratios.
Disclosure and reporting requirements for lease agreements.

Applying IAS 36 Impairment of Assets and IAS 37 Provisions.
Calculating decommissioning and restoration obligations.
Environmental and sustainability-related financial liabilities.
Practical case review: Asset impairment testing for oil fields and refineries.

Application of IFRS 9 to commodity derivatives and hedging strategies.
Recognition and measurement of financial assets and liabilities.
Risk management through fair value and cash flow hedges.
Reporting implications for derivative contracts in volatile markets.

Consolidation of upstream, midstream, and downstream entities.
Accounting for special purpose vehicles (SPVs) and joint arrangements.
Disclosure of non-controlling interests and segment reporting.
Consolidation best practices for vertically integrated energy groups.

Overview of sustainability-related financial reporting standards.
Integrating ESG disclosures within IFRS financial statements.
Impact of carbon reduction policies on financial performance.
Building transparent climate-risk reporting frameworks.

FAQs

What is the focus of the IFRS for Oil & Gas and Petrochemical Sectors Training Course?

The course focuses on applying IFRS to upstream, midstream, and downstream activities, ensuring accurate financial reporting, compliance, and performance measurement across the oil, gas, and petrochemical industries.

Who should attend this IFRS training?

It is ideal for finance professionals, CFOs, controllers, auditors, and corporate managers working in the oil, gas, and petrochemical industries who need to align their reporting processes with IFRS standards.

Does the course include practical examples or case studies?

Yes. Participants work with real-life case studies and industry-based financial statements to apply IFRS principles in practical corporate scenarios.

How does this course benefit corporate teams?

It enhances financial transparency, supports informed decision-making, ensures compliance with international standards, and strengthens the organisation’s overall governance and reporting systems.

Is the course suitable for all segments of the energy industry?

Yes. The course comprehensively covers upstream exploration, midstream transportation, and downstream refining and distribution activities within the oil and petrochemical sectors.

Course Dates

Availiable Dates

Place

April 6, 2026

July 16, 2026

October 17, 2026

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