GLOBAL ACCOUNTING & ADVISORY SERVICES

Agenda

 

Day 1

Session 1- Accounting for joint arrangements:

• IFRS 10 consolidations

• Defining control

• IAS 27 separate financial statements

• IAS 28 associates and join ventures

• IFRS 11 joint arrangements

• IFRS 12 disclosures of interests in other entities

• Equity method accounting

• Properties included in joint operations

• Joint operating agreements

• Joint interest billing

• Joint interest audit

 

Day 2

Session 2- Accounting for conveyances:

• IAS 16/38 acquisition of PP&E/intangible assets

• IFRS 6 exploration & evaluation assets

• IAS 32/37, IFRS 9 financial instruments

• Types of conveyances

• Farm-ins and farm-outs

 

Session 3- Production sharing agreements:

• Typical PSA provisions

• PSA accounting and reporting

• Typical recoverable and non-recoverable costs

• Accounting issues for PSAs

• PSA audits

• Decommissioning obligations and rehabilitation funds

 

Day 3

Session 4- Revenue recognition issues:

• Revenue recognition criteria

• Under and over-lift imbalances

• Asset exchanges

 

Session 5- Exploration phase:

• Financial reporting methods

• Full cost vs. successful efforts

• IFRS approach

• IFRS 6 and pre-exploration expenditures

• Classification of assets