Finance and Accounting Functions in the Oil and Gas Sector

The complexity of accounting for oil and gas operations has been further complicated by International Financial Reporting Standards (IFRS) requirements.

• How to understand and apply IFRS to oil and gas exploration, development and production activities?
• When to capitalise and when to expense under IFRS during exploration and development and how does the diversity in accounting practices in the extractive industry affect financial reporting?
• How do IFRS reporting requirements interact with reporting between ventures and the State?
• What are the characteristics of Production Sharing Agreements and how are these reflected in the financial statements? etc