20–22 Jul · Houston 7–9 Dec · Singapore 3 Days 5-Star Hotel
About This Course
Course Overview
This practical 3-day course provides a comprehensive grounding in IFRS as applied to upstream oil and gas entities. It covers the full accounting lifecycle — from financial statement composition and reserves accounting through exploration expenditure, development costs, decommissioning obligations and revenue recognition under IFRS 15.
Delivered through expert instruction, real E&P company case studies and hands-on exercises, participants develop a thorough working knowledge of IFRS 6, IAS 16, IAS 37, IFRIC 1 and IFRIC 5 — and how these standards interact in practice. Key comparisons with US GAAP are integrated throughout.
Led by Alan, an accounting specialist with over 30 years' experience and a track record of in-house delivery for BP, Eni, Gazprom, Petronas and Nigerian LNG. Sessions are held in Houston and Singapore in 2026.
Programme Content
Key Topics
01
IFRS Fundamentals & Financial Statements
Nature of oil and gas entities and commercial arrangements
Overview of the IASB framework and its relevance to oil and gas
Composition of IFRS financial statements for E&P companies
Accounting for reserves and key relevant standards
Financial statement presentation and disclosures
Accounting for fixed assets under IFRS: recognition and measurement
Case studies: IFRS E&P company financial statements
02
Exploration, Development & Impairment
Full cost vs successful efforts accounting methods compared
IFRS 6 and its impact on exploration accounting methods
Treatment of dry holes and impairment of exploration expenditure
Recognition, measurement and classification of development spend
Abnormal expenditures and application of impairment standards
Capitalisation of environmental damage and asset retirement obligations
Accounting for rehabilitation funds and measurement of AROs
IAS 16 applied to production assets; units of depreciation method
Revenue recognition and measurement under IFRS 15
Accounting for royalties, production tax and revenue allocations
Measurement of inventories in oil and gas operations
Learning Outcomes
What You Will Learn
By the end of this masterclass, you will be able to:
01Apply IFRS financial reporting frameworks to upstream oil and gas entities and prepare compliant financial statements
02Account for oil and gas reserves and apply key relevant standards including IFRS 6
03Compare full cost and successful efforts accounting methods and their impact on financial reporting
04Recognise, measure and account for decommissioning obligations under IAS 37, IFRIC 1 and IFRIC 5
05Apply IAS 16 to production assets and calculate depreciation using the units of production method
06Apply IFRS 15 to oil and gas revenue recognition including royalties, production taxes and revenue allocations
Dates & Pricing
Sessions & Fees
All sessions are held at five-star hotel venues. Classroom only — no virtual option.
Dates
Location
Format
Fee
20–22 Jul 2026
Houston, USA
Classroom
£3,300 (no VAT)
7–9 Dec 2026
Singapore
Classroom
£3,300 (no VAT)
Target Audience
Who Should Attend
This masterclass is designed for accounting professionals who are new to IFRS or new to upstream oil and gas.
Accountants & Finance Professionals
Financial staff in oil and gas needing IFRS grounding
Auditors
Auditors examining E&P financial statements and disclosures
Oil & Gas Professionals
Engineers, geologists and managers needing financial context
Financial Analysts
Analysts evaluating the financial performance of E&P companies
Compliance & Regulatory Teams
Professionals ensuring IFRS compliance in oil and gas reporting
NOCs & IOCs
Finance professionals in national and international oil companies
Common Questions
Frequently Asked Questions
Who delivers this course? +
The course is delivered by Alan, an accounting and finance professional with over 30 years of experience specialising in IFRS for oil and gas. He has delivered programmes for BP, Eni, Gazprom, Petronas, Nigerian LNG and Mubadala.
Where and when are the 2026 sessions? +
2 sessions: 20–22 July in Houston, USA; and 7–9 December in Singapore.
What is the course fee? +
Classroom fee is £3,300 per delegate. No VAT on Houston and Singapore sessions.
Is a virtual option available? +
No — this course is delivered classroom-only at five-star hotel venues.
Can this be delivered in-house? +
Yes. Alan has delivered this programme in-house for BP, Eni, Kogas, Gazprom, Petronas, Nigerian LNG and Mubadala. Contact j.rogus@londonpetroacademy.co.uk for a proposal.
All London Petro Academy courses are available as fully customised in-house programmes delivered at your premises, or in Dubai, Houston, Singapore or any location worldwide.
