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Institute For Oil & Gas Training
OGI-1105 New

IFRS for Oil & Gas Entities: Reserves Disclosure Training Course

Duration
5 days
CPD hours
15
Language
English
Next date
18 Jan 2027
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Overview

IFRS for Oil & Gas Entities is a specialist corporate training course from Institute For Oil & Gas Training focused on reserves disclosure, financial reporting judgements, depletion accounting, and the presentation of petroleum sector information. The course addresses the practical reporting challenges organisations face when translating technical reserve information, production data, asset valuations, and accounting estimates into consistent and decision-useful financial reporting.

Oil and gas entities operate with financial information that depends heavily on technical assessments of exploration assets, producing properties, production profiles, development plans, commodity assumptions, and recoverable reserves. Financial reporting teams therefore require a strong understanding of how accounting requirements interact with the underlying technical and commercial information generated by petroleum operations. This course develops that capability through an integrated examination of IFRS requirements and the reporting processes used across upstream oil and gas businesses.

The programme places particular emphasis on proved and probable reserves and their relationship with financial reporting. Participants examine how reserve information supports accounting assessments, depletion calculations, impairment considerations, asset carrying values, and supplementary oil and gas information. The course distinguishes financial statement requirements from additional reserve based disclosure so that reporting teams understand the purpose, limitations, and appropriate presentation of different categories of petroleum information.

A central area of the programme is unit of production depletion. Oil and gas assets often generate economic benefits according to production rather than simply according to the passage of time. Participants therefore examine how production measures, reserve estimates, asset bases, and depletion calculations interact. The course considers the accounting implications of changes in reserve estimates and explains how finance teams maintain consistency between technical reserve assessments and financial reporting records.

The course also addresses presentation of financial statements for oil and gas entities. Participants review how financial information is structured, classified, and communicated, with attention to material accounting information and the relationship between primary financial statements, notes, accounting policies, estimates, judgements, and supplementary disclosures. This creates a practical framework for improving the consistency and transparency of petroleum financial reporting.

Accounting estimates and judgements receive detailed attention because reserve assessments and other petroleum assumptions frequently influence reported financial results. Participants explore how significant judgements are identified, documented, reviewed, communicated, and incorporated into financial reporting processes. Particular attention is given to changes in assumptions that affect depreciation, depletion, impairment, asset valuation, provisions, and other reported amounts.

The programme also examines comparative restatement and the treatment of changes in accounting policies, accounting estimates, and errors. Participants develop a structured approach to determining how reporting changes affect comparative information and how finance teams communicate the resulting effects within financial statements and supporting disclosures.

Reserve based disclosure requires careful consideration because technical reserve information and IFRS financial statements serve different reporting purposes. The course therefore examines the relationship between technical reserve data and accounting information without treating reserve metrics as substitutes for IFRS measures. This distinction helps finance professionals communicate petroleum information accurately to management, auditors, investors, regulators, lenders, and other stakeholders.

Institute For Oil & Gas Training delivers the course from a corporate reporting perspective. The content is designed for professionals who work with petroleum accounting, financial reporting, reserves information, asset management, commercial analysis, audit, internal controls, and corporate governance. The programme connects accounting requirements with operational realities so that participants can apply reporting principles to situations encountered within oil and gas organisations.

The course further considers the interaction between finance, subsurface, reservoir engineering, production, commercial, and asset teams. Effective reserves reporting depends on reliable communication between these functions. Finance professionals need to understand the meaning and limitations of reserve information, while technical teams need to understand how their information feeds into financial reporting. The course establishes a common professional language for these interactions.

Participants also examine how changes in production levels, reserve estimates, development assumptions, asset life, and technical information influence accounting outcomes. This supports stronger review processes and improves the ability of finance teams to challenge unusual movements, identify reporting risks, and maintain appropriate documentation.

For organisations, the course supports a more disciplined approach to petroleum financial reporting. It strengthens the connection between technical information and financial statements, improves awareness of disclosure requirements, and supports more consistent treatment of estimates and judgements. It also helps organisations establish stronger review procedures around reserves, depletion, comparative information, and supplementary reporting.

Objectives

  • Understand the core principles of IFRS for Oil & Gas Entities and their application to petroleum financial reporting.

  • Examine how proved and probable reserves influence accounting assessments and related financial information.

  • Understand the relationship between technical reserve information and reserve based disclosure.

  • Apply appropriate principles to unit of production depletion for relevant oil and gas assets.

  • Evaluate the effect of reserve revisions on depletion, impairment, asset carrying values, and related disclosures.

  • Strengthen understanding of presentation of financial statements for oil and gas entities.

  • Identify significant accounting estimates and judgements arising from petroleum operations.

  • Apply appropriate processes when accounting estimates change.

  • Understand the principles governing comparative restatement and corrections of reporting information.

  • Distinguish primary IFRS financial statements from supplementary oil and gas information.

  • Improve the quality and consistency of petroleum accounting documentation.

  • Strengthen communication between finance teams and technical reserve specialists.

  • Identify disclosure risks associated with inconsistent or unsupported reserve information.

  • Develop practical approaches for reviewing petroleum financial reporting before external publication.

  • Improve confidence when assessing accounting issues involving exploration, production, reserves, and depletable assets.

Training methodology

Institute For Oil & Gas Training uses a practical corporate delivery approach that combines technical explanation with oil and gas reporting scenarios. The methodology focuses on application rather than academic theory, enabling participants to work through the types of accounting and disclosure issues encountered by petroleum companies.

Case studies form a central component of the course. Participants analyse realistic oil and gas reporting situations involving reserve revisions, production changes, asset carrying amounts, depletion calculations, financial statement presentation, and disclosure decisions. These cases demonstrate how accounting conclusions depend on the quality and interpretation of underlying operational information.

Real-world scenarios are used to connect IFRS requirements with the petroleum value chain. Participants consider how information moves from subsurface and production functions into finance and ultimately into external reporting. This approach highlights the importance of controls, documentation, review, and communication between departments.

Group exercises focus on accounting judgements and reporting decisions. Participants assess scenarios involving changes in proved and probable reserves, revised production expectations, changes in estimates, comparative information, and supplementary disclosures. The exercises encourage structured reasoning and clear documentation of accounting conclusions.

Practical calculations are used to examine unit of production depletion and the relationship between reserve estimates and depreciable or depletable asset bases. Participants work through changes in assumptions and consider how those changes affect future accounting charges and reported asset values.

Financial statement review exercises provide practical exposure to presentation and disclosure considerations. Participants examine how accounting policies, estimates, judgements, asset information, and reserve-related information are communicated within financial reporting.

Facilitated discussions allow participants from finance, accounting, audit, commercial, and technical backgrounds to examine the same reporting issue from different professional perspectives. This strengthens cross-functional understanding and supports more effective collaboration within oil and gas organisations.

Organisational impact

The course strengthens the organisation's overall approach to petroleum financial reporting by improving the connection between operational information and accounting outcomes. Finance teams gain a clearer framework for reviewing reserve information and understanding its influence on reported financial results.

Improved treatment of proved and probable reserves supports more consistent accounting analysis. Organisations benefit from stronger communication between finance and technical functions, particularly where reserve assessments influence depletion calculations, impairment reviews, asset valuations, or supporting disclosures.

A stronger understanding of unit of production depletion helps organisations improve the consistency of depletion calculations and the review of assumptions supporting those calculations. Finance professionals become better positioned to investigate unexpected movements and establish appropriate documentation for significant changes.

The programme also supports improved disclosure governance. Teams gain greater awareness of the distinction between required IFRS information and supplementary oil and gas information. This supports clearer reporting structures and reduces the risk of presenting technical reserve metrics without appropriate context.

Greater understanding of accounting estimates and judgements strengthens internal review procedures. Organisations can establish more robust processes for identifying significant assumptions, documenting management judgements, reviewing changes, and communicating material effects through the reporting process.

The course supports improved comparative reporting by strengthening understanding of when prior information requires restatement and how changes in accounting estimates differ from corrections of errors. This helps reporting teams apply appropriate processes when preparing comparative financial information.

The programme also improves reporting efficiency by giving finance and accounting teams a common framework for addressing recurring petroleum reporting issues. Better understanding at the working level supports more focused discussions with auditors, technical specialists, management, and other internal stakeholders.

For senior management, improved reporting capability supports stronger oversight of the assumptions and information underlying published financial statements. For finance functions, it provides a practical framework for reviewing complex petroleum reporting matters before they progress through the external reporting cycle.

Personal impact

Participants develop stronger technical capability in IFRS for Oil & Gas Entities and gain a more integrated understanding of petroleum accounting and reporting.

They improve their ability to interpret reserve information from a financial reporting perspective and understand how changes in reserves affect accounting calculations and disclosures. This strengthens communication with reservoir engineers, geoscientists, production teams, asset managers, and commercial specialists.

Participants also develop practical competence in assessing unit of production depletion. They learn to connect production information and reserve assumptions with the accounting treatment of relevant assets and recognise the significance of changes in estimates.

The course strengthens professional judgement in areas where accounting outcomes depend on assumptions and technical information. Participants develop a structured approach to identifying significant accounting estimates and judgements, reviewing supporting evidence, and documenting conclusions.

Financial reporting professionals also gain greater confidence in reviewing presentation of financial statements and supporting notes. They become better equipped to identify inconsistencies between accounting policies, reported figures, comparative information, and supporting disclosures.

Participants improve their understanding of comparative restatement and the accounting treatment of changes in estimates and errors. This helps them contribute more effectively to year-end reporting, reporting adjustments, audit preparation, and financial statement review.

The programme also develops cross-functional communication skills. Participants learn to ask more relevant questions when reviewing technical information and to communicate financial reporting requirements clearly to non-finance colleagues.

For accountants and finance managers, these capabilities strengthen their contribution to reporting governance and management decision-making. For technical professionals, the course provides valuable insight into how reserve information feeds into corporate financial reporting.

Who should attend

  • Financial Reporting Managers — responsible for the preparation, review, and governance of corporate financial statements and related disclosures.

  • Oil and Gas Accountants — require practical understanding of petroleum accounting, reserves information, depletion, estimates, and disclosure requirements.

  • Financial Controllers — oversee reporting quality, accounting judgements, internal review processes, and financial statement presentation.

  • Chief Accountants — need stronger capability in complex accounting assessments affecting petroleum assets and reported results.

  • Finance Managers — benefit from understanding how technical petroleum information influences financial reporting and management reporting.

  • Corporate Reporting Specialists — require detailed knowledge of presentation, comparative information, accounting estimates, and disclosure considerations.

  • Technical Accounting Professionals — need structured approaches to complex IFRS issues affecting exploration and production activities.

  • Internal Auditors — gain stronger insight into controls surrounding reserves information, depletion calculations, estimates, and financial disclosures.

  • External Audit Professionals — benefit from greater understanding of the petroleum information underlying significant accounting balances and disclosures.

  • Reserves and Resources Professionals — gain insight into how technical reserve assessments support financial reporting processes.

  • Reservoir Engineers and Geoscientists — improve their understanding of how reserve information is interpreted and used within corporate accounting.

  • Asset Managers — benefit from understanding the financial reporting consequences of production profiles, reserve revisions, and asset life assumptions.

  • Commercial Managers — gain stronger awareness of how petroleum operating assumptions connect with corporate financial reporting.

  • Finance Business Partners — strengthen their ability to challenge assumptions and communicate financial implications across operational functions.

  • Senior Finance Executives — gain a broader framework for reviewing significant accounting judgements and petroleum disclosure matters.

Course outline

This module establishes the financial reporting framework for oil and gas entities and examines the relationship between petroleum operations, accounting requirements, and corporate reporting. It introduces the reporting considerations that apply when organisations account for exploration, evaluation, production assets, and associated financial information.

  1. IFRS 6

    • Provides specific IFRS requirements for exploration and evaluation expenditure.

    • Establishes requirements for classification and accounting treatment during exploration and evaluation activities.

    • Provides the foundation for understanding the financial reporting of exploration and evaluation assets.

    • Supports analysis of accounting policies used by entities undertaking mineral resource exploration and evaluation.

    Learning Outcomes

    • Understand the principal IFRS considerations affecting exploration and evaluation activities.

    • Identify key accounting information generated during upstream operations.

    • Distinguish exploration and evaluation accounting from later-stage production asset accounting.

    • Assess the importance of accounting policies in petroleum financial reporting.

    • Establish a structured approach to reviewing oil and gas accounting information.

This module examines the relationship between petroleum reserves, production activity, and asset depletion. It focuses on proved and probable reserves, unit of production depletion, changes in reserve estimates, and the financial reporting implications of revised technical information.

  1. IAS 16

    • Establishes accounting requirements for property, plant and equipment.

    • Provides principles relevant to depreciation of depreciable assets.

    • Supports the accounting framework within which systematic allocation of depreciable amounts is considered.

    • Provides relevant guidance when evaluating the accounting treatment of production assets.

    Learning Outcomes

    • Explain the relationship between reserves and production-based depletion.

    • Understand the role of proved and probable reserves in depletion assessments.

    • Apply the principles underlying unit of production depletion.

    • Identify reporting consequences arising from reserve revisions.

    • Improve review and documentation of depletion assumptions.

    • Assess how changes in technical information affect future accounting charges.

This module focuses on the communication of reserve information and supplementary oil and gas information alongside financial reporting. It examines how organisations distinguish accounting information from technical reserve data and develop clear disclosure processes.

  1. IFRS 6

    • Provides the principal IFRS framework for exploration and evaluation activities.

    • Supports the analysis of information associated with exploration and evaluation assets.

    • Requires entities to consider appropriate accounting and disclosure information within the relevant IFRS framework.

    • Helps distinguish IFRS accounting requirements from additional industry information presented outside the primary financial statements.

    Learning Outcomes

    • Understand the role of reserve information in corporate reporting.

    • Distinguish reserve based disclosure from primary IFRS financial statement information.

    • Explain the purpose of supplementary oil and gas information.

    • Improve consistency between technical reserve data and financial reporting.

    • Identify areas requiring stronger internal review before publication.

    • Communicate reserve information with greater clarity and appropriate context.

This module examines presentation of financial statements and the treatment of comparative information. It addresses the practical reporting consequences of changes in accounting policies, accounting estimates, and errors, with particular attention to comparative restatement and transparent financial statement preparation.

  1. IAS 8

    • Establishes requirements for accounting policies, changes in accounting estimates, and errors.

    • Provides principles for applying changes in accounting policies.

    • Distinguishes changes in accounting estimates from corrections of errors.

    • Provides requirements relevant to retrospective treatment and comparative information where applicable.

    Learning Outcomes

    • Understand the principles governing comparative financial information.

    • Distinguish accounting estimate changes from prior period errors.

    • Apply an appropriate approach to comparative restatement where required.

    • Improve documentation of changes affecting reported financial information.

    • Strengthen financial statement review procedures.

    • Communicate the impact of accounting changes clearly within reporting teams.

The final module integrates the course themes by focusing on accounting estimates and judgements within petroleum reporting. It examines how finance teams evaluate significant assumptions, review changes, document conclusions, and strengthen governance over complex oil and gas financial reporting matters.

  1. IAS 1

    • Establishes general requirements for presentation of financial statements.

    • Supports consistent and transparent presentation of financial information.

    • Addresses the communication of material information within financial statements.

    • Provides an important presentation framework for assessing how significant accounting information is communicated.

    Learning Outcomes

    • Identify significant accounting estimates and judgements in petroleum reporting.

    • Assess the reporting implications of changing technical and commercial assumptions.

    • Strengthen documentation supporting significant accounting conclusions.

    • Improve communication between finance and technical specialists.

    • Apply stronger review controls to petroleum financial reporting.

    • Integrate reserves, depletion, estimates, judgements, and disclosures into a coherent reporting process.

    • Support clearer presentation of material financial reporting information.

Certificate

Attendees receive a Certificate of Completion from Institute For Oil & Gas Training upon successfully finishing the course. The certificate confirms completion of the programme subject to the Institute For Oil & Gas Training attendance requirement.

Participants are expected to attend the required course sessions and actively engage with the programme content to qualify for the Certificate of Completion.

Course dates

  • Europe

    Middle East

    Asia

    Africa

    North America

    Online

    Fee: £4,400

  • Europe

    Middle East

    Asia

    Africa

    North America

    Online

    Fee: £4,400

  • Europe

    Middle East

    Asia

    Africa

    North America

    Online

    Fee: £4,400

  • Europe

    Middle East

    Asia

    Africa

    North America

    Online

    Fee: £4,400

Fees include tuition, course materials and refreshments. Need different dates or a different city? Ask about your preferred date.

Frequently asked questions

What does this IFRS for Oil & Gas Entities course cover?

The course covers petroleum financial reporting with emphasis on proved and probable reserves, unit of production depletion, reserve based disclosure, supplementary oil and gas information, financial statement presentation, comparative restatement, and accounting estimates and judgements.

Who is this course designed for?

The programme is designed for finance managers, financial reporting professionals, oil and gas accountants, controllers, auditors, technical accounting specialists, reserves professionals, asset managers, and technical personnel who contribute to petroleum reporting.

How is the course delivered?

Institute For Oil & Gas Training uses corporate case studies, practical reporting scenarios, group exercises, financial statement review activities, reserve-related examples, and facilitated discussions to connect IFRS requirements with oil and gas operations.

How does the course address reserve information?

The course examines how proved and probable reserves relate to financial reporting, depletion, accounting estimates, and supplementary oil and gas information. It also distinguishes technical reserve information from primary IFRS financial statement requirements.

What certificate is provided after completion?

Attendees receive a Certificate of Completion from Institute For Oil & Gas Training upon finishing the course, subject to meeting the required attendance requirement.

Next: 18 Jan 2027

4 dates available

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