The tax relationship between the government and the client is defined in a production sharing contract (PSC). With respect to the right to pursue an oil production project in a country, a contracted company generally agrees to pay the government a royalty for production. These royalties are calculated on gross production volume or turnover before deducting costs. In return, the contracting entity has the right to recover the costs it must bear for the company. The amounts that the company can recover for different types of costs during a billing period are shown as a percentage of total production or after deducting government royalties. This course provides an overview of accounting and PSC reporting obligations for government royalties and the cost coverage of oil exploration, development and production projects by companies. There are different accounting practices among upstream oil and gas companies and many trade and contractual agreements that are unique to them. In December 2004, IASB published IFRS 6 Exploration for Exploration and Evaluation of Mineral Resources to provide guidance and transition to extractive industry companies that adopt IFRS. Since then, no other relevant direction for oil and gas has been published and no date has been set for the resumption of work on the extractive industry project. This four-day course summarizes key accounting and advertising obligations for upstream exploration, development and production before considering the application of other essential IFRS to the sector`s unique and diversified contractual agreements. We will review the application of IFRS to the presentation of financial statements, in particular to the presentation of the profit and loss account; Revenue, including points of acquisition of revenue, below and revenue distribution under production sharing agreements. Through extensive research with the oil and gas industry, we specifically designed this four-day training course to guide various policy and implementation issues regarding typical oil and gas transactions and their impact on IFRS. This course covers the most demanding standards to understand and implement, including EXPLORATION and expenses of IFRS 6, production methods, depreciation of oil and gas properties and revenue recording.
It also includes the impact of the latest IFRS IFRS publications 10, 11, 12 and 13, an update on progress in the new standards for revenue recognition, leasing and financial instruments, as well as the extractive industry discussion paper. It would be advisable to understand the broad principles of exploration, development and production accounting in the context of local GAAP contracts and typical characteristics – leasing, concessions and psa and technical service agreements Please indicate the title as „IFRS for oil and gas“. Application of IAS 28 and IFRS 11 to joint ventures and agreements, including operator billing to non-operator operators of IAS 17-Leasing and in particular IFRIC www.iras.gov.sg/irashome/picredit.aspx 4