Production Sharing Agreement Ifrs

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. 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. It would be desirable to understand the key principles of accounting for exploration, development and production under the local GAAP 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. Types of oil and gas contracts and typical features – leases, concessions and PSA agreements and technical services The objectives of the PIC system are the same as those of Equip Global. Both support investments in innovation, productivity and continuing education. If you are a Singapore-registered company, you can benefit from huge tax savings in the form of cash payments and/or tax deductions if you invest in employee training. Your participation in a Equip Global conference or training course is authorized for PIC credits, either in the form of a cash refund of 40% or a 400% tax deduction. We will provide you with the full accompanying documentation after the event and assist you in the execution of the application. Application of IAS 39 / IFRS 9 to financial risk management in upstream oil and gas products, use of derivatives and coverage Understanding and applying IFRS to the upstream oil and gas industry. Please include the title “IFRS for Oil and Gas.” Your specialist coach is an accounting and finance professional with more than thirty years of experience.