2011년도 제2차 해외전문교육 개요

ㅇ 교 육 명  :「Oil & Gas Accounting under IFRS」(Intermediate level)

ㅇ 교육기관 : CWC School For Energy Limited(CWC)

ㅇ 교육일시 : 2011.4.25(월) ~ 4.29(금), 9:00-17:00

ㅇ 교육장소 : 해외자원개발진흥재단 석유가스교육연구센터(역삼동)

ㅇ 교육대상 : 석유가스 회계부문 관련 실무 지식을 보유한 회계?재무 분야 중견급 임직원 등

ㅇ 강 사 : Mr. Alan Mayo

  - 2001년∼현재  재무보고, 기업 가치평가 및 주주 가치 분석, 금융정보 분석, 위기관리 등을 포함한 재무관리 분야

    전문 강사이자 financial training company인 Maltway Ltd.의 디렉터로 활동중임

  - 1982∼2001년 약20여년간 PwC(PricewaterhouseCoopers)에서 회계감사 및 고객 교육 부문 매니저로 근무

  - Bristol University에서 경제학 전공(BSc in Economics)

ㅇ 주요 교육과정

<Day 1>
- Accounting for International Operations
  Purpose of financial statements
  Describe the different financial reporting frameworks(IFRS, USGAAP vs. national GAAP) and major differences between

  them and work on convergence

- Overview of Financial Accounting Methods
  Full cost vs. successful efforts(under US GAAP and as modified by IFRS)
  Review of applicability of IASB general purpose standards IAS 38, IAS 36, IAS 16 and the conceptual framework to

  exploration expenditures
  Review of IFRS 6 : exploration and evaluation expenditure
  Case study : comparing the different methods
- The Full Cost Method of Accounting
  Where full cost method is typically used and which accounting models allow it
  Which costs get capitalized?
  Allocation of costs to cost pools
  Depreciation, depletion & amortization
  Impairment
  How IFRS modifies the US GAAP full cost method
  Case study - end-to-end accounting under full cost method

<Day 2>
- Introduction to Accounting under Successful Efforts
  Where it is used, which accounting models allow it
  Overview of method
  Identify the different options presented by different accounting models

- Financial Accounting Issues in the Exploration Stage(IFRS 6)
  Non-drilling costs
  Licences and acquisition costs
  Exploratory drilling
  Allocation of costs and assets to cash generating units
  When to evaluate for impairment?
  Transfer of assets to drilling & development stage
  Differences between US GAAP & IFRS
  Case study : accounting entries for exploration

<Day 3>
- Accounting Issues in the Drilling & Development Stage(IAS 38/36)
  Well classification
  Which costs to capitalise
  Depreciation, depletion & amortization
  Impairment testing
  Case study : accounting entries in development and performing an impairment test

- Accounting Issues in the Production Stage(IAS 16/36)
  Allocation of production costs
  Recompletions and workovers
  Depreciation, depletion & amortization
  Impairment testing
  Case study : depletion methods and impairment tests

<Day 4>
- Revenue recognition, measurement and allocation
  Revenue recognition models under IFRS and US GAAP
  Forms of contract and their impact upon revenue
  Specific issues
  Royalty revenues
  Accounting for imbalance; differences in permitted treatments
  Case study - accounting for imbalances and revenues sharing
  Potential consequences of the replacement for IAS 18)

- Accounting for Asset Retirement Obligations(decommissioning provisions) and environmental remediation
  Review of IAS 37 provisions
  What is the obligation and when are these recognized?
  Measuring the obligation
  What is the corresponding asset and how is it recognized and depleted?
  Subsequent changes to the obligation
  Case study : calculating and accounting for asset retirement obligations

<Day 5>
- Accounting by joint arrangements
  Purpose and use of joint working arrangement in the oil and gas sector
  Different forms of joint venture(entities, assets and operations)
  The role of IFRS in reporting by the operator or the JV entity
  Case study - accounting for transactions between venturers

- The Use of Reserve Data in Financial Accounting
  Definitions of reserves and developments
  How reserves are used by analysts
  Use of reserves data for DD&A
  Supplemental Disclosure
  Case study - analyzing results using disclosures
  Review of proposals for a comprehensive standard on accounting for and disclosure by extractive industries

- Conclusions