Applying ifrs in the oil and gas industry bpzccrr

Applying ifrs in the oil and gas industry

02.04.2021

Muntz22343

28 Feb 2019 application of IFRS 9 (Note 20.3) and €843 Repsol is a group of companies in the energy sector (hereinafter, published “Information on Oil and Gas Exploration and Production Activities” and the “Report on Payments to. apply International Financial Reporting Standards (IFRS) in the consolidated In the oil and gas industry, which is also applied under N GAAP, it is common to. IFRS, oil gas industry: External resources Guidance for applying IFRS in the oil and gas industry: External resources Use these selected resources to better understand some of the IFRS practices in the oil and gas industry. November 2014 Applying IFRS in the Oil & Gas sector What you need to know. • The amendment to IFRS 11 means enti ties will now need to apply the principles of business combinations accounting when acquiring an interest in a joint operation that constitutes a business. 1 February 2017 Applying IFRS – New IASB leases standard – Oil and Gas Contents What you need to know • The IASB has issued a new leases standard that requires lessees to recognise most leases on their balance sheets. For oil and gas lessees, this means recognising assets and liabi lities for most leases of facilities AppLYinG iFRss in tHe oiL An GAs inUstRY (Endnotes) 1. An acquirer is an entity that obtains control of the acquiree. An acquiree is a business or businesses that the acquirer obtains control of in a business combination. A business is an integrated set of activities and assets that is capable of being conducted and managed for the purpose of providing Applying IFRS in the Oil and Gas Industry highlights some current IFRS application views and approaches. Additional options and pricing may be available. See pricing and registration for more details.

The Canadian Association of Petroleum Producers (CAPP), the Explorers and Producers Association of Canada (EPAC) and the Chartered Professional Accountants of Canada (CPA Canada) created the Oil and Gas Industry Task Force on IFRSs to share views on IFRS application issues of relevance to junior oil and gas companies.

Previously, most leases in the oil and gas industry were classified as operating leases, with Reporting issuers have the option to either apply IFRS 16 on a full method of calculating asset retirement obligations for the oil and gas industry. What is an Asset Retirement Proper application of a discount rate adjustment There are five phases to the life cycle of upstream oil and gas industry: Ernst and Young (2012a) Applying IFRS in Oil & Gas Revised proposal for revenue 28 Feb 2019 application of IFRS 9 (Note 20.3) and €843 Repsol is a group of companies in the energy sector (hereinafter, published “Information on Oil and Gas Exploration and Production Activities” and the “Report on Payments to.

19 Jul 2017 IFRS 9. 129. 7.1.1 How does classification impact the oil and gas sector? Companies that are SEC registrants apply the SEC's own definition

4 Applying IFRS in Oil & Gas — March 2012 Applying IFRS in Oil & Gas — March 2012 Scope Definition of revenue and a customer Revenue is currently defined in IFRS2 as: “Income arising in the course of an entity’s ordinary activities.” This definition has been carried forward unchanged in the ED from current IFRS. under International Financial Reporting Standards (IFRS). The need for this publication has arisen due to: • the absence of an extractive industries standard under IFRS; • the adoption of IFRS by oil and gas entities across a number of jurisdictions, with overwhelming acceptance that applying IFRS in this industry will be a continual challenge; and This is primarily due to the fact that current impairment requirements under IAS 39 are based on an ‘incurred loss model’, i.e., credit losses are not recognised until loss event occurs. The new impairment requirements in IFRS 9 are based on an expected credit loss (ECL) model and replace IAS 39 approach. Entity A has been operating in the upstream oil and gas sector for many years. It is transitioning to IFRS in 20X5 with a transition date of 1 January 20X4. Management has decided to adopt IFRS 6 to take advantage of the relief it offers for capitalisation of exploration costs and the impairment testing applied. Viewpoints: IFRS transition issues (Oil and gas) Understand some of the significant issues when an oil and gas entity transitions to International Financial Reporting Standards (IFRS). Viewpoints: IFRS 16 Leases - Key recognition considerations for the mining industry (Mining) Understand some key lease recognition issues in contractual arrangements common to the mining industry and how the accounting for some agreements may be affected by IFRS 16.

Essential Guide to IFRS Relevant to the Oil & Gas Sector Midstream & Downstream Oil & Gas activities, applying specialist industry knowledge and relevant

November 2014 Applying IFRS in the Oil & Gas sector What you need to know. • The amendment to IFRS 11 means enti ties will now need to apply the principles of business combinations accounting when acquiring an interest in a joint operation that constitutes a business. 1 February 2017 Applying IFRS – New IASB leases standard – Oil and Gas Contents What you need to know • The IASB has issued a new leases standard that requires lessees to recognise most leases on their balance sheets. For oil and gas lessees, this means recognising assets and liabi lities for most leases of facilities AppLYinG iFRss in tHe oiL An GAs inUstRY (Endnotes) 1. An acquirer is an entity that obtains control of the acquiree. An acquiree is a business or businesses that the acquirer obtains control of in a business combination. A business is an integrated set of activities and assets that is capable of being conducted and managed for the purpose of providing

19 Jul 2017 IFRS 9. 129. 7.1.1 How does classification impact the oil and gas sector? Companies that are SEC registrants apply the SEC's own definition

The Oil Industry Accounting Committee (OIAC) is a focal point for UK upstream The SORP will no longer apply to any entity for accounting periods beginning on or standards and IFRS that may affect the UK upstream oil and gas industry.