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.

We have compiled an inventory of external resources to help you understand and apply IFRS in the oil and gas industry. These resources were created by external organizations and were not reviewed, developed or approved by CPA Canada. CPA Canada accepts no responsibility or liability that might occur directly or indirectly as a consequence of the use, application or reliance on these resources.

IFRS Oil and Gas Insights
(Ernst & Young)
Analyzes specific IFRS application issues in the oil and gas industry. Through a series of industry focused publications, the complex and unique issues faced by oil and gas companies are examined.

Petroleum Accounting: Procedures and Guidelines
(Petroleum Accountants Society of Canada)

IFRS in Practice: Distinguishing between a business combination and an asset purchase in the extractive industry
(BDO | 2014)
Addresses the accounting requirements, judgments and difficulties in distinguishing asset acquisition transactions between a business combination and an asset purchase

Tax News Flash: Extractive Companies Should Act Now to Meet New Transparency Requirements
(KPMG | 2014)
Discusses the proposed Canadian mandatory disclosure requirements for Canadian extractive companies making payments to governments. Provides insights on how the proposed changes may affect reporting processes, systems and controls.

IFRS in Practice: Commodity Prices Raise Concerns Over Impairment
(PwC | 2013)
Reviews practical questions on how fluctuating commodity prices may affect impairment of assets.

IFRS in Practice: An overview of IFRS 6 Exploration for and Evaluation of Mineral Resources
(BDO |2013)
Summarizes the requirements of IFRS 6 Exploration for and Evaluation of Mineral Resources, and looks at a number of practical issues which often arise in practice. Addresses commonly asked questions and provides commentary on application.

IFRS in Practice: Accounting for Commodity Loans
(BDO | 2012)
Highlights a number of practical issues that need to be considered when determining the appropriate accounting approach for commodity loans.

Financial Reporting in the Oil and Gas Industry
(156 pages | PwC | 2011)
Examines how IFRS is applied in practice by oil and gas companies, identifying unique issues for the industry. A number of illustrative examples are included to demonstrate how companies are responding to the various accounting challenges along the value chain.