Viewpoints: Significant IFRS application issues (Oil & gas)

Understand some of the significant International Financial Reporting Standards (IFRS) application issues when preparing year-end financial statements for an oil and gas entity.

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Prepared by Chartered Professional Accountants of Canada (CPA Canada), the Canadian Association of Petroleum Producers, and the Explorers and Producers Association of Canada, Viewpoints: Applying IFRS in the Oil and Gas Industry: Significant IFRS Application Issues includes information on:

  • confirming a bargain purchase
  • accounting for a reverse takeover transaction involving a shell company
  • determining the royalty payable to a vendor in a business combination
  • understanding why a warrant might be classified as a liability
  • treating expired land leases
  • recognizing gains and losses on farm-out arrangements
  • assessing impairment of assets
  • estimating the useful life of an oil and natural gas property