Oil & gas – Implementing IFRS 15 | KPMG | CA

Oil & gas – Implementing IFRS 15

Oil & gas – Implementing IFRS 15

We look at possible impacts of IFRS 15, actions that may be needed, and how KPMG can help.

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The new revenue standard – effective from 1 January 2018 – is having an impact across the oil and gas sector.

We look at how IFRS 15 Revenue from Contracts with Customers will affect companies in the oil and gas sector, and how KPMG can help.

How you might be affected

Some revenue may be recognized earlier than today, whilst some costs may be deferred. And the new disclosure requirements are extensive.

However, the impacts will be felt far beyond accounting change. A number of sector-specific arrangements will be affected, including:

  • production- and sales-based royalties
  • oil and gas lifting imbalances.

How we can help

Download the full article to further understand how these and other oil and gas sector-specific arrangements are affected, and the actions you may need to take.

It gives examples of how our cross-functional team of experts has helped clients across various sectors – including energy and natural resources – with the accounting and operational challenges of the new revenue standard.

These include:

  • Performing an overall impact assessment to identify the key revenue streams that may be impacted by IFRS 15
  • Performing a detailed accounting diagnostic to identify and prioritize the impacts on accounting policies and disclosures, including information gaps
  • Reviewing key accounting policies and accounting manuals.

Please speak to your usual KPMG contact if you would like to find out more about how KPMG can help your business.

For more recent publications on the new standard, visit our IFRS 15 – Revenue from contracts with customers page.

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