CPA Canada Viewpoints: IFRS 11 and direct working interests (Oil and gas)

Published on: May 31, 2015

If your oil and gas company is participating in a joint business arrangement that is not structured through a separate vehicle (e.g., a direct working interest in a well), a question that may arise is: How do I account for our interest in the arrangement and comply with IFRS 11 Joint Arrangements?

IFRS 11 and Direct Working Interests provides insights on conducting a joint control and classification assessment, accounting for a joint operation including acquisition of an interest in a joint operation, and considers disclosure implications.

Prepared by Chartered Professional Accountants of Canada (CPA Canada), the Canadian Association of Petroleum Producers (CAPP), and the Explorers and Producers Association of Canada (EPAC), this resource for junior oil and gas companies features information on:

  • determining joint control
  • the two types of joint arrangements under IFRS 11
  • accounting for a joint operation
  • accounting for an acquisition of an interest in a joint operation
  • disclosure requirements for entities involved in joint arrangements under IFRS 12 Disclosure of Interests in Other Entities


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