Ernst & Young (EY) yesterday concluded in Qatar its annual International Financial Reporting Standards (IFRS) update seminar.
EY partnered with László Péter, a member of the Association of Chartered Certified Accountants as well as the Hungarian Accounting Standards Board, who has been a regular presenter for EY over the last few years, to conduct the training.
The two-day event brought participants up to date on the latest IFRS developments and new pronouncements, and their impact on financial reporting.
The seminar highlighted that companies reporting under IFRS continue to face a steady flow of new standards and interpretations.
The volume of changes to IFRS has been significant and is likely to continue in the foreseeable future.
The challenge for preparers of financial statements will be to assess the implications of the changes, some of which will go beyond matters of accounting, potentially also impacting the business decisions and information systems.
In particular, the newly issued IFRS 10 “Consolidated Financial Statements”, IFRS 11 “Joint Arrangements”, IFRS 12 “Disclosure of Interests in Other Entities” and IFRS 13 “Fair Value Measurement” were discussed and explained with practical examples.