Participants at EY’s IFRS update seminar in Doha. The two-day event brought participants up-to-date on the latest IFRS developments and new pronouncements, and their impact on financial reporting.
EY has organised an International Financial Reporting Standards (IFRS) update seminar specifically for banks and financial institutions at W Doha Hotel in Qatar. The seminar was attended by representatives from major banks and insurance companies in Qatar.
The two-day event led by Michalis Pekris brought participants up-to-date on the latest IFRS developments and new pronouncements, and their impact on financial reporting.
In particular, IFRS 9 “Financial Instruments” were extensively discussed and explained with practical examples, including the recently issued hedging component. The status of all FASB – IASB projects was reviewed as well as the latest updates in IFRS and International Financial Reporting Interpretations Committee (IFRIC).
Imtiaz Ibrahim, partner, Financial Accounting Advisory Services, EY Qatar, said, “The volume of changes to IFRS has been significant and is likely to continue in the foreseeable future. The challenge will be to assess the implications of the changes, some of which will go beyond matters of accounting, potentially also impacting business decisions and information systems. The non-alignment of the effective dates of IFRS 9 and the new Insurance Contract standard is a key concern for the insurance sector as it will result in two consecutive sets of major accounting changes in a short period of time. Early impact assessment and planning will be the key to managing successful implementation.”
EY said it was committed to supporting the industry and will continue to provide high-quality training to enable organisations to enhance the skills and performance of their employees.
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