KPMG in Qatar recently held a seminar on upcoming changes to financial reporting standards and their impact on Qatar’s businesses.
Preparing for two important changes in the International Financial Reporting Standards (IFRS) is essential for businesses and organisations to protect reputation, liquidity and avoid any regulatory action, it said.
IFRS 15 (revenue from contracts with customers) and IFRS 16 (leases), effective from January 1, 2018 and 2019 respectively, aim to ensure that the highest professional standards are met consistently.
The session was attended by more than 170 CFOs, financial controllers, finance managers, internal audit staff and other financial professionals and focused on equipping participants to prepare for the upcoming implementation of the standards, particularly the importance of assessing current practices and the organisation’s ability to migrate.
Apart from giving a detailed overview of the requirements set out in the new standards, the event highlighted a variety of challenges for organisations to ensure compliance and a smooth transition. These include assessing the capability of IT systems and, if necessary, carrying out upgrades, changing or adapting processes and controls and training staff.
Gopal Balasubramaniam, partner at KPMG in Qatar and the firm’s head of audit said, “It is absolutely essential for board and audit committee members, executives, staff, management, stakeholders and government representatives to keep abreast of developments in the ever-evolving global financial reporting framework, to ensure that their organisations remain compliant with international guidelines and local regulations.
“Failure to comply can not only lead to regulatory action but also have significant impact on reputation and liquidity – through diminishing credit reliability.”
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