The Ministry of Economy and Commerce (MEC) recently hosted a seminar entitled ‘Revised International Accounting Standards and Financial Reporting’ (IFRS), which was attended by accounting community in Qatar.
The seminar falls within the framework of the MEC’s keenness to promote the auditing profession regulated by the accounts auditing law No. 30 of 2004.
The MEC said it is also keen on contributing to the development of the accounting and auditing profession, which “reflects economic performance and represents a safety valve.”
The seminar, which brought together representatives of the MEC with a number of experts, touched upon several topics including introduction to IFRS standards and their impact on the financial statements of companies in Qatar following their adoption in January, 2017.
The implementation of the new standards is aimed at bolstering transparency when it comes to financial reports, which contributes to rational investment decisions by shareholders and partners.
The seminar also highlighted the stages of revising the International Accounting Standards and Financial Reporting, most importantly the restructuring of financial reporting systems and processes to provide reliable and comprehensive information to management and stakeholders, and to enhance financial transparency for analysts, investors, regulators and other stakeholders by improving the quality of published results, financial positions and other key performance indicators.
The adoption of the International Accounting Standards to prepare the financial reports also facilitates the approval of financial statements and provides access to financing at lower rates and reduces costs.
During the seminar, participants were briefed on the services the MEC provides to accountants and auditors including the preparation and registration of accountant records, work supervision and monitoring the compliance of auditing offices with laws regulating the profession and professional standards, while not interfering with the competence of the Certified Accountants Acceptance Committee.
The ministry said it is also responsible for processing complaints relating to “professional violations” as well as the formation of committees to settle complaints, assess obstacles to practising the auditing profession, proposing recommendations, and implementing the provisions of laws and regulations governing auditors.
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