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.
LEAVE A COMMENT Your email address will not be published. Required fields are marked*
Huawei CFO arrives at Canada court for witness testimony in US extradition case
Baladna posts 233% surge in 10-month net profit to QR112.9mn
Libya’s NOC lifts force majeure on last oilfield
India stocks decline as investors watch companies’ earnings
Asian markets drop as US stimulus remains elusive
Ant Group to raise up to $34.4bn in world’s biggest public offering
Italy set to refund Covid-hit business as anger mounts
Vodafone Qatar nine-month net profit jumps 17% to reach QR127mn
Qatar offers huge potential as partner in the field of green technologies: German envoy