KPMG Qatar recently hosted its annual IFRS (International Financial Reporting Standards) webinar, which was led by panel of experts, from both regional and international member firms
The speakers included Gopal Balasubramaniam, partner and head of audit at KPMG Qatar, Yusuf Hassan, head of partner and head of accounting advisory services at KPMG Lower Gulf and Brian O’Donovan, partner in KPMG International Standards Group.
Balasubramaniam said, “After IFRS 9 (financial instruments), IFRS 15 (revenue recognition) standards in 2018 and IFRS 16 on leasing, IFRIC 23 on uncertain tax treatments in 2019, we didn’t have new standards in 2020, but Covid-19 pandemic has thrown lot of challenges for the accounting world in the application of a number of existing standards.”
Hassan led the session on the implications of Covid-19 and introduced the topic by sharing the effects the pandemic had on different industries.
For example, on the real estate industry, Hassan had said, “Covid-19 has had and will continue to have an unprecedented impact on the global economy and, consequently, on the traditionally-cyclical real estate industry.”
The webinar supported clients by giving the latest need-to-know information on financial reporting under IFRS. The session focused on a range of topics including the implications of Covid-19, IFRS 16 updates, IFRS 15 practical issues, IBOR transition and IFRS/IFRIC updates.