Posted on September 22, 2014

EY organized its annual International Financial Reporting Standards (IFRS) update seminar at the Four Seasons Hotel in Doha, Qatar. The seminar was attended by over 125 finance professionals from the public and private sector in Qatar.

The two-day event brought participants up-to-date on the latest IFRS (International Financial Reporting Standards) developments and new pronouncements, and their impact on financial reporting. In particular, the newly issued IFRS 15 “Revenue from Contracts with Customers” and IFRS 9 “Financial Instruments” were extensively discussed and explained with practical examples, including the recently issued hedging component of IFRS 9. The status of all FASB – IASB projects were reviewed as well as the latest updates in IFRS and IFRIC.

United Arab Emirates 300x250

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 for preparers of financial statements 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. Banks in particular need to gear up to adopt IFRS 9 credit losses requirement and this will warrant significant changes in their current systems and processes. Early impact assessment and planning will be the key to managing successful implementation. EY is committed to supporting business communities and will continue to provide high quality training to enable organizations to enhance the skills and performance of their employees.”

The sessions were led by László Péter Ph.D., ACCA, a member of the Association of Chartered Certified Accountants as well as the Hungarian Accounting Standards Board. He is one of the leading presenter on IFRS and has over twelve years of experience delivering high level financial reporting programs to audiences all over and has been a regular presenter for EY Qatar over the last few years.