Posted on October 31, 2016

EY organized its much anticipated International Financial Reporting Standards (IFRS) and Tax Update seminar at the W Hotel in Doha, Qatar. Over 100 finance professionals attended the seminar from the public and private sector in Qatar. The two-day event brought participants up-to-date on the latest IFRS developments and new pronouncements, and their impact on financial reporting.

In particular, the newly issued IFRS 16 “Leases”, the “new accounting landscape for leases” and the most recent development in revenue recognition, were extensively discussed and explained with practical examples. The seminar also dealt with IFRS 9, focusing on impairment component and practical questions of IFRS 9. The status of all FASB – IASB projects were reviewed as well as the latest updates in IFRS and IFRIC. Furthermore, EY Tax experts provided an overview of VAT and excise tax and managing contract tax retention.

Paul Karamanoukian, Office Managing Partner, EY Qatar, said: “Global financial markets demand international consistency in accounting practices. The implementation of IFRS in Qatar is key to increasing the transparency and comparability of financial information and further enhancing the efficiency of international capital markets”.

Imtiaz Ibrahim, Partner, Financial Accounting Advisory Services, EY Qatar, said: “We are living in an environment of continuous accounting change, which bring a number of new challenges to the way we record a number of transactions and assets, the volume of changes has been significant and is likely to continue in the foreseeable future. Early impact assessment and planning will be key to managing the successful implementation of the new standards that have far-reaching impact across the business. 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 presenters on IFRS and has over fifteen 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.