KPMG in Qatar holds session to update local finance professionals on IFRS

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KPMG in Qatar conducted an informative session on recent updates to International Financial Reporting Standards (IFRS). The session focused on the impact these changes to IFRS will have not only on the financial statements of the companies, but also on their business operations and processes in the region and globally.

The seminar, which brought together over 200 Qatar based finance professionals, focused on IFRS 9, IFRS 15 and IFRS 16, in addition to discussing IFRIC 23, other IFRIC updates and non-GAAP measures, aiming to equip participants with the latest need-to-know information on financial reporting under IFRS.

KPMG in Qatar’s head of Audit, Gopal Balasubramaniam said: “businesses locally and globally need to be updated about the new IFRSs, changes to the existing IFRSs, their practical impacts and implementation challenges. After the impact that IFRS 9 caused to financial instruments and IFRS 15 to revenue recognition in 2018, it is time for lease accounting in the year 2019 which is a major change in the way leases are accounted and reported”.

Yusuf Sayed, director of audit at KPMG in Qatar said: “KPMG is proud to continuously host annual IFRS update sessions in the State of Qatar. The representation from across the industry lines and regulators helped the participants learn the challenges and opportunities with the introduction of new IFRSs. The event also led to a great amount of interactions between the participants and know more about regional and international practices in the finance and accounting field”.

IFRS Foundation is a not-for-profit international organization responsible for developing a single set of high-quality, global accounting standards, known as IFRS Standards.

 

IFRS Standards are set by the IFRS Foundation’s standard-setting body, the International Accounting Standards Board. IFRS Standards are applied in over 125 jurisdictions including in Qatar.

Source: www.thepeninsulaqatar.com

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