KPMG experts on the sidelines of the event.
Experts from Audit, Tax and Advisory firm KPMG, briefed over 200 Qatar-based finance professionals on recent developments in IFRS (International Financial Reporting Standards) and the impact that this will have on business operations and processes, at an event held recently.
On the focus of the event, KPMG in Qatar’s head of Audit, Gopal Balasubramaniam said: “There have been a number of changes to IFRS (International Financial Reporting Standards) globally in recent years as world markets call for more transparent and stringent accounting. Many standards have proved more difficult to implement in practice and we are delighted to be able to support Qatar’s business community at this time.” Two new IFRSs came into effect on 1 January 2018 - IFRS9 (Financial Instruments) and IFRS15 (Revenue from Contracts with Customers). Both have been implemented by businesses throughout the year. IFRS 16 (Leases) will be launched on 1 January 2019 and many businesses are currently finalizing impact assessments to help them plan and prepare for the forthcoming changes.
The International Financial Reporting Standard (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.
