EY organised its sector-focused International Financial Reporting Standards (IFRS) update seminar for banks and financial institutions at City Center Rotana in Qatar. The seminar was attended by representatives from major banks and insurance companies in Qatar.
The two-day event brought participants up-to-date on the latest IFRS developments, new pronouncements, and their impact on financial reporting. As IFRS continues to evolve and to have a significant impact on the financial statements of banks and other financial institutions, the event provided a comprehensive overview of the current reporting requirements in relation to financial instruments and of the new requirements contained in IFRS 9 which becomes mandatory for accounting periods beginning on or after January 1, 2018. It also covered the effects that the current and impending standards have on the financial statements of financial institutions in Qatar.
Likely changes to IFRSs based on the IASB's technical agenda were reviewed and discussed. Understanding the rules is very important for the sector, as the amendments to the standards will change the way in which financial institutions in Qatar will assess their investments, possibly affecting their earnings and the way they evaluate possible losses arising from the instruments.
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 will be to assess the implications of the changes, some of which will go beyond matters of accounting. The non-alignment of the effective dates of IFRS 9 and the new Insurance Contract standard is a key concern for the insurance sector as it will result in two consecutive sets of major accounting changes in a short period of time. Early impact assessment and planning will be the key to managing successful implementation, as they will highlight gaps in the existing reporting systems and frameworks." Prabhu Gudavalli, Training Manager, EY Qatar said, “EY is committed to supporting the industry and will continue to provide high quality training to enable organisations to enhance the skills and performance of their employees.” The sessions were led by L?szl? Péter, ACCA, a member of the Association of Chartered Certified Accountants as well as the Hungarian Accounting Standards Board.
