(MENAFN- The Peninsula) With big changes in International Financial Reporting Standards (IFRS), professionals preparing financial statements are expected to face challenges in assessing the implications, which may also have impact businesses, said a financial expert at EY.
"The volume of changes to IFRS has been significant and is likely to continue in the foreseeable future. The challenge for prepares 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," said Imtiaz Ibrahim, Partner, Financial Accounting Advisory Services, EY Qatar.
Ibrahim said that 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.
He was speaking at EY's annual International Financial Reporting Standards (IFRS) update seminar, which 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 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.
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