(MENAFN- The Peninsula) More than 150 senior finance professionals from more than 70 leading Qatari companies converged on an annual IFRSâ€"update workshop conducted by KPMG, one of the leading accounting, tax and advisory firms.
The workshop highlighted key developments and practical challenges on adoption of the recent revised accounting standards released by the International Accounting Standards Board (IASB), - IFRS 9, 10, 11, 12 and 13. Current accounting technical issues faced by companies in the region were also highlighted.
The workshop was conducted by two experienced IFRS Technical trainers, Yusuf Hassan, Head of KPMG's Regional IFRS team, and Newton De Niese, Senior Manager, who heads the accounting advisory services practice in Qatar.
KPMG Qatar's audit partner, Omar Mahmood, said: "IFRS 10, 11, 12 and 13 will impact numerous entities from January 1, 2013, whereas IFRS 9 will be effective from January 1, 2015. It is important that the entities in Qatar should plan now for the new standards which will replace the current provisions on consolidation, joint arrangements, fair valuation, recognition and measurement of financial instruments and impairment."
Gopal Balasubramaniam, Head of Audit for KPMG in Qatar, highlighted how 2013 will be a big year for IFRS changes and hence something that finance, risk and business professionals need to be fully aware of.
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