22 January 2012
MUSCAT: Deloitte recently conducted a seminar on changes to International Financial Reporting Standards (IFRS) titled 'IFRS -- an overview of key changes'. The event was held by The Institute of The Chartered Accountants of India (ICAI), Muscat chapter at Muscat's College of Banking and Financial Studies.
After a welcome from P.R. Subramanium, vice-chairman of ICAI Muscat Chapter and Gurumurthy, secretary, Robert O'Hanlon, audit partner at Deloitte in Oman addressed a gathering of more than 200 chartered accountants representing chief financial officers, finance managers, auditors and senior accounting professionals, saying: "We continue to see a period of intensive activity at the IASB (International Accounting Standard Board) with several new standards issued in 2011 and significant new standards expected in 2012. Current and proposed projects will result in changes to standards such as financial instruments, fair value measurement, consolidation, joint arrangements, leases and revenue recognition.
These are expected to have material impact on the financial reporting in the years ahead."
Financial crisis
At the seminar, which constituted an approved Continuing Professional Education (CPE) event for the Indian chartered accountants, Ganesh Vishnampettai, audit director at Deloitte in Oman, made a presentation in which he discussed the key changes in IFRS, and shared Deloitte's expertise in this domain.
The IASB is currently undertaking a significant review of several accounting standards. Many of these changes are driven by joint projects between the IASB and the Financial Accounting Standard Board (FASB) to achieve convergence.
Additionally, a certain number of these projects have been fast-tracked in the aftermath of the financial crisis of 2008 and 2009.
The IASB's continuing high-level of activity is expected to increase in the months ahead. It is essential for finance executives to be aware of changes as they happen, engage early in dialogue with owners and top management, and identify and plan for significant changes in the application of accounting policies.
Finance executives may also have to plan for related support from systems and processes to be able to capture the changes in the underlying information.
MUSCAT: Deloitte recently conducted a seminar on changes to International Financial Reporting Standards (IFRS) titled 'IFRS -- an overview of key changes'. The event was held by The Institute of The Chartered Accountants of India (ICAI), Muscat chapter at Muscat's College of Banking and Financial Studies.
After a welcome from P.R. Subramanium, vice-chairman of ICAI Muscat Chapter and Gurumurthy, secretary, Robert O'Hanlon, audit partner at Deloitte in Oman addressed a gathering of more than 200 chartered accountants representing chief financial officers, finance managers, auditors and senior accounting professionals, saying: "We continue to see a period of intensive activity at the IASB (International Accounting Standard Board) with several new standards issued in 2011 and significant new standards expected in 2012. Current and proposed projects will result in changes to standards such as financial instruments, fair value measurement, consolidation, joint arrangements, leases and revenue recognition.
These are expected to have material impact on the financial reporting in the years ahead."
Financial crisis
At the seminar, which constituted an approved Continuing Professional Education (CPE) event for the Indian chartered accountants, Ganesh Vishnampettai, audit director at Deloitte in Oman, made a presentation in which he discussed the key changes in IFRS, and shared Deloitte's expertise in this domain.
The IASB is currently undertaking a significant review of several accounting standards. Many of these changes are driven by joint projects between the IASB and the Financial Accounting Standard Board (FASB) to achieve convergence.
Additionally, a certain number of these projects have been fast-tracked in the aftermath of the financial crisis of 2008 and 2009.
The IASB's continuing high-level of activity is expected to increase in the months ahead. It is essential for finance executives to be aware of changes as they happen, engage early in dialogue with owners and top management, and identify and plan for significant changes in the application of accounting policies.
Finance executives may also have to plan for related support from systems and processes to be able to capture the changes in the underlying information.
© Times of Oman 2012
