02 October 2012
MUSCAT -- PwC, the leading professional services firm, held a seminar on International Financial Reporting Standards (IFRS) last Wednesday at Shangri-la's Barr Al Jissah Resort & Spa. The seminar was aimed at providing financial professionals with a forum to discuss updates on IFRS and their impact on businesses in Oman.
The key speakers were K Srinivasan, Partner in Assurance Services, UAE, Jeff Todd, who was a partner with PwC Oman for over 20 years and is currently a Partner in Assurance Services in PwC Jordan, Ashruff Jamall, a Partner in Financial Services PwC UAE and technical expert Dinakar Munipalli, Oil and Gas Services, PwC Oman.
The seminar was organised by PwC's Academy, which is part of PwC that runs a number of financial and non-financial courses, seminars and bespoke training courses in Oman. The response from clients and the public was overwhelming and the full house of attendees included top finance professionals and senior executives from Government institutions, banks, insurance companies, family owned businesses and publicly listed companies. The seminar included discussions around recent changes in IFRS and their potential impact for organisations based in the Sultanate and also covered certain key topics which has relevance to Oman such as IFRS for SMEs.
"Oman is a key market in the GCC and is attracting an increasing number of investors who are reassured by organisations that apply international standards and best practice in their financial reporting," commented Kenneth Macfarlane, PwC Country Senior Partner for Oman. "It's important for us to help our clients deepen their understanding of IFRS and further enhance the quality of financial reporting in Oman."
Macfarlane continued: "The seminar provided a platform for PwC professionals to share their insights and explain the detail behind a number of challenging areas of the standards and to advise companies on how to ensure compliance. It was great to see familiar faces from last year's seminar and to get to know many new participants."
The topics covered included key changes to IFRS that affect the financial statements going forward; IFRS 10 and 11 -- Consolidation and Joint Arrangements; IFRS 5 -- Noncurrent assets held for sale; and certain other key standards including IFRS 9 and 13 -- Financial Instruments and Fair Value Measurement.
An exclusive interactive session where practical case studies were used covering various IFRS to enhance IFRS knowledge and provide an overview of practical application of the standards.
Moving away from IFRS, the PwC Oman tax team presented an exclusive session on recent developments in Oman Taxation. This session of the seminar recapitulated recent changes and covered the new Executive Regulations under Oman Taxation law. The session was well participated by the attendees with several questions clarified by the tax team. The tax team will be holding a further one-day session specifically on the new Executive Regulations later in the year.
PwC provides industry focused assurance, tax and advisory services to build public trust and enhance value for its clients and stakeholders. PwC has around 140 people based in Muscat who work closely with colleagues across the Middle East and from around the world to bring the network's wide-ranging expertise to add value to their clients in Oman.
MUSCAT -- PwC, the leading professional services firm, held a seminar on International Financial Reporting Standards (IFRS) last Wednesday at Shangri-la's Barr Al Jissah Resort & Spa. The seminar was aimed at providing financial professionals with a forum to discuss updates on IFRS and their impact on businesses in Oman.
The key speakers were K Srinivasan, Partner in Assurance Services, UAE, Jeff Todd, who was a partner with PwC Oman for over 20 years and is currently a Partner in Assurance Services in PwC Jordan, Ashruff Jamall, a Partner in Financial Services PwC UAE and technical expert Dinakar Munipalli, Oil and Gas Services, PwC Oman.
The seminar was organised by PwC's Academy, which is part of PwC that runs a number of financial and non-financial courses, seminars and bespoke training courses in Oman. The response from clients and the public was overwhelming and the full house of attendees included top finance professionals and senior executives from Government institutions, banks, insurance companies, family owned businesses and publicly listed companies. The seminar included discussions around recent changes in IFRS and their potential impact for organisations based in the Sultanate and also covered certain key topics which has relevance to Oman such as IFRS for SMEs.
"Oman is a key market in the GCC and is attracting an increasing number of investors who are reassured by organisations that apply international standards and best practice in their financial reporting," commented Kenneth Macfarlane, PwC Country Senior Partner for Oman. "It's important for us to help our clients deepen their understanding of IFRS and further enhance the quality of financial reporting in Oman."
Macfarlane continued: "The seminar provided a platform for PwC professionals to share their insights and explain the detail behind a number of challenging areas of the standards and to advise companies on how to ensure compliance. It was great to see familiar faces from last year's seminar and to get to know many new participants."
The topics covered included key changes to IFRS that affect the financial statements going forward; IFRS 10 and 11 -- Consolidation and Joint Arrangements; IFRS 5 -- Noncurrent assets held for sale; and certain other key standards including IFRS 9 and 13 -- Financial Instruments and Fair Value Measurement.
An exclusive interactive session where practical case studies were used covering various IFRS to enhance IFRS knowledge and provide an overview of practical application of the standards.
Moving away from IFRS, the PwC Oman tax team presented an exclusive session on recent developments in Oman Taxation. This session of the seminar recapitulated recent changes and covered the new Executive Regulations under Oman Taxation law. The session was well participated by the attendees with several questions clarified by the tax team. The tax team will be holding a further one-day session specifically on the new Executive Regulations later in the year.
PwC provides industry focused assurance, tax and advisory services to build public trust and enhance value for its clients and stakeholders. PwC has around 140 people based in Muscat who work closely with colleagues across the Middle East and from around the world to bring the network's wide-ranging expertise to add value to their clients in Oman.
© Oman Daily Observer 2012
