05 October 2011
MUSCAT -- PwC, the leading professional services organisation, threw valuable light on International Financial Reporting Standards (IFRS) at a seminar organised recently at Barr al Jissah. 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, and other technical experts: Dinakar Munipalli, Oil and Gas Services, Oman, Muhammad Hassan, Capital Markets Group in the PwC Middle East region and Safaa ElBaba, Head of Learning and Education, PwC Lebanon.
The seminar, organised by popular request from previous participants, included discussions around recent changes in IFRS and their potential impact for organisations based in the Sultanate. It received an overwhelming response from clients and the public. Attendees included top finance professionals and senior executives from Government institutions, banks, insurance companies, family owned businesses and publicly listed companies. "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; IAS 36 - Impairment; and certain other key standards including IFRS 9 and 13 - Financial Instruments and Fair Value Measurement.
Real life case studies were used throughout to enhance IFRS knowledge and provide an overview of practical application of the standards.
Moving away from IFRS, PwC also included a highly pertinent topic, addressing the pace and pressures of work, how relationship and financial problems take their toll on everyone's physical and personal well-being in the workplace as never before and the impact of the economic downturn. This exclusive session on stress management was addressed by the guest speaker Khalfan M al Esry, an eminent personality in Oman and the Founder and Executive Coach of Prosper Management Consultancy, Oman.
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 organisation, threw valuable light on International Financial Reporting Standards (IFRS) at a seminar organised recently at Barr al Jissah. 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, and other technical experts: Dinakar Munipalli, Oil and Gas Services, Oman, Muhammad Hassan, Capital Markets Group in the PwC Middle East region and Safaa ElBaba, Head of Learning and Education, PwC Lebanon.
The seminar, organised by popular request from previous participants, included discussions around recent changes in IFRS and their potential impact for organisations based in the Sultanate. It received an overwhelming response from clients and the public. Attendees included top finance professionals and senior executives from Government institutions, banks, insurance companies, family owned businesses and publicly listed companies. "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; IAS 36 - Impairment; and certain other key standards including IFRS 9 and 13 - Financial Instruments and Fair Value Measurement.
Real life case studies were used throughout to enhance IFRS knowledge and provide an overview of practical application of the standards.
Moving away from IFRS, PwC also included a highly pertinent topic, addressing the pace and pressures of work, how relationship and financial problems take their toll on everyone's physical and personal well-being in the workplace as never before and the impact of the economic downturn. This exclusive session on stress management was addressed by the guest speaker Khalfan M al Esry, an eminent personality in Oman and the Founder and Executive Coach of Prosper Management Consultancy, Oman.
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 2011
