Deloitte hosts seminar on latest changes to International Financial Reporting Standards in Doha

December 16, 2011 - Deloitte Middle East recently launched its first leg of conferences on the latest changes to International Financial Reporting Standards (IFRS), the accounting standards that are now adapted and used in over 100 nations across the world including most countries in the Middle East.

The agenda of the Deloitte IFRS conference, which was held in Doha, Qatar, focused on complex areas in financial reporting and topics which have been subject to significant changes including consolidations, fair value measurements, joint arrangements, financial instruments and others. The conference also discussed the forthcoming changes in financial reporting standards related to revenue recognition and leases. "We witnessed a record turnout in terms of registrations from various industries and business segments," said Samer Jaghoub, Managing Partner of Deloitte in Qatar. "Top finance professionals, accountants, bankers and auditors participated in this seminar. Their feedback was very positive and most felt that there was an urgent need for such IFRS training in the region."

Abbas Ali Mirza, Deloitte audit partner in the United Arab Emirates and 21st session Chairman of the International Standards of Accounting and Reporting/United Nations Conference on Trade And Development (ISAR/UNCTAD), who addressed the Deloitte Doha Seminar, noted that the concept of 'one globalized world, one set of accounting and financial reporting standards', had been echoed in a communiqué issued after the G20 Leaders' Summit held in Cannes, France in November 2011. The G20 Cannes Summit Final Declaration included a call on the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) (the US accounting standard setter), to complete their convergence project and report back by April 2012. "The IASB has therefore recently issued several new Standards (IFRSs and Exposure Drafts) on some highly contentious accounting issues and all such modifications to the existing set of international standards are expected to change the international financial reporting landscape in a dramatic manner when they are applied by entities using IFRS in presenting their financial statements which will be used by investors and stakeholders of businesses around the world," said Mirza.

"The increasing complexities in financial transactions and related areas of financial reporting make it essential for the users of financial statements to be fully aware of various complex areas related to financial reporting standards" said Midhat Salha, audit partner, Deloitte, Qatar. "It is of equal importance that preparers of financial statements are fully aware of the latest developments, not only to be able to prepare their financial statements in accordance with IFRS standards but to be able to advise management and directors as to allowable alternatives under the standards, future developments therein and the relevant effect on the related company's financial position and operating results."

Deloitte plans to organize more IFRS updates in other countries of the Middle East in the coming months.

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About Deloitte & Touche (M.E.):
Deloitte & Touche (M.E.) is a member firm of Deloitte Touche Tohmatsu Limited (DTTL) and is the first Arab professional services firm established in the Middle East region with uninterrupted presence for over 85 years. Deloitte is among the region's leading professional services firms, providing audit, tax, consulting, and financial advisory services through 26 offices in 15 countries with over 2,500 partners, directors and staff. It is a Tier 1 Tax advisor in the GCC region (International Tax Review World Tax 2010 and 2011 Rankings) and was recognized as the 2010 Best Consulting Firm of the Year in the Complinet GCC Compliance Awards.

© Press Release 2011