Amman - Ernst & Young held a workshop on IFRS 9, which was recently issued by International Accounting Standards Board (IASB). The workshop supports Ernst & Young's interest in keeping the financial and investment sector abreast of the most important developments in International Financial Reporting Standards (IFRS) and their effects on financial statements. Held last month at the Sheraton Hotel in Amman, the workshop was attended by several private organizations from the financial and investment sector as well as the business and banking sector. The workshop was directed by Mr. Bishr Baker, Partner at Ernst & Young Jordan and Mr. Ben Wareing Principal at Ernst & Young and expert in IFRS.
Some of the key financial topics that were discussed covered recent developments and changes in accounting policies of investments, as well as how to replace IAS 39 with the new IFRS 9 and what implications this would have on financial statements especially in relation to financial assets and the possible impact this has a on company's income statement.
During the same month, Ernst & Young also held another IFRS 9 workshop at the Central Bank of Jordan with the aim of increasing awareness amongst regulatory bodies on the international developments in IFRS, particularly with regards to the changes in and requirements of IFRS 9.
While commenting on the workshops related to the new International Standards, Mr. Bishr Baker, Partner at Ernst & Young in Jordan, said: "The issuance of IFRS 9 represents a fundamental change in the way we account for financial assets. This change by the International Accounting Standards Board (IASB) attempts to address the issues encountered when implementing the previous 39 Standards and the accounting effects of the recent financial and economic crisis that impacted Banks and Financial Companies. We therefore felt it was important to hold this workshop and introduce companies to the important changes that will occur as a result of implementing the new Standard."
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© Press Release 2010
