MUSCAT: ICAI Muscat Chapter which is sponsored by the College of Banking and Financial Studies, conducted its annual seminar on International Financial Reporting Standards on December 15, 2018 at Al Falaj Hotel Muscat.
The guest of honour for the event Eng Redha Juma Mohammed Ali al Saleh, Member, Board of Directors Oman Chamber of Commerce and Industry, emphasised the importance of IFRS (International Financial Reporting Standards) in today’s world financial market is evolving and growing into new advancement. The IFRS is a global accounting standard and crucial for business affairs so that company accounts are prepared & presented in a form that is comparable across the international boundaries.
Qais al Yousef, Chairman of Oman Chamber in his message said “It is vital that professionals who are directly involved in preparing financial statements, management, staff of the banks, insurance firms, and other financial institutions get themselves updated with latest pronouncements and changes in the IFRS”.
The chairman of ICAI Muscat chapter, CA Bhavani Prasad, welcomed the gathering and said “Grappling with imminent and fast paced changes on IFRS is major challenge faced by accounting fraternity today. This IFRS seminar will help members to keep pace with most contemporary and much sought-after topics and equip them to better deal with accounting issues affecting their day to day working.” ICAI upholds itself to the highest quality of update on IFRS and selected most relevant topics for the current dynamic market. The IFRS speakers were eloquent in their subject matter and took the audience through the standards and their intricacies in a fluid manner, involving discussions and active participation. Robin K Paul from Deloitte & Touche Oman covered IFRS 3 ‘Business Combinations’, James Ravi from Crowe Oman spoke on IFRS 15 ‘Revenue from Contracts with Customers’ whereas Mahesh Lalwani from PwC Oman dealt with IFRS 9 for ‘Impairment provision’.
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