ICAI seminar focuses on importance of IFRS

Muscat, DEC 26 – ICAI Muscat Chapter, which is sponsored by the College of Banking and Financial Studies, conducted its Annual Seminar on International Financial Reporting Standards recently. The Chief Guest, Redha Juma al Saleh, Member — Board of Directors, Oman Chamber of Commerce and Industry (OCCI), emphasised the importance of IFRS (International Financial Reporting Standards) in today’s world where financial markets are evolving. The IFRS is a global accounting standard and crucial for business affairs so that company accounts are prepared and presented in a form that is uniform across international boundaries.
Qais al Yousef, OCCI Chairman, in a message delivered on his behalf, stated: “It is vital that professionals who are directly involved in preparing financial statements, management, staff of banks, insurance firms, and other financial institutions get themselves updated with latest pronouncements and changes in the IFRS.” In welcome remarks, Bhavani Prasad, Chairman of ICAI Muscat Chapter, said: “Grappling with imminent and fast paced changes on IFRS is a major challenge faced by the 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.”
The IFRS speakers took the audience through the new standards. Robin K Paul of Deloitte & Touche Oman spoke on ‘IFRS 3 Business Combinations’, while James Ravi of Crowe Oman, focused on IFRS 15 ‘Revenue from Contracts with Customers’. Mahesh Lalwani of PwC Oman dealt with IFRS 9 for ‘Impairment Provision’.