Major workshop to discuss international financial reporting standards

Muscat: Tahir bin Salim Al Amri, the executive president of the Central Bank of Oman (CBO), will inaugurate a major workshop on International Financial Reporting Standards (IFRS) organised by Crowe Mak Ghazali, Chartered Accountants, at the Crowne Plaza Hotel on Tuesday.

Davis Kallukaran, Managing Partner Crowe Oman said, “Article 30 of Chapter 4 of the Omani Law organising the Accountancy and Auditing profession stipulates that the financials issued by the business entities should be based on international financial reporting standards.” As such the accountants who present the accounts to the auditors and the auditors themselves should be well aware of these reporting standards. If you are to be compliant with IFRS you have to comply with the standards in totality. Hence, the need for updating the knowledge of IFRS.

“In a short span of one year the business world has been hit by three game-changing accounting standards The introduction of these critical and sensitive standards have affected/ are going to have a major impact on the financial reporting of all entities. IFRS 9, 15, and 16 may require companies to transform their business processes, not just in finance and accounting, but also in IT, operations, tax, treasury and legal among others,” said James Ravi, Director Audit & Assurance at Crowe and the lead faculty for the IFRS workshop.

The moderator for the workshop Karl Jackson, Partner Audit and Assurance at Crowe added that IFRS 9 & 15 which was applicable from last year had come up with quite several challenges and hurdles. While IFRS 9 affected the bottom line of many companies, IFRS 15 changed their revenue recognition model. Further, the applicability of IFRS 16 on leases from this year will be yet another big challenge for the business community.

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