Accounting changes for banks

Manama 20 May 2012 – Ernst & Young recently held an IFRS Breakfast Seminar on the current changes to International Financial Reporting Standards (IFRS) which are affecting banking organizations. The main topics addressed were Financial Instruments (IFRS 9) and Consolidation and Joint Arrangements (IFRS 10, 11 and 12).

Essa Al-Jowder, Office Managing Partner, Ernst & Young, Bahrain, said: “The scale of these changes is significant and the adoption of the new standards may lead to significant changes in an entity’s reported financial position and performance. This seminar is part of our ongoing commitment to keep clients up to date with the latest developments in financial reporting and the related challenges.”

The objective in conducting the seminar was to keep the financial sector in the Bahrain updated with important developments that are part of the new accounting standards and their strategic implications on financial records. Ernst & Young intends to organize similar seminars regularly to discuss other future changes.

The lecture was conducted by Neville Gray, Financial Accounting Advisory Services Partner and Steve Robb, Financial Accounting Advisory Services Director, both from Ernst & Young’s London office.