Ernst & Young hosts International Financial Reporting Standards (IFRS) seminar
Dubai, 07 January, 2010: Ernst & Young organized a seminar on International Financial Reporting Standards 9 (IFRS 9) in Dubai this week. The key theme revolved around learning the lessons from the financial crisis and reducing the complexity of accounting standards for financial instruments. Held at the Shangri-La Hotel in Dubai, the workshop was attended by CFOs and financial executives from several public, private organizations and banks.
Ernst & Young’s objective in conducting the seminar was to keep the financial sector in the UAE abreast of important developments that are part of the new accounting standards and their strategic implications on financial records. Some of the key topics included business combinations and consolidated financial statements.
Commenting on the new developments in accounting standards, Naushad Anwar, Partner and Middle East IFRS Leader at Ernst & Young said: "IFRS 9 represents a drastic change in the way we account for financial assets - in particular for financial instruments. It attempts to address issues encountered when implementing the previous standards and the effects of the recent financial crisis on accounting. Workshop participants were eager to know of the new developments and about how to simplify the application of the new IASB guidelines to their own procedures. The opportunity to engage them offered us unique insights to the current operational challenges that they face. Ernst & Young is committed to organizing such platforms that share, disseminate and exchange best practices in our domain."
The agenda of the workshop also included applying IFRS standards to small and medium enterprises.
Recently issued International Accounting Standards Board (IASB) guidelines have substantially changed the way financial instruments are classified and measured. These guidelines have focused on application of fair value in illiquid markets, accounting for off-balance sheet items and disclosures related to risk.
The seminar was led by Ben Wareing, Principal, Ernst & Young and an Associate of the Institute of Chartered Accountants in England and Wales.