Deloitte Oman calls for robust implementation of IFRS standards
21 October, 2014 – Deloitte in Oman held earlier this week a seminar titled “International Financial Reporting Standards - IFRS Update: Spotlight on new developments.” The seminar was attended by a large number of industry leaders, Chief Financial Officers, finance managers, and other finance professionals representing different industrial sectors and leading companies in Oman.
Welcoming the participants, Alfred Strolla, regional managing partner for Oman, Yemen and South Sudan at Deloitte Middle East, reiterated the IFRS standards with respect to Small and Medium Enterprises (SMEs) which contribute around 16% of Oman’s GDP. He expanded on the importance of capitalizing on the value SMEs bring to the markets in Oman and the greater focus on their growth and the development in the country over the past few years. He also stressed on the criticality of promoting and developing Omani youth to pursue the opportunities available in the country.
The IFRS Update seminar noted that the International Accounting Standard Board (IASB) is currently undertaking a significant review of several accounting standards. Many of these changes are driven by joint projects between the IASB and the Financial Accounting Standard Board (FASB) to achieve convergence. The IASB continues with a high level of activity that is only expected to increase in the months ahead.
The seminar wrapped up on the importance of staying up to date on the recent pronouncements and current IASB and International Financial Reporting Interpretations Committee (IFRIC) projects and invited finance executives to stay abreast of such changes as they happen, engaging early in dialogue with owners, directors and top management to identify and plan for significant changes in the application of accounting policies. It also invited finance executives to plan for the related support from systems and processes to ensure that the relevant information can be produced.
Underlying the importance of transparent financial reporting by reporting entities, Strolla commented: “There have been significant developments and key changes to applicable standards. It is, therefore, important to understand the principles and the implications of the new standards and adopt robust practices.” He concluded: “Due care and diligence are required for planning the tax affairs along with the importance of appropriate documentation.”
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