Deloitte IFRS Seminar 2018 - Qatar
IFRS in focus
Deloitte Middle East invites you to its IFRS seminar 2018 that will be held on October 17, 2018 in Doha - Qatar.
The seminar will provide you with an overview of the current IFRS environment along with the key changes and implementation challenges to standards applicable for the current financial year. The seminar will provide topics and materials specifically selected and designed within the context of the Qatari market. It will be presented by our IFRS experts with extensive experience in advising companies on accounting and related issues.
Deloitte’s IFRS experts will share with you the latest in this field and provide you with much needed insights on various topics including:
IASB update – What’s happening in Financial Reporting?
A summary and key highlights of the recent discussions and decisions by the IASB to help stay informed about financial reporting developments.
IFRS 9 –Implementation challenges
IFRS 9 [Financial Instruments] replaces the complex IAS 39 [Financial Instruments: Recognition and Measurement].
Effective for annual reporting periods beginning on or after 1 January 2018, the implementation of the standard requires companies to rethink their business model and their current risk management strategy. It will be necessary for companies to undertake a review of all financial assets to ensure a consistent approach to classification and valuation and understand the rules relating to the reclassification of financial instruments between categories.
Implementing the ECL model has been a challenge, as companies need to develop estimates of expected credit losses over the life of the financial instrument and monitor their exposures continually. Developing an ECL model capable of applying the methodology to different asset classes requires significant judgment and time and an increased cooperation between the risk, information technology and finance departments.
IFRS 15 - Implementation challenges and common pitfalls
The new Revenue standard, IFRS 15 [Revenue from Contracts with Customers], which is effective for annual reporting periods beginning on or after 1 January 2018 is far more prescriptive than the preceding standards.
Applying the core principles of the five-step model has been challenging due to the extent of judgment required by management. Companies are facing challenges in the identifying the distinct performance obligations and determining and allocating the transaction prices, particularly considering variable components. It is important for companies to consider the industry practice in conjunction with the requirements of the standard before completing their implementation.
IFRS 16: Leases - Impact and transition rules
The new Leases standard, IFRS 16 [Leases], which is effective for annual reporting periods beginning on or after 1 January 2019 sets out a comprehensive model for the identification of lease arrangements and their treatment in the financial statements for both lessees and lessors. For lessees, the picture is fundamentally different under the new standard. IFRS 16 can be expected to have a significant impact, particularly for entities that have long term operating leases, by requiring lessees to recognize assets and liabilities for these leases. This change could in turn have a significant impact on the process and pattern of lease recognition.
Location: Marriott Marquis City Center Doha Hotel, West Bay, Doha, Qatar
Date: Wednesday, 17 October, 2018
Time: 9:00 am - 4:30 pm*
*Registration starts at 8:30 am.
Click here to register for the seminar.
Click here to know more about the speakers.