Workshop calls for implementation of new IFRS standards

Muscat - 

Aastha Rangan, chairperson of The Institute of Chartered Accountants of India (ICAI) Muscat Chapter has called upon corporates and establishments in Oman to strictly comply with the implementation of the new International Financial Reporting Standards (IFRS).

Aastha was welcoming the participants to the IFRS workshop organised by the ICAI Muscat Chapter at Hotel Muscat Holiday recently. The ICAI Muscat Chapter also asked its chartered accountant members to train and guide Omani accountants in new IFRS standards.

“It is very important for finance professionals to keep themselves abreast of the technicalities of the standards. The IFRS undergo changes and amendments and hence it is extremely necessary to call for new standard implementation. The chartered accountants need to train Omani accountants in IFRS understanding and implementation,” Aastha said.

She highlighted that IFRS 9 Financial Instruments, IFRS 16 Leases and IFRS 17 Insurance Contacts are the most critical standards and need immediate attention of finance professionals as the implementation date is nearing. The workshop brought together experts who discussed at length the standards from a practical point of view.

The event was also graced by the presence of Mark Dunn, senior partner from Deloitte, Davis Kallukaran, managing partner from Crowe Horwath and Shahnawaz Khan, partner from Grant Thornton.

At the workshop, Dunn highlighted that the standards are highly complex and need to be studied thoroughly on a regular basis.

Addressing the meeting Kallukaran informed the participants that it is important for finance professionals to comprehend the revisions in the standards in the right way with the help of experts.

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