Deloitte hosts 'Global IFRS ForAum and Master Class' in Dubai

Deloitte global IFRS experts focused on complex areas in financial reporting and topics which have been subject to significant changes in the recent years.

These include the latest IFRS Standards on Consolidated Financial Statements, Fair Value Measurements, Joint Arrangements, disclosure of Interest in Other Entities, Financial Instruments and the Exposure Drafts on 'leases' and 'revenue recognition'.

IFRS, the set of global accounting standards, are now adapted and used in over 120 nations across the world including most countries in the Middle East.

"The ongoing modifications to the existing set of IFRSs are expected to change the international financial reporting landscape in a dramatic manner. This is typically the case when they are applied by entities using IFRS in presenting their financial statements which will be used by investors and stakeholders of businesses around the world," said Abbas Ali Mirza, audit partner, Deloitte Middle East, and member of the Deloitte IFRS leadership team in the region.

The 'Deloitte Global IFRS Forum and Master Class 2012' featured international speakers including: Veronica Poole, Global Managing Director of Deloitte IFRS and Andrew Spooner, Partner at Deloitte IFRS Centre of Excellence and Leader of Deloitte's Expert Advisory Panel on 'Financial Instruments'.

The IFRS 'promulgated by the International Accounting Standards Board, IASB' have been in international financial news as of late, due to divergent views on controversial subjects such as 'financial instruments' expressed by the IASB and the US standard setter, the FASB.

Furthermore, the US Securities and Exchange Commission's 'SEC' final 'SEC Staff Report' released earlier this year, which did not report the much-awaited US stand on whether US public companies should be allowed or required to adopt IFRS for their financial reporting, provided a detailed discussion of critical issues and focus areas such as, the progress of the development of IFRS and maintenance of IFRS by the IFRS Interpretations Committee 'IC' of the IASB.

Observations in this report, such as, "The standards that are issued by the IASB are generally perceived to be high quality by the global financial reporting community. However, there continue to be areas that are underdeveloped," and "the 'SEC' Staff's outreach both domestically and internationally indicates,"The IFRS IC should do more to address issues on a timely basis," have evoked considerable debate in the world of international accounting wherein more than 120 countries are already applying IFRS.

In addition, the IASB has been working on completing its unfinished agenda under the 'MOU' with the US Financial Accounting Standards Board 'FASB'. The IASB has also issued several new Standards 'IFRSs' and is working on several new/proposed Standards '"Exposure Drafts"' on some highly contentious accounting issues.

Such modifications to the existing set of International Financial Reporting Standards 'IFRS' are expected to change the international financial reporting landscape in a dramatic manner when they are applied by entities using IFRS, in presenting their financial statements which will be used by investors and stakeholders of businesses around the world.

"The changes being made to IFRS will impact international trade and all types of businesses across the Middle East, and worldwide," said Paddy Acharya, audit partner, Deloitte Middle East, and member of the Deloitte leadership team on telecom audits. "Globally, businesses are realizing the importance of adhering to international standards, in order to compete in the global marketplace. Globalization has now become central to a firm's growth strategy," he added.

Deloitte IFRS experts also suggest that it is of equal importance that preparers of financial statements are also aware of the latest changes to IFRS including those that are being proposed by the IASB. These changes are important not only to be able to prepare financial statements in accordance with IFRS standards, but also to be able to advise management and directors as to allowable alternatives under these Standards, and the proposed Exposure Drafts, while also addressing the relevant effects they may have on the related company's financial position and operating results.

A series of Deloitte IFRS seminars will be hosted by the firm in other countries across the Middle East in the coming months, to address these ongoing changes.