Bahrain Insurance Association organizes workshop on International Financial Reporting Standards

The workshop was organized for the benefit of Bahrain Insurance Association members and the insurance industry at large where they will be provided with an overview and understanding of the new International Financial Reporting Standard (IFRS7) published by the International Accounting Standards Board.

The workshop was conducted by KPMG Financial Specialists highlighting the benefits members will gain in implementing these new standards such as the ability to evaluate the significance of financial instruments in the financial position and performance of any entity as well evaluating the nature and extent of risk arising from financial instruments to which the entity is exposed and the management of these risk. Speakers at the workshop were, Mr. Pankaj Manik, Mr. Hassan Jassim, Mr. Krishnan Kavasseri from KPMG.

Commenting on the workshop Mr. Kannan Chairman, BIA Finance Committee, said: ".More than 100 countries require or permit the use of International Financial Reporting Standards. It provides the opportunity to meet and discuss IFRS developments among the Finance Managers in all Insurance companies. This half-day workshop on specialized aspects of financial reporting allows more interaction among participants and provides the opportunity to listen to their comments.

Ashraf Bseisu, BIA Chairman said: "BIA is committed in providing its member companies with the latest development in matters that affects our industry, this workshop highlighted the main features of the standard and its application from an insurer's point of view".