Muscat – KPMG, one of the world’s most trusted accounting firms, briefed clients in Oman about the latest developments and new standards at its annual International Financial Reporting Standards (IFRS) seminar, held on Sunday.
The seminar, which was held at Crown Plaza Hotel, brought together a number of professionals across the business community and government sectors.
Ahmed Tufail, partner, KPMG in Oman, mentioned that the seminar demonstrated the keen desire of the finance community to be updated with the latest developments in the standards. It also reflected the popularity of the speaker, Yusuf Hassan, who has been hosting these seminars in the region for almost nine years, he added.
Yusuf Hassan, partner in KPMG’s Department of Professional Practice covering Middle East and South Asia has been actively involved in IFRS trainings in the region. The region spans 20 countries in the Middle East and includes Oman, Qatar, Saudi Arabia and United Arab Emirates.
Tufail established the theme of the seminar whilst addressing the gathering. He spoke about the new standards issued and International Financial Reporting Standards board’s latest developments, including active projects and new standard on revenue recognition (IFRS 15), which is one of the most significant accounting developments of the decade.
The seminar highlighted the subject of revenue from contracts with customers and a number of revenue-related interpretations.
The new standard provides a single, principles based five-step model to be applied to all contracts with customers. Step 1 – identify the contract, step 2- identify performance obligations, step 3 – determine the transaction price, step 4 – allocate the transaction price and step 5 – recognise revenue. The impact of the new standard will vary by industry.
Tufail stated that the KPMG Business School has played an important role in transferring knowledge to a wide range of businesses and helps them respond to opportunities and challenges, improve their performance, and increase their value.
KPMG Business School has launched the Islamic Finance workshops, Basic Accounting and ACCA’s IFRS diploma training programme and will also be launching IAB training for graduates and finance professionals in Oman.
The seminar was interactive. Several participants shared their own experiences and challenges in this area and welcomed the suggestions made by others and the KPMG team.
KPMG employs more than 155,000 people and operates in 156 countries worldwide. In the Lower Gulf, comprising Oman and UAE, KPMG employs more than 850 professionals and operates from seven offices in Muscat, Dubai, Abu Dhabi, Sharjah and Jebel Ali.
Originally published on www.zawya.com