ICAI calls for implementing new IFRS standards in Oman

Business Saturday 03/February/2018 10:53 AM
By: Times News Service
ICAI calls for implementing new IFRS standards in Oman

Muscat: A senior official of the Institute of Chartered Accounts of India (ICAI) has called for strictly complying with the implementation of the new International Financial Reporting Standards (IFRS).
While welcoming the participants of the IFRS workshop organised by the ICAI Muscat Chapter in Muscat recently, Aastha Rangan, Chairperson of ICAI Muscat Chapter, said that it is very important for finance professionals to keep themselves abreast of the entire technicalities of the standards.
She said that the IFRS undergoes changes and amendments and hence it is extremely important to implement the new standard. Rangan emphasised on the need to train Omani accountants in IFRS and its implementation.
In 2008, the Muscat Chapter was established under the sponsorship of the College of Banking and Financial Studies (CBFS) on the basis of a memorandum of understanding (MOU) signed by the two bodies for the development of accounting profession in Oman and sharing knowledge and skills. The chapter operates as a non-profit group of Indian chartered accountants who are employed in Oman and organises professional events, which is open to attendance by the professionals of all nationalities residing in Oman.
The chapter also runs an Omani Professionals Working Group (OPWG) which entitles all Omani nationals who become part of OPWG to attend chapter programmes without paying any membership fee or other charges, which are payable by chapter members to meet the cost of running such programmes.
Rangan highlighted that IFRS 9, Financial Instruments, IFRS 16, Leases and IFRS 17 and 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 in length the standards from a practical point of view.
The event was attended by Mark Dunn, Senior Partner of Deloittee, Davis Kallukaran, Managing Partner of Crowe Horwath and Shahnawaz Khan, Partner of Grant Thornton. Mark Dunn highlighted that the standards are highly complex and need to be studied thoroughly on a regular basis.
Addressing the gathering, Davis Kallukaran said that it was important for finance professionals to comprehend the revisions in the standards in the right way with the help of experts. He also reminded members of their responsibility towards mentoring Omani accountants in the technical areas like IFRS.
Robin K Paul, Principal Audit and Assurance from Deloitte said that corporate sector needs to start preparing for the standard. IFRS 16 Leases was issued by the IASB in January 2016. It will replace IAS 17 Leases for reporting periods beginning on or after January 1, 2019.
Arqam Ayubi, Director – Audit & Assurance at Crowe Horwath Oman, discussed in details about the technicalities of IFRS – 9 and Financial Instruments.