KPMG Qatar hosts first virtual IFRS session

October 26, 2020

KPMG in Qatar hosted its annual IFRS R webinar on October 20. The session has been an annual occurrence for two decades, but KPMG has adapted to the ‘new normal’ and transformed the dynamics of day to day business activities.
In the first virtual IFRS session, KPMG experts shared insights virtually for finance professionals representing different industries, financial institutions and regulators.
The session was led by a KPMG panel of experts from both regional and international member firms. The speakers included Gopal Balasubramaniam, Partner and Head of Audit at KPMG Qatar, Yusuf Hassan, Head of Partner and Head of Accounting Advisory Services at KPMG Lower Gulf and Brian O’Donovan, Partner in KPMG International Standards Group.
Speaking on the occasion, Balasubramaniam said, “After IFRS R 9 (financial instruments), IFRS R 15 (revenue recognition) standards in 2018 and IFRS R 16 on leasing, IFRIC 23 on uncertain tax treatments in 2019, we didn’t have new standards in 2020, but COVID-19 pandemic has thrown a lot of challenges for the accounting world in the application of a number of existing standards.”
Yusuf Hassan led the session on the implications of COVID-19 and introduced the topic by sharing the effects the pandemic had on different industries. About the real estate industry, Hassan said, “COVID-19 has had and will continue to have an unprecedented impact on the global economy and, consequently, on the traditionally-cyclical real estate industry.”
With more than 350 registered for the session, KPMG reached a record and welcomed participants online for the first time, who had been attending diligently year after year.
The webinar supported clients by giving the latest need-to-know information on financial reporting under IFRS. The session focused on a range of topics including the implications of COVID-19, IFRS R 16 updates, IFRS R 15 practical issues, IBOR transition and IFRS R /IFRIC
updates.


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