International Financial Reporting Standards (IFRS) update seminar

Transcription

1 International Financial Reporting Standards (IFRS) update seminar Venue: The Four Seasons, Kingdom Tower, Riyadh Date: 22 November 2017

2 Are you ready for the change? The implementation of International Financial Reporting Standards (IFRS), globally recognized set of accounting standards, is key to increasing transparency and comparability of financial information and for further enhancing the efficiency of international capital markets. The major landmark for IFRS relevance and importance in the Kingdom of Saudi Arabia (KSA) came in July 2013, when the Saudi Organization for Certified Public Accountants (SOCPA) decided to apply International Accounting Standards, all at once. The earliest date for application would be for financial statements of listed entities prepared for financial periods starting on or after 1 January Unlisted entities, that do not have public accountability, are allowed to adopt IFRS for SMEs Standard. The Standard will be effective in 2018, but these entities would be permitted to adopt early, in While comparing with full IFRS, IFRS for SMEs is simplified, has reduced disclosures and should be less costly to implement and apply annually. EY can help you to smoothen your IFRS conversion journey + Regulatory compliance Distributable reserves review; tax diagnostic; pensions review IFRS conversion modelling and restructuring; steering committee input Skeleton accounts Chart of accounts review Accounting diagnostic; pilot IFRS conversion (accounting) Full IFRS conversion (all entities); pilot IFRS conversion (tax) Accounting policy manual; accounting disclosure checklist; extensible Business Reporting Language (XBRL) Legal entity rationalization IFRS training Technical papers (working with the external auditor) Low High + Complexity Our structured approach for IFRS conversion project Conduct IFRS training/workshop for the finance team to educate them on the differences between SOCPA and IFRS Sustain 5 1 Identify Project planning and mobilization Assist in the preparation of IFRS-based financial statements and IFRS checklists Deliver 4 2 Diagnose Provide IFRS guidance and document accounting position papers Design 3 IFRS gap assessment on financial statements IT gap assessment All Rights Reserved EY International Financial Reporting Standards (IFRS) Update Seminar 2

3 International Financial Reporting Standards (IFRS) seminar: Riyadh 22 November 2017 Agenda IFRS 15: revenue from contracts with customers IFRS 16: leases, what's changing for the lessees Data analytics Robotics IFRS 9: financial Instruments for non-financial entities a general overview VAT Register now us at: ey.riyadh.seminar@sa.ey.com Call us on: (Extension: Mohammed Shareef 46485) All Rights Reserved EY International Financial Reporting Standards (IFRS) Update Seminar 3

4 International Financial Reporting Standards (IFRS) Update Seminar Please fax this form to Mohammed Shareef at EY, Riyadh Fax: or to: I wish to reserve Place(s) for this IFRS Programme: Name Position Company Telephone Fax no Seminar fees: SR2,500 per participant Organizations nominating 2 to 4 participants will receive a 10% discount Organizations nominating five or more participants will receive a 15% discount An invoice will be sent upon receipt of registration form. Please note that payment must be received prior to the course start and is non-refundable Note: Special arrangements are made for female participants Venue: The Four Seasons, Kingdom Tower, Riyadh, Saudi Arabia Date: 22 November 2017 Time: 8.30 am to 5pm Names of participant(s) EY, P. O. Box 2732 Riyadh Telephone: Extension: Mohammed Shareef (46485) Assurance Tax Transactions Advisory 2017 EYGM Limited. All Rights Reserved. All Rights Reserved EY International Financial Reporting Standards (IFRS) Update Seminar 4

5 Assurance Tax Transactions Advisory EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com. The MENA practice of EY has been operating in the region since For more than 90 years, we have grown to more than 6,000 people united across 20 offices and 15 countries, sharing the same values and an unwavering commitment to quality. As an organization, we continue to develop outstanding leaders who deliver exceptional services to our clients and who contribute to our communities. We are proud of our accomplishments over the years, reaffirming our position as the largest and most established professional services organization in the region EYGM Limited. All Rights Reserved. ED None This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. Please refer to your advisors for specific advice.