Doha: The coronavirus pandemic has created a lot of difficulties and challenges for the accounting world, including internal auditors and other accounting professionals, in the application of a number of existing financial reporting standards, noted experts from the industry at an event recently.
Gopal Balasubramaniam, Partner and Head of Audit, at KPMG Qatar, said: “After IFRS 9 (financial instruments), IFRS 15 (revenue recognition) standards in 2018 and IFRS 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 lot of challenges for the accounting world in the application of a number of existing standards.”
Balasubramaniam was speaking at KPMG’s annual IFRS webinar held on 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 other speakers included 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.
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. For example, on the real estate industry, Hassan had 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 over 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 IFRSR.
The session focused on a range of topics including the implications of COVID-19, IFRS 16 updates, IFRS 15 practical issues, IBOR transition and IFRS/IFRIC updates.
