#ifrs 16

[shasat-uk]

IFRS 16 Leases: Persistent Challenges for Finance Professionals

Shasat, a reputable name in the world of financial education and training, has unveiled an exciting and timely initiative: the IFRS 16 Leases Workshop. This program has been carefully designed to address the seismic shifts in lease accounting brought about by the IFRS 16 accounting standard, a pivotal change that's been hailed as the most significant in over 30 years.

With the introduction of IFRS 16, companies adhering to International Financial Reporting Standards (IFRS) are facing a transformative challenge. The longstanding practice of classifying leases as either operating or finance leases has been overhauled. Now, all leases are to be reported on the balance sheet, fundamentally altering the way businesses account for these financial obligations. It's worth noting that some exemptions still apply, specifically for short-term leases without purchase options or low-value assets.

This shift in lease accounting brings forth an era of enhanced transparency and clarity in financial reporting. Investors will benefit from financial statements that more accurately mirror the economic realities of businesses. This, in turn, simplifies the process of evaluating and comparing companies within the same industry, ultimately supporting more informed investment decisions.

Moreover, the implementation of IFRS 16 (also known as ASC 842 under US GAAP) results in a notable increase in assets, liabilities, and net debt. These changes have a direct impact on key accounting and financial ratios, which can influence a company's appeal to potential investors and its ability to secure essential financing.

For professionals and organizations looking to navigate these complex changes and optimize their financial reporting, the IFRS 16 Leases Workshop is an invaluable resource. It equips participants with the knowledge and skills required to effectively tackle the challenges posed by IFRS 16. The course covers a wide array of essential topics, including determining suitable lease portfolios, understanding asset identification criteria, evaluating lease terms, and accounting for various types of lease payments.

Participants will also gain insight into reassessing lease liabilities in the face of changing lease terms, understanding lease incentives, initial direct costs, and dismantling costs. The treatment of non-lease components in a lease contract and handling onerous leases under IFRS 16 are also addressed. The course further delves into the critical aspect of applying the appropriate discount rate to calculate lease liabilities and offers guidance on where to source these rates.

To accommodate professionals worldwide, Shasat has made the IFRS 16 Leases Workshop accessible through various platforms and locations. This inclusive approach ensures that individuals from diverse backgrounds and regions can benefit from this essential training.

Here is the schedule of upcoming programs by Shasat. However, we recommend you continue to visit Shasat's website for the most up-to-date program schedules.

IFRS 16 For Leases Workshop | GID 32001 | London: September 29, 2023 

IFRS 16 For Leases Workshop | GID 32002 | Zurich: November 1, 2023

IFRS 16 For Leases Workshop | GID 32003 | Dubai: November 15, 2023

IFRS 16 For Leases Workshop | GID 32004 | Singapore: October 28, 2023

IFRS 16 For Leases Workshop | GID 32005 | Toronto: December 7, 2023

IFRS 16 For Leases Workshop | GID 32007 | Cape Town: October 7, 2023

IFRS 16 For Leases Workshop | GID 32008 | Sydney: November 24, 2023

IFRS 16 For Leases Workshop | GID 32009 | Miami: December 13, 2023

IFRS 16 For Leases Workshop | GID 32000 | Online: Available on request

For more details and to enrol in IFRS 16 Leases Workshop, please visit:

By participating in this comprehensive workshop, finance professionals and organizations can prepare themselves to meet the complexities of the IFRS 16 accounting standard head-on. This knowledge not only enhances financial reporting accuracy but also strengthens a company's appeal to potential investors and its ability to secure vital financing.

In today's dynamic financial environment, staying ahead of accounting standards is imperative. The IFRS 16 Leases Workshop by Shasat offers an unparalleled opportunity to do just that. Register now to gain a competitive edge in your industry and navigate the evolving world of finance with confidence.

[finprocounsulting]

Understanding the challenges in IFRS 16 / Ind AS 116 Lease calculations using spreadsheets

Executive Summary

Since April 2019, due to the introduction of IFRS 16 / Ind AS 116 – Leases, there has been a significant change in how leases are accounted for, especially by the lessees. As per the earlier leasing standard, lessees were required to account for lease transactions as operating or finance leases depending on the rules and tests of classification. As per the new leasing standard, this classification is done away with, and lessees are now required to recognize nearly all leases (except short-term and low-value leases) on the Balance Sheet which will reflect their Right-to-use an asset for a period of time and the associated lease liability for rent payments.

The accounting of operating leases as per the earlier standard was relatively straightforward, which required lessees to recognize lease payments as operating lease expenses on a straight-line basis over the lease term.

The accounting of operating leases as per the earlier standard was relatively straightforward, which required lessees to recognize lease payments as operating lease expenses on a straight-line basis over the lease term.

However, as per the new standard, Right-to-use an asset / Right of use asset (ROU Asset) and lease liability is recognized on the lease commencement date. Subsequently, the expense is recognized in the form of a finance charge on the lease liability and depreciation on ROU assets.

This change requires lessees to:

Recognize ROU asset for the right to use the asset he obtains by virtue of a lease contract from a lessor. Lessee measures ROU assets based on the calculation of lease liability. In addition to the value of lease liability, ROU assets may include pre-payments related to the lease, transaction costs, etc.

Recognize corresponding lease liability at the present value for an amount payable to the lessor over the lease term in future

Depreciate ROU Asset on a straight-line basis over the lease tenure/ asset useful life, whichever is lower

Subsequently, measure the lease liability by charging finance cost and reduce it to the extent of rent payment

Re-measure the carrying value of lease liability due to modification in the lease contract and provide the effect of such re-measurement on a prospective basis

Adjust ROU Asset based on re-measurement of lease liability

Calculate the impact of profit or loss in case of a decrease in the scope of the contract or termination of the lease contract.

Hence, it is imperative for the lessee to maintain and update the lease calculations under IFRS 16 / Ind AS 116 to ascertain the carrying values of the lease liability and ROU Asset at the end of every reporting period and calculate finance charge and depreciation charge for every reporting period for the purpose of lease accounting.

These calculations generally require using a spreadsheet and if the lessee entity has more than a handful of leases, then creating, maintaining, and updating the lease calculations using a spreadsheet poses significant challenges like:

Risk of incorrect formulae

Difficulty in handling complex re-measurement, modification, and termination calculations

User-specific spreadsheet resulting in dependency on a specific person

Lack of maker–checker concept

This blog aims to discuss these challenges which all the lessee entities should be aware of and be prepared to address whenever they arise, to ensure the accuracy of lease calculations and disclosures as per IFRS 16 / Ind AS 116 – Leases.

Significant challenges posed by lease calculations using spreadsheets

1. Risk of incorrect formulae

It is a known fact that spreadsheets are prone to manual formula errors which include but are not limited to:

Incorrectly typed formulas, incorrect cell references, circular references.

Copying formulas incorrectly which includes not adjusting cell references when copying formulas to different locations.

Pasting values – which means pasting data without formulas and losing the dynamic nature of calculations and thereby losing the trail.

Mishandling date formats, leading to incorrect calculations or sorting.

Hidden Rows and Columns – Forgetting that hidden rows/columns affect calculations and graphs.

Performance Issues – Complex calculations on large data sets can slow down the spreadsheet or even cause crashes.

Complex Formulae are harder to understand and prone to errors.

Lack of Documentation – Failing to add comments to explain formulas and calculations for future reference.

Version Control – Managing multiple versions of a spreadsheet can lead to confusion and using outdated data.

2. Difficulty in handling complex re-measurement, modification, and termination calculations

Despite all the limitations of the spreadsheet, the entity might decide to invest a significant amount of time and effort in the preparation of a template to generate lease calculations required under IFRS 16 / Ind AS 116 – Leases. However, entities must note that lease calculation is not a one-time activity.

Such a spreadsheet template would only handle the calculations required at the inception of the lease contract. However, if the terms of the contract change during the lease tenure or if the entity decides to foreclose the contract, it might result in re-measurement / modification/termination of the lease contract.

This requires re-measuring the existing carrying value of lease liability with a corresponding adjustment in the carrying value of the ROU Asset and calculating the revised finance and depreciation charge for the remaining lease tenure on a prospective basis.

Termination requires the de-recognition of lease liability, ROU Asset, and calculation of gain/loss on termination which is to be accounted for in the Statement of Profit and Loss.

Building a template in the spreadsheet to handle such complex scenarios and maintaining it perpetually may be challenging if the entity has more than a handful of lease contracts that undergo modification in the contract terms.

3. User-specific spreadsheet resulting in dependency on a specific person

The lease calculation template can be built in a spreadsheet with formulae, various links within worksheets, and fields for entering lease details. However, such a spreadsheet would always be user-specific. The person who builds the template in the spreadsheet would have all the knowledge about the formulae, links, etc., however, in the absence of this person, it would be difficult for any other person to enter or update the lease details in the spreadsheet and get accurate results from it given the complex nature of calculations.

Further, in the absence of a detailed handover, the new person might make inputs in the spreadsheet in a way the template is not designed to accept and get inaccurate results from the spreadsheet.

Hence, such person-specific dependency may result in a delay in getting desired results and hamper overall productivity.

4. Lack of maker–checker concept

Spreadsheets lack the maker-checker concept which involves one person preparing the template, entering inputs, applying formulae, and another person reviewing and approving it.

In the absence of such a review mechanism, the user inputs and formulae-based calculations in the template might go unreviewed and manual errors that might exist in the spreadsheet may go unnoticed. Further, it is practically not feasible to review each cell in the spreadsheet to ensure the accuracy of the formula.

Conclusion

IFRS 16 / Ind AS 116 – Leases require complex calculations to derive the carrying values of lease liability, ROU Asset, finance charge on lease liability, and the depreciation of ROU Asset and it could possibly be argued that the spreadsheet is the most economical tool for these calculations.

However, before making this decision, entities must weigh the costs and risks arising due to the challenges mentioned above in lease calculations using the spreadsheets and the legal and financial impact it could have on the entities if the lease information in the financial statements is misstated due to inherent limitations of such spreadsheets.

About FinPro Consulting

FinPro Consulting specializes in IFRS / Ind AS accounting and reporting and has helped many of their clients in resolving complex accounting issues including accounting for business combination transactions, preparing consolidated financial statements for complex group structures, etc. For more information on the subject, you can get in touch with us at info@finproconsulting.in

[darkmaga-returns]

By Brandon Smith

Alt-Market.us

October 16, 2024

Remember the last time the globalists took the mask off?  It wasn’t that long ago, but some people might have already forgotten how the western world almost lost all individual freedom under the guise of an over-hyped health emergency.  When globalists are honest about what they truly want, it usually coincides with an engineered calamity.

In the two years since the failure of the covid pandemic narrative I have argued that globalist organizations are trying to regroup under a new plan. The evidence suggests that these people suffered a shocking revelation after their attempt to implement perpetual medical tyranny. They’ve realized they don’t have as much control over the flow of information and public discourse as they originally assumed.

Even with full-spectrum censorship using algorithms to bury contrary data, even with the full force of the government partnering with social media to silence dissent, even with the threat of economic exile for anyone refusing to take a steady series of mRNA jabs, they still failed. The truth about covid’s minimal Infection Fatality Rate (IFR) still spread, along with data proving the uselessness of the mandates and lockdowns.  There was nothing they could do about it.

Their golden ticket to total control was pushing the vaccine passport concept; the alternative media crushed that agenda like a pestilent cockroach. If the passport had been successful we would not be having this conversation now. Everyone would be in fear of having their passport rescinded. Everyone would be afraid to lose their economic access for saying the wrong thing. Everyone would be afraid of being forced into covid camps (which were indeed a real agenda). Or, we would be in the middle of a bloody civil war.

The events of 2020 were meant to initiate the ultimate coup against humanity. The globalists admitted to their plans over and over again. Klaus Schwab and the World Economic Forum proudly declared covid the catalyst for the “Great Reset” and the “Fourth Industrial Revolution.” They asserted that the lockdowns were just the beginning and that the sweeping restriction on our freedoms would be extended to climate change as well.

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[amaaudit]

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Knowledge of International Financial Reporting Standards is evaluated by the IFRS test, which emphasizes concepts, recognition, measurement, and disclosure requirements. It is required of candidates to exhibit comprehension of important standards such as IFRS 15 and IFRS 16. Studying technical literature, putting case studies into practice, and being up to date on amendments are all part of preparation. To pass this exam, you must have strong time management skills and a thorough understanding of real-world applications.

[ahgcharterdaccountants]

IFRS 16 leases UAE 2024

[shasat-uk]

Shasat Debuts IFRS Course Tailored for Energy & Mining Industries

In a bid to address the complex accounting requirements specific to the Oil & Gas, Power, Utility, and Mining industries, Shasat, a leading education provider, has unveiled a comprehensive two-day program on International Financial Reporting Standards (IFRS). This specialized course aims to equip professionals with the knowledge and skills necessary to navigate the intricacies of financial reporting within these sectors.

The Oil and Gas industry, integral to global economies, grapples with challenges like high capital costs, long project lead times, and substantial environmental impact. Shasat's program recognizes the importance of understanding how to evaluate commercial viability, technical feasibility, and mitigating environmental concerns within this industry.

Similarly, the mining sector, with its substantial capital investments and intricate processes, faces environmental challenges and geopolitical risks. The utility industry, providing essential services like electricity, natural gas, and water, is continually adapting to changing consumer demands and sustainability goals.

To effectively address the unique accounting demands of these industries, Shasat's program delves into critical IFRS standards such as IFRS 6 for Exploration and Evaluation of Mineral Resources, IAS 23 for Borrowing Costs, IFRS 15 for Revenue Recognition, IFRS 16 for Leases, IFRS 9 for Financial Instruments, and more. These standards play a pivotal role in ensuring accurate and transparent financial reporting, benefiting stakeholders across the Oil & Gas, Power, Utility, and Mining sectors.

The Upstream, Mid-Stream, and Down-Stream industries within the Oil & Gas sector face distinctive accounting challenges. From reserves and resources to revenue recognition and disclosure of reserves, Shasat's program covers a wide range of accounting topics tailored to industry-specific needs. The course ensures that professionals in these sectors are well-equipped to handle complex financial matters, including production-sharing agreements and concessions.

Shasat's two-day program is designed for professionals working in the Oil & Gas, Power, Utility, and Mining industries, including auditors and consultants. By participating, attendees will gain valuable insights into the latest accounting issues, challenges, and best practices. Furthermore, the program offers networking opportunities with industry experts and peers, fostering a collaborative learning environment.

Here is the schedule of upcoming programs by Shasat. However, we recommend you continue to visit Shasat's website for the most up-to-date program schedules.

IFRS Training for Oil & Gas, Power, Utility, & Mining Companies | GID 16001 | London: Oct. 17-18, 2023

IFRS Training for Oil & Gas, Power, Utility, & Mining Companies | GID 16003 | Abu Dhabi: Dec. 18-19, 2023

IFRS Training for Oil & Gas, Power, Utility, & Mining Companies | GID 16004 | Kuala Lumpur: Dec. 13-14, 2023

IFRS Training for Oil & Gas, Power, Utility, & Mining Companies | GID 16009 | Zurich: Oct. 23-24, 2023 

IFRS Training for Oil & Gas, Power, Utility, & Mining Companies | GID 16010 | Singapore: Dec. 15-16, 2023

IFRS Training for Oil & Gas, Power, Utility, & Mining Companies | GID 16012 | New York City: Oct. 4-5, 2023

IFRS Training for Oil & Gas, Power, Utility, & Mining Companies | GID 16013 | Toronto: Nov. 1-2, 2023

IFRS Training for Oil & Gas, Power, Utility, & Mining Companies | GID 16014 | Sydney: Nov. 22-23, 2023

IFRS Training for Oil & Gas, Power, Utility, & Mining Companies | GID 16015 | Dubai: Nov.r 14-15, 2023

IFRS Training for Oil & Gas, Power, Utility, & Mining Companies | GID 16000 | Online | Available on Request

For more details and to enrol in Mastering IFRS for Oil & Gas, Power, Utility, and Mining Industries, please visit:

https://shasat.co.uk/product-category/mastering-ifrs-for-oil-gas-power-utility-and-mining-industries-2-days/

By enrolling in Shasat's IFRS course, participants will enhance their accounting skills, improve their understanding of industry-specific financial reporting requirements, and elevate their careers to new heights. Don't miss this opportunity to stay ahead in the dynamic world of financial reporting within the Oil & Gas, Power, Utility, and Mining sectors.

Shasat looks forward to welcoming professionals eager to enhance their expertise in IFRS for these essential industries.

[finprocounsulting]

Frequently asked questions (FAQ) on IFRS!

Introduction

Accounting is the backbone of the business financial world. The aim of financial reporting is to understand the business through the numbers and facts. Worldwide accounting practice was highly diverse and meaningfully comparing financial statements of entities located in different countries was very difficult. Considering the increasing trend of globalisation across the world, harmonisation in the accounting was necessary.

International Financial Reporting Standards, commonly called IFRS, are accounting standards issued by the IFRS Foundation and the International Accounting Standards Board. In simple words IFRS are a set of accounting rules for how information should be gathered and presented in financial reports.

They constitute a standardised way of describing the company’s financial performance and position so that company financial statements are understandable and comparable across international boundaries. They are particularly relevant for companies with shares or securities publicly listed.

Why (IFRS) International Financial Reporting Standards

Accounting & financial reporting is vital for economies to grow and prosper.

With the globalisation, difficulty in undertaking cross border transactions, due to difficulty in understanding financial statements of other entity.

To bring harmony in the accounting language, there was need of reliable, transparent and can be comparable reporting framework.

Considering this need. IASB and its predecessor organisation IASB introduced a set of high-quality reporting standards which are comparable across the globe, called IFRS.

For more details, watch the video at the provided link: https://youtu.be/vV_Ga6DpJBc

How are IFRS standards developed?

IFRS Accounting Standards are developed through a formal system of due process and broad international consultation involving accountants, financial analysts and other users and regulatory bodies from around the world.

The overall agenda of the IASB will initially be set by discussion with the IFRS Advisory Council. The process for developing an individual standard would involve the following steps:

01:

During the early stages of a project, the IASB may establish an Advisory Committee to give advice on issues arising in the project. Consultation with the Advisory Committee and the IFRS Advisory Council occurs throughout the project.

02:

IASB may develop and publish Discussion Papers for the public comment.

03:

Following the receipt and review of comments, the IASB would develop and publish an Exposure Draft for public comment.

04:

Following the receipt and review of comments, the IASB would issue a final IFRS Accounting Standard.

The period of exposure for public comment is normally 120 days. However, in exceptional circumstances, proposals may be issued with a comment period of 30 days. Draft IFRS interpretations are normally exposed for a 90-day comment period.

Is IFRS mandatory for financial reporting in India?

India made a commitment to G20 nations in their summit in 2009 towards convergence to IFRS. Accordingly, India decided to adopt a reporting framework similar to IFRS i.e., Ind AS, Indian Accounting Standards Converged with IFRS (conversion approach). Ind AS to be adopted in a phased manner from the financial year 2016-17 with comparatives for the year financial year 2015-16 for certain class of companies. Currently all publicly listed companies (including NBFCs) and companies in the process of listing along with their subsidiaries, JV and associates are covered within the ambit of Ind AS. Further, private limited companies with net worth of 250 crores or more along with their subsidiaries, JVs and associates are also required to comply with Ind AS.

Can private companies or small companies use IFRS?

Yes, private companies can choose to use IFRS in many jurisdictions. Small companies may also use IFRS depending on the jurisdictional requirements. Some countries may have separate guidelines or simplified standards for smaller entities, such as IFRS for SMEs (Small and Medium-sized Entities) as issued by IASB.

What is the salary range for professionals with IFRS expertise?

Salaries vary by country, experience, and role, but typically:

Entry-level positions (1-3 years of experience): INR 3 lakhs to 6 lakhs per year.

Mid-level positions (4-8 years of experience): INR 7 lakhs to 15 lakhs per year.

Senior positions (8+ years of experience, such as CFOs or IFRS consultants): INR 15 lakhs onwards.

Note: This is merely an indicative range, and actual salaries may differ depending on the skillset of a candidate.

At FinPro Consulting, we specialise in delivering training, GAAP Conversion Services and other consulting services related to financial reporting under IFRS, Ind AS and US GAAP. FinPro is also a Registered Learning Partner (RLP) with ACCA, UK and has conducted 31+ retail training batches for Diploma IFRS course.

Thank you reading the article and stay tuned to our next blog!

[gawd-edu]

تعتبر معايير المحاسبة الدولية من الأسس الجوهرية في عال�� الأعمال والتمويل، إذ توفر إطارًا موحدًا لضمان الشفافية والمصداقية في إعداد القوائم المالية. تسهم هذه المعايير في تحقيق التوحيد والتنظيم عبر الحدود، مما يسهل على المستثمرين والمحللين الماليين فهم الأداء المالي للشركات بشكل أفضل. في هذا المقال، سنتناول كيفية حل واجبات معايير المحاسبة الدولية، والتي تمثل جزءًا أساسيًا من التدريب والتأهيل في مجال المحاسبة.

أهمية معايير المحاسبة الدولية معايير المحاسبة الدولية، مثل معايير التقارير المالية الدولية (IFRS) ومعايير المحاسبة الدولية (IAS)، تلعب دورًا حيويًا في تنظيم وتوحيد ممارسات المحاسبة. من خلال تطبيق هذه المعايير، يمكن للمؤسسات تحقيق نتائج مالية دقيقة وموثوقة، مما يعزز الثقة بين الشركات والمستثمرين. لذلك، يعد حل واجبات معايير المحاسبة الدولية جزءًا مهمًا من تدريب المحاسبين والمراجعين.

كيفية حل واجبات معايير المحاسبة الدولية حل واجبات معايير المحاسبة الدولية يتطلب فهمًا عميقًا لمجموعة من القواعد والإرشادات التي تحدد كيفية تسجيل وتقديم المعلومات المالية. للبدء في حل هذه الواجبات، يجب على الأفراد:

فهم المعايير: دراسة النصوص الخاصة بكل معيار والمفاهيم الأساسية التي تتضمنها. يشمل ذلك مراجعة معايير مثل IAS 1 (عرض القوائم المالية) وIFRS 15 (الإيرادات من العقود مع العملاء).

تطبيق المعايير: استخدام الأمثلة العملية والمواقف الدراسية لتطبيق المعايير على حالات حقيقية. على سبيل المثال، يتطلب معيار IFRS 16 من الشركات تسجيل أصول وخصوم الإيجار في قوائمها المالية.

تحليل الحالات الدراسية: تحليل دراسات الحالة التي تعكس تطبيق معايير المحاسبة الدولية في سياقات مختلفة. يساعد هذا في تعزيز الفهم وتطبيق المعرفة في حلول عملية.

مراجعة الإجابات: التحقق من دقة الحلول المقدمة ومقارنتها مع الحلول النموذجية المتاحة في المواد الدراسية أو من خلال الإرشادات المقدمة من الأساتذة.

تحديات وحلول في حل الواجبات في بعض الأحيان، قد يواجه الطلاب تحديات عند حل واجبات معايير المحاسبة الدولية، مثل تعقيد القواعد أو تفسير النصوص بشكل صحيح. من الضروري في هذه الحالة:

طلب المساعدة: الاستعانة بالمعلمين أو الزملاء للحصول على توجيهات وإجابات على الأسئلة الصعبة. مراجعة المصادر: الاستفادة من الكتب الدراسية والموارد الإلكترونية للحصول على شرح إضافي وتوضيح لمفاهيم معينة. خاتمة حل واجبات معايير المحاسبة الدولية ليس فقط عملية تعلم، بل هو جزء أساسي من تطوير المهارات المحاسبية الاحترافية. من خلال فهم وتطبيق هذه المعايير بشكل صحيح، يمكن للأفراد تحقيق نتائج دقيقة وموثوقة في إعداد القوائم المالية. لذا، يعتبر حل واجبات معايير المحاسبة الدولية عنصرًا حيويًا في التأهيل الأكاديمي والمهني في مجال المحاسبة والمالية.

[amaaudit]

Accurate financial data is essential for business success, especially in today’s complex regulatory environment. At AMA Audit Tax Advisory, our specialized accounting reviews help clients address technical challenges like revenue recognition, inventory management, and compliance with standards like IFRS 16. By providing in-depth evaluations and tailored solutions, we support businesses in optimizing their financial reporting, ensuring compliance, and fostering investor confidence in the UAE and beyond.

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Job title: Senior Accountant (Dubai) Company: Nabors Industries Job description: JOB SummaryThe Area Senior Accountant is responsible for leading monthly close and quarterly forecast processes along with other basic accounting responsibilities related to reconciliations, AR, and AP.DUTIES AND RESPONSIBILITIESGeneral Accounting Manage the monthly close process and ensure proper documentation and filing of support information. Calculate and prepare journal entries for local transactions as indicated in the monthly close. Maintain leasing and subleasing master data base with high proficiency in IFRS 16 and GCC VAT compliance. Monthly invoicing, working capital management and AR follow-up. Reconciling complex FA registers, eliminations, Statutory and GAAP reco’s, etc. Coordination and closely working with other functions for the information. Compliance Assist with tax forecasting and local reporting Assist with required local regulatory filings in order to meet all local compliance requirements High proficiency in GCC VAT, WHT, taxes, etc. Maintain local files as dictated by local tax and regulatory legislation Other Preparation of accounting and administration reports as required by home office Assist with/coordinate special projects as needed · Support and participate on achieving organizational QHSE Objectives· Other duties and responsibilities as designated by supervisorQualificationsMinimum Qualifications University degree preferred, preferably in business/accounting along with a professional certification. Fluency in English Preferred Qualifications 5 years or more in Finance or Accounting ORACLE experience is highly desirable Multinational business familiarity preferred Experience in drilling/oilfield service industry preferred Expected salary: Location: United Arab Emirates Job date: Thu, 25 Apr 2024 01:36:55 GMT Apply for the job now!

[financialreporting]

https://www.accountantsacademy.in/course/ifrs

A Diploma in International Financial Reporting Standards (IFRS) is a valuable qualification for finance professionals, accountants, and auditors who want to deepen their understanding of IFRS and enhance their ability to apply these standards in practice. Here's an overview of what you can expect from such a program:

Course Overview

Objective: To provide comprehensive knowledge of IFRS and their application in financial reporting.

Duration: Typically ranges from a few months to a year, depending on the institution and the mode of study (full-time, part-time, or online).

Key Topics Covered

Introduction to IFRS: Understanding the need and importance of global financial reporting standards.

Framework and Principles: Conceptual framework for financial reporting and the principles underlying IFRS.

Key Standards:

IFRS 1: First-time Adoption of IFRS

IFRS 2: Share-based Payment

IFRS 3: Business Combinations

IFRS 9: Financial Instruments

IFRS 15: Revenue from Contracts with Customers

IFRS 16: Leases

IFRS 17: Insurance Contracts

Presentation and Disclosure: Requirements for presentation of financial statements and disclosure requirements.

Consolidation: Accounting for subsidiaries, associates, and joint ventures.

Special Topics: Fair value measurement, impairment of assets, and provisions, contingent liabilities, and contingent assets.

Benefits of the Diploma

Enhanced Knowledge: Deep understanding of IFRS, which is critical for accurate and transparent financial reporting.

Career Advancement: Recognition as an IFRS expert can lead to career growth and new opportunities in multinational companies, accounting firms, and regulatory bodies.

Global Recognition: IFRS is used in over 120 countries, making this qualification highly relevant internationally.

Practical Skills: Ability to apply IFRS in various practical scenarios, enhancing decision-making and reporting accuracy.

Eligibility and Prerequisites

Background: Typically aimed at professionals with a background in finance, accounting, or auditing. Prior knowledge of accounting principles is usually required.

Experience: Some programs may require a certain amount of professional experience in accounting or finance.

Examination and Certification

Assessment: Exams typically consist of written assessments, case studies, and practical applications of IFRS.

Certification: Upon successful completion, candidates receive a diploma or certification in IFRS from the accrediting institution.

Institutions Offering IFRS Diploma

ACCA (Association of Chartered Certified Accountants): Offers a well-recognized Diploma in IFRS.

ICAI (Institute of Chartered Accountants of India): Offers a Diploma in IFRS for accountants and finance professionals.

CPA Australia: Provides an IFRS certification program.

Local Universities and Business Schools: Many offer specialized IFRS programs, both online and in-person.

Online vs. In-Person

Online Programs: Flexible, can be completed from anywhere, and often allow for self-paced learning.

In-Person Programs: Provide direct interaction with instructors and peers, which can enhance the learning experience.