Assistance with IFRS 15, IFRS 9 and IFRS 16
The International Accounting Standards Board (IASB) has promulgated some new accounting standards which are mandatory for accounting periods beginning on or after 1 January 2018. These include new standards on revenue recognition (IFRS 15: Revenue from Contracts with Customers) and the new standard on recognition and measurement of financial instruments (IFRS 9: Financial Instruments). The New standard on leases (IFRS 16: Leases) will be mandatory for periods beginning on or after 1 January 2019.
The new standards could have a significant impact on financial statements. They require the management of an entity to apply complex judgement and could involve significant modification to the way in which accounting data is reviewed.
The management of an organisation is required to assess the potential impact these standards could have on the financial statements of the organisation and be prepared for the challenges that they may face due to the changes.
PKF UAE can assist you by:
- Providing training on the new standards;
- Assisting in understanding the provisions of the standards as applicable to your organisation;
- Considering the models developed to implement the standards during our audit process;
- Assessing the potential impact of these standards on your organisation;
- Providing guidance, as part of our audit process, or on a stand-alone basis, on modifications to the systems and processes for the smooth transition to the new standards;
We will be happy to set up an initial meeting with you and your finance team to explore how our expertise could assist you to implement these standards in your organisation.