Press release

PwC holds IFRS Seminar in Abu Dhabi

Recent changes and developments in key accounting standards

ABU DHABI, UAE. NOVEMBER 19, 2012:  PwC, the leading professional services organisation, hosted an exclusive IFRS Seminar for its key clients at the Eastern Mangroves Hotel & Spa , Abu Dhabi. The seminar focused on high level accounting topic , case studies and work examples  that are of interest to all businesses.

The seminar was attended by more than 100 senior accounting professionals from various companies across different industries, addressing the new accounting standards that are coming into effect on 1 January 2013 ,changes to IFRSs and interpretations that affect the financial statements going forward. In addition to some of the many Financial Reporting topics that are relevant to the current business scenarios e.g.:

  • IFRS 10 – Consolidated Financial Statements
  • IFRS 11 – Joint Arrangements
  • IFRS 13 – Fair Value Measurement
  • IFRS 5 - Non-current Assets Held for Sale and Discontinued Operations
  • Initial Public Offering process – An Overview

International Financial Reporting Standards (IFRS) are globally the most accepted and adopted accounting framework today. As part of its convergence project with US GAAP, the International Accounting Standards Board (IASB) has issued several new standards and has been working on a number of proposed standards of some highly contentious accounting issues.

With this seminar, PwC aims to enhance the exsisting IFRS knowledge and provide an overview and practical application of the new standards.

Commenting on the seminar Jacques Fakhoury, Abu Dhabi Senior Partner and Chairman for the ME region Board at PwC, said “There is a necessity to keep ourselves abreast with the changes to the existing standards and to familiarise ourselves with the new developments. Requests from our clients and our commitment to Abu Dhabi clients have encouraged us to conduct this seminar”

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Established in the Middle East for 40 years, PwC has firms in Bahrain, Egypt, Iraq, Jordan, Kuwait, Lebanon, Libya, Oman, the Palestinian territories, Qatar, Saudi Arabia and the United Arab Emirates, with around 2,500 people. (www.pwc.com/middle-east)
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