IFRS CONVERGENCE AND IMPLEMENTATION Simon Tay Pit Eu 1 - PowerPoint PPT Presentation

IFRS CONVERGENCE AND IMPLEMENTATION Simon Tay Pit Eu 1

Regulators: Regulators: Central Bank Central Bank Reporting Reporting Securities Commission Securities Commission entities entities Stock Exchange Stock Exchange Audit Oversight Board Audit Oversight Board Stakeholders of National National accountancy accountancy accounting body and body and standards other other Standard Standard professional professional setter setter accountancy accountancy organisations organisations Auditors Auditors and service and service providers providers 2

IFRS Capacity Building Regulators/ Regulators/ Accountancy Accountancy Standard- Standard- bodies & bodies & setter setter learning learning institutions institutions Valuation, Valuation, actuarial & actuarial & other support other support services services Preparers Preparers Auditors Auditors 3

Step by Step Application of IFRS 1 Determine the key dates Prepare an Date of transition • opening Date of first IFRS • Apply balance financial exceptions sheet statements First IFRS financial 2023 2023 2020 - 2022 2020 - 2022 2023 2023 statements e.g. 31 Dec 2024 Review of Consider Identify accounting policies whether to Gap analysis of disclosures • apply any required current GAAP vs exemptions IFRS Select accounting • policies 4

MIA and IFRS Convergence Roles of MIA Technical Technical Outreach Outreach queries queries Financial Financial Capacity Capacity statements statements building building review review MASB working MASB working Implementation Implementation groups and groups and guidance guidance Seminars task forces task forces • /workshops Conferences • FRSIC & FRSIC Consensuses 5

THANK YOU 6