12 Jan 2018 - 0:00
Ministry organises seminar on revised IFRS reporting
Doha: The Ministry of Economy and Commerce (MEC) organised a seminar on newly introduced international accounting standards and financial reporting (IFRS) within the framework of its efforts to develop the profession of accounting and auditing.
The seminar, entitled ‘Revised International Accounting Standards and Financial Reporting’ (IFRS), was attended by a number of people, including experts, accountants and accounting offices.
During the seminar, participants were briefed on the services the Ministry provides accountants and auditors including the preparation and registration of accountant records, the supervision of their work and monitoring the compliance of auditing offices with laws regulating the profession and professional standards while not interfering with the competence of the Certified Accountants Acceptance Committee.
The seminar falls within the framework of the Ministry’s keenness to promote the auditing profession, which is regulated by the accounts auditing law No. 30 of 2004. The Ministry is also keen on contributing to the development of the accounting and auditing profession, which reflects economic performance and represents a safety valve.
The seminar, which brought together representatives of the Ministry of Economy and Commerce together with a number of experts, touched on several topics including an introduction to new international financial reporting standards and their impact on the financial statements of companies in Qatar following their adoption in early January of last year. The implementation of new standards is aimed at bolstering transparency when it comes to financial reports, which contributes to rational investment decisions by shareholders and partners.
The seminar also highlighted the stages of revising the International Accounting Standards and Financial Reporting, most importantly the restructuring of financial reporting systems and processes to provide reliable and comprehensive information to management and stakeholders, and to enhance financial transparency when it comes to analysts, investors, regulators and other stakeholders by improving the quality of published results, financial positions and other key performance indicators.
The adoption of the International Accounting Standards to prepare the financial reports also improves the approval of financial statements, allows access to financing at lower rates and reduces costs.
The Ministry is also responsible for processing complaints relating to professional violations as well as the formation of committees to settle complaints, assess obstacles to practicing the auditing profession, proposing recommendations, and implementing the provisions of laws and regulations governing the profession of auditors.
Participants were also briefed on the new electronic services that the Ministry plans to launch for accountants registered with the Ministry including the renewal of registration services in the register of accountants, the transfer of a record to and from the register of employed or unemployed accountants, the amendment of an office or company’s records in addition to the registration, write-off or amendment of financial auditors.