Page 18 - ICAI Newsletter - 2nd Quarter 2024

Event

Issue from 01 July 2024 to 30 September 2024 (for private circulation only)

The Changing World of IFRS - Navigating Recent Developments” Event
Provides Invaluable Insights
14 September 2024
th
Dubai, UAE - September 14, 2024: In it fosters among businesses, investors, The event concluded with an interactive
a world where International Financial and regulators. His insights into the panel discussion, moderated by CA
Reporting Standards (IFRS) continue academic side of IFRS showcased Abbas Ali Mirza*, where attendees
to evolve, the recent event, “The the importance of ongoing learning had the opportunity to ask in-depth
Changing World of IFRS: Navigating and adaptation in the accounting questions and gain practical insights
the Recent Developments”, delivered profession. into how these IFRS updates
critical updates to accounting and can be implemented within their
finance professionals. Held at Le The event featured an impressive organizations. The dynamic exchange
Meridien Hotel & Convention Centre lineup of speakers and panelists, each of ideas reinforced the importance of
in Dubai, the event offered members offering specialized knowledge on adapting to ongoing IFRS changes in
expert perspectives on the latest IFRS various aspects of IFRS: order to maintain accurate, transparent,
developments, including updates and compliant financial reporting.
relevant to both SMEs and large - CA Gautam Shah, Partner at
corporations. KKC & Associates LLP, delivered a As businesses in the UAE and
comprehensive presentation on *IFRS beyond continue to expand globally,
The distinguished Chief Guest, Mr. 18, IFRS 19, and IFRS for SMEs and staying informed about the latest
Omar Al Marzooqi, Owner of Omar MSMEs. His session offered clarity on developments in IFRS has never been
Al Marzooqi Group of Companies, how these standards affect both small more critical. The “Changing World
opened the session with remarks on and medium-sized enterprises and of IFRS” event not only provided
the importance of IFRS compliance their reporting requirements, making members with the latest knowledge
in today’s rapidly changing global it particularly relevant for businesses in but also equipped them with the
business environment. He highlighted the growing SME sector. tools needed to successfully navigate
the significance of adapting to new the complexities of the ever-evolving
reporting standards, emphasizing - CA Himanshu Kishnadwala, Principal financial reporting landscape.
how effective navigation of these Partner at CNK & Associates LLP,
changes can lead to greater financial provided an expert overview of *IFRS
transparency and trust for businesses - S1 and IFRS - S2, focusing on the
operating on the international stage. new sustainability-related standards
that have been gaining prominence.
The Guest of Honor and Moderator, He explained the importance of
CA Abbas Ali Mirza, Chairman of the integrating sustainability metrics
21st session of ISAR / UNCTAD at the into financial reporting as the global
UN and renowned author of 15 books business community moves toward
on IFRS, guided the proceedings with greater corporate responsibility.
his wealth of expertise, providing a
solid foundation for discussions on - CA M.P. Vijay Kumar, Executive
key IFRS updates. He emphasized that Director & Group CFO of Sify
staying current with IFRS is not just a Technologies, shared his insights
compliance issue but a critical business on *IFRIC Agenda Decisions made
imperative for companies aiming for since January 2022. His session
international growth and credibility. helped participants understand the
Guest of Honor, Dr. Sridhar significance of these decisions and
Ramamoorti, Associate Professor of how they affect the interpretation and
Accounting at the University of Dayton, application of existing IFRS standards,
further emphasized the significance of with real-world examples from his own
IFRS, underlining the global alignment experience.

18 www.icaidubai.org

01 July 2024 to 30 September 2024