The BIBF holds its Annual IFRS Update

The Bahrain Institute of Banking and Finance (BIBF) has held the International Financial Reporting Standards (IFRS) update in partnership with Gnosis Learning, one of the world’s largest providers of IFRS training.

The masterclass focused on the headlines of all confirmed amendments to the standards effective in 2019. Covering the new measurements classification categories for Financial Instruments, the masterclass also explained the new exposure draft for Insurance contracts, among other IFRS and International Accounting Standards Board (IASB) updates. This update provided users and readers of these standards with the opportunity to better understand the recent amendments.

In today’s world, the financial market is evolving and growing into new advancements. The International Financial Reporting Standards (IFRS) is a global language crucial for business affairs so that companies’ accounts are understandable and comparable across international boundaries.

The BIBF’s Director, Dr. Ahmed Al Shaikh said, “It is vital that professionals who are directly involved in preparing financial statements, and the management staff of banks, insurance firms and other financial institutions get themselves updated with the latest pronouncements and changes in the International Financial Reporting Standards. The BIBF upholds itself to the highest quality of training standards and has selected the most relevant topics for today’s dynamic markets. The IFRS team is made up of expert, qualified chartered accountants who are able to explain complex issues in a clear and concise way”.

In addition, the BIBF’s Head of Accounting & Finance Deen Jayah noted, “Grappling with imminent and fast-paced changes on IFRS is a major challenge faced by the accounting fraternity today. This masterclass will help members to keep pace with most contemporary and much sought after topics and equip them better to deal with the technical issues affecting their day-to-day work”.

The session provided a comprehensive overview of the developments exploring both the theoretical aspects and practical implementation issues of recent, new and proposed standards.