KPMG in Bahrain Raises Awareness of the International Financial Reporting Standards

Press release

Published November 13th, 2017 - 07:45 GMT

Mahesh Balasubramanian, Audit Partner at KPMG FAKHRO in Bahrain, with the workshop participants at the CFA Society Bahrain.

KPMG in Bahrain has recently conducted an informative session on the requirements of the revised International Financial Reporting Standards 9 ‘Financial Instruments’ (IFRS 9) to 30 delegates from the CFA Society Bahrain. Senior accounting and finance professionals from key banks, insurance companies, and large corporation obtained valuable insight on the changes IFRS 9 would bring to financial reporting.

IFRS 9 will bring about a significant change in measurement of credit losses and introduces a new ‘expected credit loss’ measure. Effective from 1 January 2018, the new standard will have a significant impact on the financial sector. By now, financial institutions in the Kingdom of Bahrain should have taken the necessary steps and preparations to comply with the new standard.

The workshop held at the Le Meridian was part of KPMG FAKHRO in Bahrain’s ongoing efforts to participate in interactive discussions with key players in the businesses community to update them on the new developments that impact financial reporting.

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