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

Simon Tay Pit Eu

IFRS CONVERGENCE AND IMPLEMENTATION

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Stakeholders of accounting standards

Standard setter Standard setter

Regulators: Central Bank Securities Commission Stock Exchange Audit Oversight Board Regulators: Central Bank Securities Commission Stock Exchange Audit Oversight Board

Auditors and service providers Auditors and service providers Reporting entities Reporting entities

National accountancy body and

• ther

professional accountancy

• rganisations

National accountancy body and

• ther

professional accountancy

• rganisations

2

IFRS Capacity Building

Regulators/ Standard- setter Regulators/ Standard- setter

Preparers Preparers

Valuation, actuarial &

• ther support

services Valuation, actuarial &

• ther support

services

Accountancy bodies & learning institutions Accountancy bodies & learning institutions

Auditors Auditors

3

Step by Step Application of IFRS 1

2020 - 2022 2020 - 2022 2023 2023 2023 2023

Determine the key dates

• Date of transition
• Date of first IFRS

financial statements Review of accounting policies

• Gap analysis of

current GAAP vs IFRS

• Select accounting

policies Identify disclosures required Prepare an

• pening

balance sheet Consider whether to apply any exemptions Apply exceptions

First IFRS financial statements e.g. 31 Dec 2024

4

MIA and IFRS Convergence

Roles of MIA

Outreach Outreach Capacity building Capacity building Technical queries Technical queries Financial statements review Financial statements review MASB working groups and task forces MASB working groups and task forces Implementation guidance Implementation guidance FRSIC & FRSIC Consensuses

• Seminars

/workshops

• Conferences

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THANK YOU

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