New International and Financial Reporting Standards by June this year: Deloitte
The International Accounting Standards Board (IASB) is expected to introduce new International and Financial Reporting Standards (IFRS) by mid-2011. The US Securities and Exchange Commission (SEC) will accordingly announce whether it recommends the adoption of IFRS in US domestic entities.
“If the US Securities and Exchange Commission (SEC) does not recommend IFRS for use by domestic US entities, it will likely delay the globalization of the final reporting through a single set of global accounting standards,” said Abbas Ali Mirza, Deloitte Middle East Audit Partner.
This topic is among many other imminent issues that will be tackled at the World Accounting Summit 2011 that is due to be hosted in Dubaï sur 21 À 24 Mars. Deloitte is a keynote speaker at the event and a number of its partners will act as chairpersons on industry related panels.
“The World Accounting Summit 2011 will not only raise important global accounting topics for discussion but also explore the pressing issues and outlook for key industries such as construction. This will be a major event for sharing thought leadership on the future of the construction industry in the Middle East,” said Cynthia Corby, Audit Partner and Construction Leader at Deloitte Middle East, who is also moderating the industry experts’ panel session on construction.
“The World Accounting Summit will feature Veronica Poole, Deloitte’s Global Managing Director, IFRS Technical, and many other speakers. Case studies on IFRS from countries such as Singapore, UK, Japon, Australia, Inde, and Pakistan will be presented along with technical updates on latest changes to IFRS, including topics such as leasing, revenue recognition, XBRL, consolidation and SMEs,” said Katie Briggs, Conference Manager at IRR Middle East, the organizers of the summit.
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Very helpful. Maintain those blogposts coming.