BIBF to launch MasterClass on IFRS update

Manama  : The Bahrain Institute of Banking and Finance (BIBF) yesterday announced the launch of its annual International Financial Reporting Standards (IFRS) update Masterclass for the Financial Services (FS) and Insurance industry on the 21st and 22nd November 2016 at the Crown Plaza. 

The event is held in partnership with Gnosis Learning – one of the world’s largest providers of IFRS training. Frixos Zembylas, an expert IFRS trainer / practitioner will present the event, giving an overview of all the developments by providing implementation guidelines on proposed standards.

The masterclass will focus on covering important changes to IFRS 9 – Financial Instruments, IFRS 16 –Leases, IFRS 4 – Insurance Contacts. 

The session will also cover new exposure drafts and other amendments to IFRS 10 – Business Combinations, IFRS 8 - Operating Segments, IFRS 15 – Revenue from Contacts with Customers and proposed interpretations for taxes & foreign exchange and related International Accounting Standards Board (IASB) updates. The sessions will follow a case based training methodology to benefit participant’s understanding of IFRS application challenges. 

Commenting on the event, BIBF Director Solveig Nicklos 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.”

BIBF’s Head of Banking, Accounting & Finance, Deen Jayah noted: “The two-day Masterclass session will provide a comprehensive overview of the developments exploring both elements of clear understanding of rules and practical implementation solutions of proposed changes to the IFRS’s.”