ICAI hosts talk on IFRS 15

The Salalah Sub Committee of the Muscat Chapter of the Institute of Chartered accountants of India (ICAI) conducted a continuous professional education (CPE) programme at Salalah Port Training centre last week.

Aastha Rangan, Chairperson of the Muscat Chapter, stressed the need for finance professionals to understand the implications of the new IFRS 15 which came into force from January 1, 2018. Prashant Nair of Larsen & Toubro Limited, Salalah Airport project, made a presentation on IFRS 15 with a focus on the technicalities of contract management and the risks associated with contracting companies. His talk also focused on the accounting requirements of revenue recognitions and the five-step model framework for the financial reporting of contracts where it is important to identify the contract with the customer, know the performance obligations, determine the transaction price, price allocation and revenue recognition.

Sreedhar Narayansawamy, exchairman of the Muscat Chapter, also spoke about the significance of tax havens and offshore banking. Reginald Rosario, General Manager of Al Huq Trading, Salalah gave an overview on tax havens and global wealth inequalities. He spoke about global economies which offer low tax liability to foreign businesses on their offshore business setups. The presentation discussed the pros and cons of offshore banking from a global point of view.

Venkiteswaran, Chief Financial Officer of Salalah Port Services, and the convener of the Salalah subcommittee, thanked the speakers for their presentations. According to Aastha Rangan, the Chapter is eager to support continuous professional education (CPE) seminars featuring leading experts in the fields of Finance, Accounting standards, Taxation and Management.