ICAI hosts seminar on ‘IFRS 15 - Revenue from Contracts with Customers’

The Kuwait Chapter of the Institute of Chartered Accountants of India (ICAI) organized a Seminar on 14 December 2015 on the topic of “IFRS 15 Revenue from Contracts with Customers” at the Holiday Inn Downtown. CA S Chandrasekaran, Partner, Assurance at RSM Al Bazie & Co, Kuwait was the main speaker at the event. CA Noel Cherian, Chairman of CPE Committee of the ICAI Kuwait Chapter, welcomed the members and introduced the speaker.

Chandrasekaran delivered an insightful session on the new International Financial Reporting Standard, IFRS 15 on Revenue from Contracts with Customers. The speaker provided insight about the requirements as per the new IFRS and a comparison with the existing accounting standards and interpretations relating to revenue recognition. The speaker also explained that one of the main purposes of the new IFRS 15 is to minimize differences between IFRS and US GAAP in relation to revenue recognition and its accounting treatment.

CA. Hormuzda Davar, Chairman of the ICAI Kuwait Chapter extended the vote of thanks, on behalf of the Kuwait Chapter of the ICAI, to the speaker, sponsors and all those who assisted in putting together and publicizing the event. As a token of appreciation, a memento was presented to the speaker by CA Hormuzda Davar, Chairman of the Chapter. The session was followed by a sumptuous buffet dinner.