IFRS Training, Haffa House Hotel, May 6th & 7th, 2009

Horwath has successfully conducted its third program on International Financial Reporting Standards (IFRS) at Haffa House Hotel, Muscat on May 6 & 7, 2009. More than 30 professionals from various industry sectors attended this 2-day intensive training program.

The delegates included Accountants, Financial Controllers, Auditors, and Financial Analysts from both government & private sector organizations. The vast knowledge & experience of the faculty, Mr. K Kanagaraj, helped the participants to gain an insight into the standards.

The program was very relevant as IFRS-compliant financial statements are the present day requirements in almost all countries. Countries around the world are looking for a common set of global accounting standards that provide transparency, consistency, and comparability in Financial Reporting. This helps in translating performance of the companies situated across the Globe understandable to the business community located on the opposite side. Such a comparable presentation also helps in bringing out strength and weaknesses in the financial reporting system prevailing in any country and helps investors and funding agencies in decision making and investment strategies.

Currently, 109 countries are making use of IFRS for listed companies [including the European Union, Hong Kong, Australia, Malaysia, Pakistan, India, GCC countries, Russia, South Africa, Singapore and Turkey]. In India, the Institute of Chartered Accountants of India, the principal body for setting accounting standards in the country, has announced that it will be mandatory of all large entities to apply IFRS in preparation of their general purpose accounting statements from 2011 onwards. This has opened up a plethora of opportunities for accounting professionals worldwide to look at India for carrier growth.

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PRESS RELEASE: Oman Tribune, 08-Apr-09
IFRS training programme concludes

A training programme on the application and disclosure requirements of International Financial Reporting Standards (IFRS) was conducted by Horwath Mak Ghazali LLC at Al Falaj Hotel on April 1st and 2nd, according to a press release. Over 50 CFO’s and accountants were briefed on the relevance and practical application of IFRS by K Kanagaraj, a practicing Chartered Accountant from India and an eminent scholar specialising IFRS. Besides, conducting workshops for various ICAI chapters in India on behalf of the Institute of Chartered Accountants of India (ICAI), he has also delivered training programmes on IFRS in many large corporates in India and abroad.

The two-day review programme covered the key standards that dealt with the recognition and measurements of assets and liabilities, revenues and expenses and their impact on the financial statements. It also enabled the participants to understand and analyse the financial statements through an understanding of IFRS principles.

The training programme which started with an introduction to IFRS and the concepts covered amongst other things certain important standards extensively on presentation of Financial Statements, inventory, impairment of assets, Property Plant and Equipment, Leases, revenue, provisions, contingent liabilities and contingent assets, cash flow statements, accounting policies, changes in accounting estimates and errors, Intangible Assets and events after the reporting period.

“The training programme on IFRS was the second client education programme being conducted with in the last six months by the firm,” said Davis Kallukaran, Managing Partner.

Mentioning about the success of the training programme, Amarjeet Majumdar, Partner, Business Advisory Services, said, “Investing in training & development would enable companies to leverage their human resource potential and thereby improve the overall organizational performance.”

PRESS RELEASE- Times of Oman: 11 Apr-2009
Horwath holds training on financial reporting

Horwath Mak Ghazali LLC has conducted an intensive training programme on the application and disclosure requirements of International Financial Reporting Standards (IFRS) at Al Falaj Hotel. Over 50 CFO’s and accountants were briefed on the relevance and practical application of IFRS by K Kanagaraj, a practicing Chartered Accountant from India and an eminent scholar specialising in of International Financial Reporting Standards (IFRS).

Besides conducting workshops for various ICAI chapters in India on behalf of the Institute of Chartered Accountants of India (ICAI), he has also delivered training programmes on IFRS in many large corporates in India and abroad. The two-day review programme covered the key standards that dealt with the recognition and measurements of assets and liabilities, revenues and expenses and their impact on the financial statements. It also enabled the participants to understand and analyse the financial statements through an understanding of IFRS framework and principles. The training programme which started with an introduction to IFRS and there under, covered amongst other things certain important standards extensively on Presentation Of Financial Statements, Inventory, Impairment Of Assets, Property Plant And Equipment, Leases, Revenue, Provisions, Contingent Liabilities And Contingent Assets, Cash Flow Statements, Accounting Policies, Changes In Accounting Estimates and Errors, Intangible Assets, and events after the reporting period, etc.

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PRESS RELEASE: Oman Tribune

An intensive training programme on the application and disclosure requirements of International Financial Reporting Standards (IFRS) was conducted recently by Horwath Mak Ghazali LLC, exclusively for Electricity Holding Company and its subsidiaries. The week- long programme was conducted at the Haffa House hotel. The review programme covered the key standards that deal with the recognition and measurements of assets and liabilities, revenues and expenses and their impact on the financial statements. It also enabled the participants to understand and analyze the financial statements through an understanding of IFRS principles.

K. Kanagaraj who conducted this training programme is a practicing Chartered Accountant from India and an eminent scholar specialising in International Financial Reporting Standards (IFRS). Besides, delivering training programmes on IFRS for many large corporates in India on behalf of the Institute of Chartered Accountants of India (ICAI), he has also conducted workshops for various ICAI chapters in India.

Mr. Kanagaraj explained that such training programmes provide the needed impetus to understand the intricacies of IFRS in a simplistic way. The programme was a combination of lectures, case studies, practical exercises and interactive question and answer sessions.

Horwath Mak Ghazali LLC formerly known as AGN Mak Ghazali LLC is a pioneer in Oman for carrying out the review programmes for the US qualifications of CPA/ CMA/ CFM and CIA. They are a member firm of Horwath International, the eight largest accounting network worldwide. The firm Horwath & Horwath was established in the United States in 1907 and since then grown into a multi-dimensional practice spread over 100 countries through 560 offices and about 26,000 partners and staff.

Horwath Mak Ghazali, a limited liability company, registered in Oman, came into instantaneous prominence because of their quality services. The motto of Horwath, member firm is “Caring, Sharing, Investing and Growing” said Mr. Davis Kallukaran, Managing Partner of the firm. After almost one and a half decades of dedicated service, Horwath is considered one of the top ten firms in Oman providing multidimensional practice. The firm offers consulting services on Risk Management, Corporate Governance, Strategy consulting, ISO, HR consulting and Financial modeling. “The consulting team has a wide and varied experience and delivers value to clients” said Mr. Amarjeet Majumdar, Partner, Business Advisory Services.