IFRS is a set of globally accepted standards for financial reporting applied primarily by listed entities in over 160 countries. Individual standards and interpretations are developed and maintained by the IASB and the IFRS Interpretations Committee. IFRS is designed for use by profit-oriented entities.

After many years of deliberation and preparation, the new IFRS standards on revenue recognition (IFRS 15) and financial instruments (IFRS 9) are finally effective! Companies across the globe have worked hard to implement their requirements – now it’s time to fully embed the changes and clearly explain their effects to investors and other stakeholders.

In the light of these new standards coming into application in 2018/19 and which will have a significant impact on most companies, KPMG has organised a full-day workshop on IFRS Updates 2018 for its clients. The main aim of the workshop was to provide participants, insights on the new standards which will become effective in 2018/2019.

The session was led by a team of KPMG IFRS experts from the South African office, namely Mametse Kgatle, Senior Manager, Department of Professional Practice, Technical, National, KPMG in South Africa and Nada Kasch, Senior Manager, Department of Professional Practice: Technical, National, KPMG in South Africa.

Mametse works closely with KPMG’s clients in the Financial Services sector and other large corporates in particular on financial instruments. She has assisted various clients on the implementation and interpretation of IFRS in the banking industry on a number of accounting matters. She has been actively involved in the technical space in key areas such as financial instruments (IAS 39 and IFRS 9). Her involvement include performing high level and detailed impact assessment on IFRS 9 as well as presenting training on the impacts and challenges of IFRS 9.

Nada has extensive experience in providing accounting advice, preparing accounting opinions, reviewing financial statements and preparing and presenting training material on existing and forthcoming International Financial Reporting Standards. She has been responsible for the preparation and presentation of training on IFRS 9 Financial Instruments; IFRS 15 Revenue from Contracts with Customers and IFRS 16 Leases to all KPMG staff as well as KPMG clients throughout South Africa and Africa.

The IFRS Updates workshop covered the following topics:

1. IFRS 9 Financial Instruments for Corporates;
2. IFRS 15 Revenue from Contracts with Customers;
3. IFRS 16 Leases;
4. IFRIC 23 Uncertainty over Income Tax Treatments.