KPMG reveals latest changes in International Financial Reporting Standards
Baku, Azerbaijan, Nov.28
The annual KPMG workshops on recent IFRS updates for 2014 were held in Baku Nov. 24-25.
The events were attended by executives and professionals involved in the preparation of financial statements in accordance with international standards, employees of accounting and financial and economic services, and internal audit services of companies.
Two workshops have been organized for clients of KPMG in Azerbaijan: separately for banks and financial enterprises, and non-financial enterprises. Banking workshop was opened by Vugar Aliyev, Managing Partner of KPMG in Baku, after which Ravshan Irmatov, Partner of Audit Department in KPMG Kazakhstan took the floor. The workshop for non-financial institutions was led by Mikhail Stepanov, Director of the Professional Practice of KPMG in Moscow.
KPMG experts presented an overview of IFRS updates for 2014, and told about the changes entering into force in 2015 and later, focusing on the practical aspects of the application of new financial reporting standards IFRS 15 "Revenue from Contracts with Customers" and IFRS 9 "Financial Instruments".