Malta: The Launch Of KPMG's IFRS: My Business
Last Updated: 10 April 2014

KPMG in Malta has recently launched the IFRS:myBusiness initiative which is a forum organised and hosted by KPMG as part of the KPMG Thought Leadership Programme. The IFRS:myBusiness imitative aims at bringing together a number of professional accountants from diverse industries in Malta with the purpose of discussing how the most pertinent currently effective and forthcoming changes in IFRS are to effect the way they manage the financial reporting process of their organisation.

The first IFRS:myBusiness session was held on 20 March which focused on the adoption of the consolidation suite of standards- IFRS 10, 11 and 12 which came into force in 2014.  This session brought to the fore the main changes that will become effective upon the adoption of the consolidation standards and the practical implementation difficulties that may be encountered by reporting entities upon adopting such standards, in particular lessees.

Following, the success of the first session, KPMG plans to hold a further two sessions during 2014. The second session is scheduled for 26 June and will deal with the main changes emanating from the new revenue recognition standard and the impact that is likely to have on the financial statements of reporting entities. The final session for this year is scheduled for 23 October and will discuss the salient changes brought forward by the new leases standard and the implications that this is likely to have on entities accounting for lease arrangements.

The purpose of these sessions is to stimulate group discussion and interaction. This environment further entices participants to share their ideas and practices among each other, thus making this Continued Professional Education session more value adding and relevant to the professional's real life situations.

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