International Financial Reporting Standards (IFRS) Seminar IFRS in practice the global experience Tehran, 24 25 April 2017
Sponsor Securities & Exchange Organization 2
Introduction The harmonization of financial reporting standards has been of paramount interest with the increase in the globalization of financial markets and multinational corporates. As global financial markets require international consistency, the use of IFRS, the world s most widely applied accounting standards has increased. The IFRS are considered substantial in their support of transparency and comparability of the presented financial information. Several countries have either adopted IFRS or based their local standards on them. Iran is now converging towards the world s shift to a single universal set of accounting standards. During the past year, companies have been going global and substantial attention is now directed towards attracting foreign investments. The IFRS have a crucial role in global financial reporting as they are increasingly adopted by many countries, enabling transparency and comparability in financial statements for investors, organizations, governments and other multiple stakeholders. Compliance with the IFRS will entail an effective and agile approach to adaptation, and the embracing of the new IFRS body of knowledge that are crucial for a successful conversion. The IFRS Seminar purports to assist companies in their conversion to IFRS. The seminar can provide participants with the necessary guidance for the preparation of financial statements under IFRS and the active approach needed to address the challenges of such a conversion. Organized by EY and Tadvin & Company under the sponsorship of the Securities & Exchange Organization, the seminar will delve into the principles of IFRS, supporting participants to understand and interpret key IFRS whilst gaining valuable insights from EY s subject matter experts in an environment conducive to learning. We look forward to your participation at the event. Sincerely, James Potter Partner, Middle East and North Africa, EY Ghasem Fakharian Seminar Secretary, Partner and Deputy Chairman, Tadvin & Company 3
Table of contents 4
Table of contents 1 Objectives 06 2 Agenda 07 3 Speakers 08 4 Key information 12 5 About us 13 5
1 Objectives This seminar is designed to provide participants with: A broad understanding of IFRS first-time adoption requirements Practical insights on the IFRS accounting principles and techniques An understanding of main IFRS conversion lessons learned and challenges related to transition The seminar will include interactive sessions, panel discussions and case studies to provide participants with pragmatic and robust insights from leading practitioners. Who should attend This seminar is relevant to multiple stakeholders including board of directors, business executives, chief financial officers, financial controllers, finance managers, accountants, auditors, financial analysts and other members of the finance function team. 6
2 Agenda Day 1 Day 2 Opening key notes IFRS 10: consolidated financial statements IFRS, general overview Iran GAAP and IFRS: key differences Conversion from Iran GAAP to IFRS Discussion panel: conversion to IFRS challenges IFRS major updates and changes IFRS1: first-time adoption of IFRS IAS 1: presentation of financial statements IFRS 3: business combinations IFRS 15: revenue from contracts with customers IAS 39 IFRS 9: financial instruments IFRS 7: financial instruments disclosures IFRS 13: fair value measurement IFRS 4: insurance contracts IAS 2: inventories IAS 16: property, plant and equipment IAS 17: leases IAS 19: employee benefits IFRS conversion: case study Closing notes 7
3 Speakers Ian Charles, qualified Chartered Accountant from the Institute of Chartered Accountants of England and Wales, is one of the world s leading presenters on IFRS. He has coauthored three application handbooks on IFRS. Ian has over 30 years of experience delivering financial reporting lectures to audiences around the world. He has been involved for over ten years in helping both large and medium-sized organizations, from across the European Union, Middle East, Far East and North and South America to train their staff in preparing for the implementation of IFRS. László Péter Lakatos, Fellow of Association of Chartered Certified Accountants (ACCA) and the Chamber of Hungarian Auditors, is an associate senior trainer at EY in the field of IFRS with practical audit and consulting experience in the sectors of oil and gas, telecommunications, information technology, real estate and financial institutions. In addition to his professional IFRS experience, László is a PhD in accounting application with focus on IFRS and taxation. László has over 12 years of experience in professional education delivering courses and workshops in the topics of accounting and IFRS. He is an associate professor at the Financial Accounting Department of Budapest Corvinus University. László has authored several accounting-related scientific papers and was the chief editor of IFRS academic textbook in Hungary. 8
Wissam Mohsen, Certified Public Accountant, has extensive 12 years of experience at EY in the practice of audit and advisory services. He has led major audit engagements in different sectors ranging from banks, financial institutions, retail, manufacturing and hotels under IFRS. In addition to his extensive experience in audit under IFRS, Wissam has led several consulting engagements advising clients on IFRS conversion. Wissam has a vast experience in reengineering the financial statement closing process and the design of financial reports under IFRS for different sectors. He is also experienced in the preparation and the review of consolidated financial statements under IFRS for groups operating in the banking and retail industries including the provision of recommendations on consolidation and the coordination with audit teams from different countries. Drawing on his professional audit and IFRS advisory experience, Wissam has provided several trainings to clients in the topics of accounting and IFRS. Muhammad Qaiser, Executive Director at EY, has extensive 14 years of experience in leading Big Four professional services firms and in the investment banking industry in the United Kingdom with expertise in IFRS, treasury and financial reporting. Muhammad is a member of the Institute of Chartered Accountants of England and Wales (ICAEW), a fellow member of the Association of Chartered Certified Accountants (ACCA UK) and a Certified Information System Auditor (CISA). Muhammad has several years of experience with Deutsche Bank in London where he oversaw the accounting policy and treasury functions. He was a key member of the team conducting the IFRS 9 impact assessments and represented Deutsche Bank in various discussions with the International Accounting Standards Board (IASB) on IFRS 9. Establishing himself as the trusted advisor on IFRS 9 at EY, Muhammad has assisted organizations in developing the interpretation of IFRS and managing the competency levels of the staff. Muhammad is a regular speaker on EY s events and has led several IFRS conferences and training programs. 9
Speakers (continued) Ghasem Fakharian, Seminar Secretary, Fellow Member of the Chartered Institute of Management Accountants of England (FCMA) and DBA in strategic management, is partner and deputy chairman of Tadvin & Company. He has over 40 years of wide experience in rendering professional services in the fields of management consulting and business advisory. Ghasem has prominently contributed to the development and promotion of accountancy profession in Iran by having the following roles and activities: member of the High Council and President of the Iranian Institute of Certified Accountants for three terms, member of the Professional Accountants in Business (PAIB) Committee of the International Federation of Accountants (IFAC) and university lecturer, teaching various accounting, finance and management subjects. He has also published several articles and run numerous seminars and conferences on various managerial and accountancy issues. Alireza Khalegh, a member of Iranian Association of Certified Public Accountants (IACPA), is an audit partner and CEO of Tadvin & Company with more than 20 years of experience in rendering audit and financial accounting advisory services to local and international clients in various fields of activities, especially banking, oil and gas, aviation and manufacturing. Alireza is also a PHD in accounting from Allameh Tabatabaei University with over 14 years of experience delivering training and lectures in the topics of financial accounting and auditing for master degree in accounting. 10
Masoud Mohammadpour, Fellow Member of the Institute of Chartered Accountancy in England and Wales (FCA), is in charge of transaction advisory services in Tadvin & Company. He has over 15 years of experience in rendering professional services. Prior to joining Tadvin in October 2010, Masoud worked for BNP Paribas Bank in London as an internal audit manager and, prior to that, worked for five years as auditor for Smith and Williamson. Masoud has worked on a variety of transaction advisory projects within different sectors for a number of foreign clients looking to enter and explore the market in Iran. Masoud has been providing advisory services to more than 50 companies and conglomerates in Iran. 11
4 Key information Date 24 25 April 2017 Time 8:00 17:00 Location Shahid Beheshti University International Conference Center Participation fee IRR15,000,000 Registration In order to register, please contact us on: Tel: 88728601 Fax: 88728525 E-mail: eyconf@tcaudit.ir 12
5 About us About EY We are a global leader in assurance, tax, transaction and advisory services. We are committed to building a better working world with increased trust and confidence in business, sustainable growth, development of talent in all its forms, and greater collaboration. We have long thought that globalization is one of the defining issues of our time. Our response has been to transform our organization so that we keep in step with the changing needs of our clients and our people. Our clients need integrated, cross-border service and the same high quality wherever they do business around the world. Our structure is composed of the Executive and Regions. The Executive includes our global leadership, governance bodies and our four geographic Areas. Working together they oversee our global strategy, brand, business planning, investments and priorities. Our 28 Regions are grouped under four geographic Areas: Americas; Europe, Middle East, India and Africa (EMEIA); Asia-Pacific; and Japan. This structure is streamlined, allowing us to make decisions quickly, execute our strategy and provide exceptional client service wherever in the world our clients do business. Our global structure means we can respond faster than our competitors. We can access the right people and assemble high-performing teams to deliver exceptional client service worldwide. We are not merely a loose collection of national practices we are a global organization, unified in our approach. About Tadvin & Company Tadvin & Company is a class A member firm of the IACPA. Tadvin & Company is authorized by the SEO and the Central Bank of Iran to audit listed public companies, banks and financial institutions. The firm was established in 2002 as the Iranian representative of EY. During this time, Tadvin & Company has been providing high quality standards of auditing and other assurance and advisory services to large and prestigious local and international corporations built upon skills and experience gained during cooperation with EY. 13
EY Assurance Tax Transactions Advisory About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com. The MENA practice of EY has been operating in the region since 1923. For over 90 years, we have grown to over 6,000 people united across 20 offices and 15 countries, sharing the same values and an unwavering commitment to quality. As an organization, we continue to develop outstanding leaders who deliver exceptional services to our clients and who contribute to our communities. We are proud of our accomplishments over the years, reaffirming our position as the largest and most established professional services organization in the region. 2017 EYGM Limited. All Rights Reserved. EYG no. DI641922 ED 0717 This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax or other professional advice. Please refer to your advisors for specific advice. ey.com/mena