Simon Tay Pit Eu

IFRS CONVERGENCEAND IMPLEMENTATION

1

Stakeholders of accountingstandardsStandard

setterStandard

setter

Regulators:Central Bank

Securities CommissionStock Exchange

Audit Oversight Board

Regulators:Central Bank

Securities CommissionStock Exchange

Audit Oversight Board

Auditors and service

providers

Auditors and service

providers

Reporting entities

Reporting entities

National accountancy

body and other

professional accountancy organisations

National accountancy

body and other

professional accountancy organisations

2

IFRS Capacity Building

Regulators/Standard-

setter

Regulators/Standard-

setter

PreparersPreparers

Valuation, actuarial &

other support services

Valuation, actuarial &

other support services

Accountancy bodies &learning

institutions

Accountancy bodies &learning

institutions

AuditorsAuditors

3

Step by Step Application of IFRS 1

2020 - 20222020 - 2022 20232023 20232023

Determine the key dates • Date of transition• Date of first IFRS

financial statements

Review of accounting policies• Gap analysis of

current GAAP vs IFRS

• Select accounting policies

Identify disclosures required

Prepare an opening balance

sheet

Consider whether to apply any

exemptions

Apply exceptions

First IFRS financial

statementse.g. 31 Dec

2024

4

MIA and IFRS Convergence

Roles of MIAOutreachOutreach

Capacity building

Capacity building

Technical queries

Technical queries

Financial statements

review

Financial statements

reviewMASB working

groups and task forces

MASB working groups and task forces

Implementation guidance

Implementation guidance

FRSIC & FRSIC Consensuses

• Seminars /workshops

• Conferences

5

THANK YOU

6