More than 60 finance professionals from leading Bahraini companies attended a major seminar to discuss a new accounting standard designed to simplify the classification and measurement requirements for financial instruments.

Known as IFRS 9, the new standard was recently released by the International Accounting Standards Board (IASB).

Hosted by KPMG Fakhro, the accounting seminar held at the Gulf Hotel focused on the new accounting requirements for financial instruments and their impact on organisations.

The session was kicked off by KPMG Fakro audit and advisory partner Mahesh Balasubramanian and delegates received a briefing from advisory partner Venkat Vishwanath, a member of KPMG's Global Financial Instruments Team.

Balasubramanian said it is important that entities with exposure to financial instruments start planning for the new standard which will replace the current provisions on recognition and measurement of financial instruments and impairment.

'Recent market conditions have increased the focus on the measurement of entities' financial instruments and the significance of those instruments to an entity's financial performance and position,' said Vishwanath.

'We believe that early adoption will be a big step for any entity as they would be required to undertake changes in systems and internal reporting in order to comply with the requirements of the new standard,' he added.-TradeArabia News Service