Introduction
Welcome to the SAFA IFRS & ISAs Forum 2023, the second technical forum organized by CA Maldives. This prestigious event is designed with a keen focus on significant standards, emerging updates, and the pragmatic application of these regulations, providing an unparalleled wealth of insights and knowledge to both seasoned professionals and aspiring practitioners.
We are proud to announce that this year’s Forum is carried out in collaboration with the esteemed South Asian Federation of Accountants (SAFA). As a prominent organization dedicated to fostering excellence in accounting practices within the region, SAFA’s involvement elevates this forum as a platform for setting the highest standards in the field.
The SAFA IFRS & ISAs Forum of 2023 promises to be a transformative experience for all attendees. Through interactive sessions and engaging discussions, participants will gain invaluable tools to navigate the intricacies of international accounting standards. The forum’s dedication to fostering excellence and sharing expertise is set to shape the future of accounting practices in the Maldives.
Prepare yourself for a remarkable journey of professional development as we gather to explore the latest updates, share insights, and forge meaningful connections within the dynamic realm of financial reporting and auditing. Together, we shall chart a course towards greater excellence in the Maldivian accounting landscape.
ICAI and CA Maldives Strengthen Bilateral Ties Through MoU Signing
In a significant move towards fostering cooperation, the Institute of Chartered Accountants of India (ICAI) and the Institute of Chartered Accountants of the Maldives (CA Maldives) formally signed a Memorandum of Understanding (MoU) on 21st August 2023 during the forum.
The MoU was signed on the second day of the forum, exemplifying the commitment of both institutions to enhancing the accounting profession’s knowledge and professional development. Both ICAI and CA Maldives are esteemed full members of the South Asian Federation of Accountants (SAFA), with ICAI also hosts the Permanent Secretariat of SAFA.
The collaborative MoU seeks to establish a platform for mutual co-operation, aiming at the advancement of Accounting Knowledge, Professional and Intellectual Development, and the progress of their respective members. This dynamic partnership is poised to make a positive impact on the Accounting Profession in both the Maldives and India. The MoU signifies a pivotal step in strengthening bilateral relations.
President of ICAI, CA. Aniket Sunil Talati, expressed his enthusiasm, stating, “Our aim in signing the MoU with CA Maldives is to provide ICAI’s technical support and resources, including technical standards, SOP’s, study materials, and expert faculties for conducting collaborative programs. This will undoubtedly contribute to the development of the accountancy profession in the Maldives.” Furthermore, he added, “ICAI is committed to supporting CA Maldives in its pursuit of membership with the International Federation of Accountants (IFAC).”
Speaking at the event, CA Maldives President, Mr. Hussain Niyazy, who also serves as the Auditor General of the Maldives, shared, “Through this MoU, ICAI is keen on providing CA Maldives with our technical support and resources, including technical standards, study materials, and expert faculties. This support will aid CA Maldives in conducting courses and enhancing the capabilities of its members, thereby playing a pivotal role in the professional growth of the accountancy community in the Maldives.”
The event was graced by His Excellency Shri Munu Mahawar, Hon’ble High
Commissioner of India to the Republic of Maldives, who expressed his
satisfaction, saying, “The strengthened bilateral relations between India and Maldives are indeed heartening. The collaboration between the two accounting institutes further fortifies this relationship, benefiting the accounting community on both ends.”
Speakers
Agenda
Date: 19 August 2023 | Saturday
Venue: King Salman Auditorium
07:45 – 08:25
Arrival of Participants and Registration
08:30 – 08:35
Recitation of Quran
Mr. Ibrahim Jazlaan, Student of MNU
08:35 – 08:45
Welcoming Remarks by Auditor General and President of CA Maldives
Mr. Hussain Niyazy, Auditor General and President of CA Maldives
08:45 – 08:55
Remarks by SAFA President
CA. Nihar N. Jambusaria, President, SAFA
08:55 – 09:05
Speech by Chief Guest
Mr. Ali Hashim, Governer, MMA
09:05 – 09:35
COFFEE BREAK
09:05 – 10:20
IFRS 9: Recognition, Derecognition and Measurement
IAS 32: Financial Instruments
Mr. Rajith Perera, Partner, EY Sri Lanka
10:50 – 11:50
IFRS 15: Navigating the Complexities in Construction Industry
Mr. Duminda Rathnadiwakara, Partner, KPMG Maldives
11:50 – 13:05
LUNCH BREAK
13:05 – 13:50
IAS 12: Income Taxes – Critical Issues including International Tax Reform
Mr. Sabbir Ahmed FCA, Council Member, ICA Bangladesh
13:50 – 14:35
The Challenges of Implementing IFRS 17
CA. Charanjot Singh Nanda, Central Council Member, ICA India
14:35 – 15:35
The Challenges and Opportunities of Implementing Sustainability Standards for Businesses, Governments, And Other Stakeholders
Dr. Keith Kendall, Chair, Australian Accounting Standards Board
15:35 – 15:50
COFFEE BREAK
15:50 – 17:05
Panel Discussion on Sustainability Standards
Dr. Md. Salim Uddin FCMA, Professor, University of Chittagong Bangladesh
Mr. Awais Yasin FCMA, Honorary Treasurer & Chair of CPD Committee, ICMA Pakistan
CMA (Dr.) Ashish P. Thatte, Council Member, ICMAI
Ms. Maria Howlader FCA, Council Member, ICA Bangladesh
Mr. Manil Jayesinghe FCA, Chairman of Accounting Standards Committee, SAFA (Moderator)
17:05 – 17:20
Conclusion Remarks of Day 1
Mr. Manil Jayesinghe FCA, Chairman of Accounting Standards Committee, SAFA
Date: 20 August 2023 | Sunday
Venue: King Salman Auditorium
07:45 – 08:30
Arrival of Participants and Registration
08:30 – 09:30
IAS 8: Accounting Policies, Changes in Accounting Estimates and Errors
IAS 10: Events after the Reporting Period
CA. Surendra Shrestha, FCA, Council Member, ICA Nepal
09:50 – 10:20
MoU Signing Ceremony Between CA Maldives & CA India
10:20 – 10:35
COFFEE BREAK
10:35 – 11:05
Investment Screening and Due Diligence
Ms. Aminath Irthiyasha, Head of Investment & Advisory Services, Pension Office
11:05 – 12:05
Sharing Experiences and Case Studies on Effective Identification and Reporting of KAMs
Mr. Nuwan Jayasinghe, Assurance Partner, EY Sri Lanka & Maldives
12:05 – 13:20
LUNCH BREAK
13:20 – 14:05
ISA for LCEs: Taking a Deep Dive into the Proposed Standard
Mr. Ibrahim Fazeel, Council Member, CA Maldives
14:05 – 14:50
ISA 320: Materiality- How to Determine Materiality Levels for Planning and Performing Audit Procedures
Mr. Arslan Khalid, Vice President, ICA Pakistan
14:50 – 15:50
Panel Discussion: Elevating Audit Quality Management: Strategies and Best Practices for Auditors
Ms. Anoji de Silva, FCA, Partner, EY Sri Lanka
Mr. M. Ali Latif, President, ICA Pakistan
CA. Prabin Kumar Jha, Vice President, ICA Nepal
CA. Vishal Doshi, Central Council Member, ICA India
Mr. Ahmed Salih, Council Member, CA Maldives (Moderator)
15:50 – 16:05
COFFEE BREAK
16:05 – 16:50
IASB Updates
Ms. Ann Tarca, Member, IASB
16:50 – 17:10
IFAC Updates
Mr. Adrian Lim, Senior Regional Manager, IFAC
17:10 – 17:40
Conclusion Remarks
Mr. Heshana Kuruppu, Vice President, SAFA
Sponsors
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