Preparing For A Global Future with IFRS

The transition around the world to International Financial Reporting Standards (IFRS) - which are formerly known as International Accounting Standards (IAS) - is the most important development ever seen in the world of accounting. At present, more than 125 different countries around the world require or permit IFRS reporting.

Baker Tillly Hulse organized a two-day IFRS 9 seminar for its clients and colleagues in the financial institutions sector of Belize.

Mr. Steven Morrison and Mr. Adam Ingles, two well qualified gentlemen from MBAF, Miami, FL (a member firm of Baker Tilly International) were the presenters for this event.

This seminar provided an in-depth coverage of IFRS 9 Financial Instruments to enable the participants to assess the business and financial implications of adopting the new standard within their organization.

Some photos of the event held at the Ramada Princess Hotel and Casino showcase the two day event:

Mr. Adam Ingles and Mr. Steven Morrison

The Welcome team - Andrea, Robin and Kiara

The participants

Closing remarks done by Mr. Kenny Lamb

Mr. Adam Ingles and Mr. Steven Morrison

IFRS 9 is effective from 1 January 2018 and replaces IAS 39 Financial Instruments: Recognition and Measurement.

It introduces a logical, more principles-based approach to classification and measurement of financial assets based on the business model and nature of cash flows.

The new forward looking impairment model requires earlier and more timely recognition, and ongoing assessment of credit losses. The hedge accounting requirements are more principles-based and aligned to common risk management practices.