Page 5 - NEWSLETTER DECEMBER 2014

Governance, Transparency and Service to Members & Students www.icap.org.pk ICAP KSA Chapter organised new judgements that are required to account for Workshops at Khobar, Riyadh and contract costs. These events provided an opportunity to understand principle based five-step approach that Jeddah needs to be applied to all contracts with customers and extensive new disclosure requirements. In order to create awareness about the new standard IFRS 15 - Revenue from Contracts with Customers, the The participants actively participated in these sessions Management Committee of ICAP KSA Chapter specially by posing practical application issues arising out invited Mr. Usman Ghani Akbani, ICAP Council Member of this standard and appreciated the initiative for to Kingdom of Saudi Arabia to conduct workshops in organising such events. These Continuing Professional Khobar, Riyadh and Jeddah on December 11, 15 and 17, Development (CPD) events were well attended 2014 respectively. by a large number of ICAP members and other finance professionals, including Institute of Cost and Through these workshops participants got an opportunity to look into IFRS 15 - Revenue from Management Accountants of Pakistan (ICMAP) and Contracts with Customers which specifies how Saudi Organization for Certified Public Accountants and when an entity recognises revenue especially (SOCPA) members. The ICAP KSA Chapter is thankful to for complex transactions like multiple element SOCPA for its continued support. Further, the events arrangements, variable consideration, and licenses. were held jointly with the ICMAP KSA Branch Council at The new criteria determines as to when revenue is Riyadh and Khobar while at Jeddah, it was held jointly recognised over time, and its impact on profit, and with the Pakistan Accountants Forum (PAF) Jeddah. 5