Simon Tay Pit Eu
IFRS CONVERGENCEAND IMPLEMENTATION
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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
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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
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THANK YOU
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