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9/17/2009 - IFRS Champions Group meeting
On 17 and18 September, 22 IFRS champions from Europe, Africa, the Middle East and the USA convened in London for a two-day meeting of the International Financial Reporting Standards (“IFRS”) Champions Group. One of the four cross-border Centres of Excellence of RSM, the IFRS Champions Group is comprised of professionals from member firms around the world with experience or interest in delivering IFRS services. The objective of the Group is to develop and promulgate IFRS technical competence throughout RSM member firms, and is currently comprised of sixty-two members from over 35 countries.
The objective of the London meeting was to continue to develop IFRS technical expertise in the network, further develop the relationships between IFRS experts around the world and to use the experience and knowledge of those in attendance to improve the overall service line capabilities of member firms.
The meeting discussed and presented the following topics:
• IFRS for SMEs
• Exposure draft on Fair Value Measurement
• Discussion Paper on Revenue Recognition
• Exposure Draft on Income Taxes
• Discussion Paper on Leases
• Exposure Draft on Derecognition
• Financial Instruments
• Emission Trading Schemes
• IFRS 5
• Exposure Draft on Management Commentary
• Exposure Draft on Rate-regulated Activities
• IFRIC update
• RSM Reporting Newsletter
RSM Malta is fully committed to the development of IFRS and to the opening up of further possibilities in providing IFRS services. The firm is fully represented through the active participation of Joe Ellul Falzon, who joined RSM Malta in 2006 following a career in the local offices of Arthur Andersen and Ernst & Young, and has participated in audit and other assurance assignments both in Malta and abroad.
In London, Joe presented two papers, the first one dealing with the Exposure Draft on Management Commentary, and the second one on the highly topical Discussion Paper on Revenue Recognition. Joe said, “I am delighted to form part of this Group, which I consider an essential forum for the continued enhancement of IFRS awareness throughout the network. In Malta we have been lucky to have been exposed to the rigorous IFRS reporting framework since the enactment of the Companies’ Act in 1995, and by actively participating in these meetings, I hope I can contribute to RSM on an international level by sharing my own experience with like-minded professionals”.
Other speakers at the session included Marco Marcellan of RSM McGladrey, Stefano Bianchi of RSM Italy, Marycken van Dijke of RSM Niehe Lancée, Netherlands, Andrew Grums of RSM Germany, and David Talbot and Gordon Hodgens of RSM Bentley Jennison, United Kingdom.
Should you wish to require further about any IFRS issue, or for assistance in providing any related service to you, please contact Joe at joseph.ellul.falzon@rsmmalta.com.mt