Nkonki hosts Darrel Scott to discuss IFRS 16 with South African CFOs

Johannesburg, 4 April 2016 – Assurance and advisory firm Nkonki will be hosting a roundtable session exclusively for CFOs with Darrel Scott, Board Member of the IFRS Foundation. Scott, who is in Johannesburg for the occasion, will provide global and industry insights on the newly-released IFRS 16, issued on 13 January 2016, to CFOs from many of South Africa’s leading companies.

“The session is designed to share insights and deliberate on how this new accounting standard will impact processes and financial reporting, and how industries across the globe will deal with this change,” says Sindi Zilwa, CEO of Nkonki. It will also provide an update on accounting developments in the medium term.

Scott became a member of the IASB in October 2010, having previously been a member of the IASB’s IFRIS Interpretation Committee and a member of the IFRS Foundation’s Standards Advisory Council. Prior to joining the IASB, Scott was Chief Financial Officer of the FirstRand Banking Group, one of the largest financial institutions in South Africa. He had responsibility for both Financial and regulatory reporting under respectively IFRS and the Basel II Accords. He is chairman of the IASB’s SME Implementation Group.

The firm hopes that the session will help demystify the complex accounting regulation for organisations as they prepare for its implementation in 2017.

The International Accounting Standards Board (IASB) issued IFRS 16 Leases in January 2016. IFRS 16 sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract, namely, the customer (‘lessee’) and the supplier (‘lessor’). IFRS 16 is effective from 1 January 2019. IFRS 16 completes the IASB’s project to improve the financial reporting of leases. IFRS 16 replaces the previous leases Standard, IAS 17 Leases, and related Interpretations.

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