23rd July 2020
With the global pandemic putting a stop to the anticipated 9 July meeting, to be held at the Sheraton in Oman, MGI MENA like other regions, decided to take their meeting online.
The two-and-a-half-hour meeting was attended by 15 member firms from both MGI Worldwide and CPAAI. Since many of the member firms have not yet had an opportunity to meet, each attendee was given a couple of minutes to introduce themselves and their firm.
New member firm DLS & Associates (Bahrain) and BH Auditing (Yemen) were given more time to give a full firm presentation.
Dr. Michael Grüne from Menold Bezler, MGI Worldwide member firm in Stuttgart, Germany, and also Global IFRS Specialist Group chair, gave a presentation on the amendments to IFRS 16 Leases. In May 2020, the International Accounting Standards Board (IASB) issued Covid-19-Related Rent Concessions, which amended IFRS 16 Leases. Michael explained the scope and objective of the amendments and provided examples on how to account for the rent-free periods.
Piyush Thakkar, from MGI Vision, Oman, moderated the session on the future of the profession post Covid-19. Hesham El Sakka, from Boubyan Consulting, Kuwait, gave a presentation highlighting the impact of the pandemic on audit and consulting practices. Members were asked for their feedback and how their respective firms were coping with the challenges, their experiences and responses. Many felt that there was a silver lining and possibilities for new service lines that can be offered to their clients. Members need to be fast in adapting and using technology. Members shared opportunities in training, risk management, assisting clients in improving their processes and in digital transformation.
Faiyaaz Rajkotwala, IC member for the MENA region for MGI Worldwide rounded up the meeting with an update on the administration of the region and by thanking everyone for attending the meeting.
MGI Middle East & North Africa is part of MGI Worldwide with CPAAI, a top 20 ranked global accounting network and association with over 10,000 independent auditors, accountants and tax experts in some 460 locations in almost 100 countries around the world.