KUWAIT CITY, Sept 23: The Kuwait Chapter of The Institute of Chartered Accountants of India (KCICAI) successfully hosted an insightful Continuing Professional Education (CPE) event focused on the impact of International Financial Reporting Standard 17 (IFRS 17) and the latest updates and disclosures. The event brought together various finance, IT, and Technical professionals from the Kuwait Insurance Industry, other special invitees, and members of the Chapter.

IFRS 17, the new global accounting standard for insurance contracts, has been a significant development in the accounting field. Its implementation has far-reaching implications, and understanding its nuances is crucial for finance and insurance professionals, including chartered accountants. The KCICAI CPE event served as a platform for attendees to gain valuable insights into IFRS 17 and its practical implications.

Highlights

Key highlights of the event included a comprehensive overview of IFRS 17 by Mr. Haytham Zreiqi, Chief Financial Officer at GIG Kuwait and subject matter expert. The speaker featured in-depth presentations and discussions on IFRS 17, including its background, key principles, and the challenges and opportunities it presents to the insurance industry. Mr. Haytham also shared insights from his personal experience and how he had overcome those challenges. The event also explored the disclosure requirements under IFRS, emphasizing the importance of transparency and clear financial reporting.

Mr. Salman Bin Khalid, Director – Audit Department KPMG Kuwait, shed light on the New IFRS Updates and disclosure. Participants were updated on the latest developments in IFRS, including recent changes and amendments. These updates are critical for professionals to stay compliant and informed about evolving accounting standards.

An engaging Question-and-answer session followed. The event received overwhelmingly positive feedback from attendees, who expressed their appreciation for the informative sessions and the high caliber of speakers.

Mr. Venkata Ramana Badida, the executive committee member of KCICAI, was the host for the evening and efficiently brought the various phases of the event together. Mr. Rabin Gonsalves, Chairperson of KCICAI, in his welcome address, thanked all the attendees for their presence and updated the audience about the recent and upcoming events of the chapter. He also informed its members about other ongoing affairs of the chapter and the various initiatives undertaken by the chapter.

 The event also facilitated networking among participants, enabling them to connect with fellow professionals, share experiences, and build valuable relationships within the industry.

KCICAI took the opportunity to distribute the awards to its winners of the online chess tournament which was held during the summer. The event was concluded with a Vote of Thanks. Ms. Andaleeb Girkar, the committee member of KCICAI, followed by dinner. For more information about upcoming ICAI events and resources, please visit www.icaikw.org.