ZAWYA-PRESSR: Boursa Kuwait concludes awareness session on IFRS developments and the new DMTT law for multinational enterprises

About this update from Boursa Kuwait Securities Company (k.p.s.c)

Kuwait City: Boursa Kuwait successfully concluded interactive awareness sessions entitled “IFRS Update and the New DMTT Law for Multinational Enterprises,” held at the Khaled AlKharafi Auditorium at the Boursa Kuwait building.Organized in collaboration with CFA Society and KPMG Kuwait, the sessions brought together finance professionals, listed companies, and representatives from financial institutions to discuss recent regulatory developments impacting financial reporting and tax compliance in the Kuwaiti market.The sessions were presented by senior executives from the Tax and Corporate Services Sector at KPMG Kuwait, who offered participants practical insights into navigating the evolving regulatory landscape and its impact on financial reporting and taxation.The first session focused on key updates within the International Financial Reporting Standards (IFRS) framework, notably the upcoming implementation of IFRS 18, which will come into effect on January 1, 2027, and will replace IAS 1.The standard introduces a fundamentally revised structure for the presentation and disclosure of financial statements, including new defined subtotals in the statement of profit or loss, enhanced requirements for transparency in management-defined performance measures, and more consistent classification of income and expenses.Speakers highlighted that the changes aim to improve comparability, clarity and the quality of financial reporting for users of financial statements, while requiring companies to reassess their reporting systems, internal controls, and communication with investors ahead of the transition.Participants also received an overview of IFRS S1 and IFRS S2, which outline requirements related to sustainability and climate-related disclosures, supporting greater alignment with global ESG reporting practices.The second session focused on the recently introduced Domestic Minimum Top-up Tax (DMTT) Law for multinational enterprises, which came into effect on January 1, 2025, together with its Executive Bylaws, and establishes a comprehensive framework for implementing DMTT regulations and applying global minimum tax provisions in Kuwait.During the session, experts underscored the law’s requirement that large multinational enterprises (MNEs) with consolidated global revenues of at least €750 million in two of the previous four years pay a minimum effective tax ra...

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