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Executive IFRS workshop for regulators

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Partners of this program

IFRS

Austrian Development Cooperation

Ministry of Finance, Austria

Ministry of Finance, Luxemburg

Ministry of Finance, Luxemburg

3-7 June 2013, Vienna


The CFRR and the IFRS Foundation are jointly organizing a five-day workshop on the use of International Financial Reporting Standards (IFRS) by financial regulators. The workshop will be held from 3 to 7 June 2013 at the Diplomatic Academy in Vienna.

The primary objective of the workshop is to enhance participants’ understanding of current and upcoming IFRSs and prudential requirements by providing them with tools to enhance the effectiveness of banking and insurance regulators’ supervision. During this five-day workshop, participants will: (i) gain a better understanding of how current IFRS apply to financial instruments, including loans, and insurance contracts, (ii) review the changes stemming from the IAS 39 replacement project, IFRS 9 – financial instruments and IFRS 4 – insurance contracts, and (iii) explore how the review of financial statements prepared using IFRS can help them to carry out their supervisory duties.

The workshop will be addressed by three members of the International Accounting Standards Board (IASB) - Philippe Danjou, Amaro Gomez, and Darel Scott - the Director for Education at the IFRS Foundation, Michael Wells, as well as representatives of the European Commission (DG Markt), regulators and financial institutions. It will discuss applicable IFRS, upcoming IFRS that are due to be issued in the near future, as well as selected issues that the IASB is currently working on. These sessions will be complemented by interventions from regulators and financial institutions on the enforcement challenges of IFRS, prudential definitions of Non-Performing Loans across Europe, the implementation of CRD IV (the EU directive which is implementing the Basel III rules for banks in the EU) and related reporting obligations and loan loss provisioning regimes, as well as specific issues for the insurance sector.

As all banks and insurance companies that issue securities (shares or bonds) on an EU regulated market have been required since 2005 to publish their consolidated financial statements in accordance with IFRS, the ability to use the information in financial statements prepared under IFRS is crucial for financial sector regulators both in existing EU member states and also in all those countries that are seeking either to join the EU or to develop closer economic links with the EU by adopting elements of the EU’s legal and regulatory framework (the acquis communautaire).

This workshop is addressed to senior staff of regulatory agencies responsible for supervising banks and insurance companies and those in charge of accounting and prudential regulations in the EU, EU candidate countries and countries in the EU’s Eastern Neighbourhood.

Attendance at the workshop is by invitation only.

A full agenda for the workshop and supporting materials for the workshop will be posted on this page shortly.






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