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First IFRS for SMEs GDLN Distance Learning Event

Financial Reporting Community of
Practice GDLN, 28 April 2010

On 28 April the Centre for Financial Reporting Reform organized a Global Development Learning Network (GDLN) distance learning event on the International Financial Reporting Standard (IFRS) for Small and Medium-sized Entities (SMEs).

Summary


Objectives

The objective of this event was to:

  1. Provide an overview of the IFRS for SMEs issued by the International Accounting Standards Board (IASB);
  2. Illustrate the underlying concepts of the IFRS for SMEs with a case study;
  3. Identify the entities in each economy which are classed as publicly accountable and so are not eligible to apply the IFRS for SMEs.

Description

Ninety-one participants from the REPARIS economies, representing ministries of finance, public supervisory bodies, professional accounting bodies, academics, and private accounting and auditing firms, attended the three-hour event.

In advance of the event, the participants were asked to read the relevant sections of the IFRS for SMEs and to prepare a case study considering which entities should be classified as publicly accountable.

The session was moderated by Mr. John Hegarty, Head of the World Bank Centre for Financial Reporting Reform. Mr. Michael Wells, Director of the IFRS Education Initiative at the International Accounting Standards Committee Foundation (IASCF), made two presentations, which were each followed by active Q&A sessions. In the first he gave an overview of the requirements of each of the 35 sections of the IFRS for SMEs, discussing the similarities and differences between the IFRS for SMEs and full IFRS, especially in the treatment of amortization and goodwill. In Mr. Wells’ second presentation, he reviewed the characteristics of SMEs, differentiating them from entities which are subject to public accountability and so are not eligible to apply the IFRS for SMEs. The presentation concluded with a case study, illustrating the application of the IFRS for SMEs. In the subsequent Q&A session, participants provided an overview of the issues surrounding public accountability in their respective economies.

Results

During this distance learning event, participants enhanced their understanding of the IFRS for SMEs, and the IASB criteria for public accountability. In particular, the event provided an opportunity for participants to improve their understanding of which entities were eligible to apply the IFRS for SMEs in their particular jurisdictions.

Videos


Overview of IFRS for SMEs

Michael Wells presents an overview of IFRS for SMEs 1. Introduction of the event and speaker by John Hegarty
2. High level overview of the requirements of each of the 35 sections of IFRS for SMEs
3. Active Q&A session with participants

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Scope and Concepts of IFRS for SMEs

Michael Wells presents an scope and concepts of IFRS for SMEs 1. Characteristics of SMEs
2. Public accountability definitions
3. Case study
4. Active Q&A session with participants

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Biography


Michael Wells

Director, IFRS Education Initiative, IFRS Foundation

Michael leads the Education Initiative of the IFRS Foundation. He qualified as a South African Chartered Accountant with Ernst & Young before being seconded to work out of the firm's Detroit office.

He subsequently joined the academic world, and became the Associate Professor responsible for the financial accounting section of a South African University. He also served as an independent evaluator of professional qualifying examinations.

He is a member of a number of international accountancy education advisory groups.





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