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Second IFRS for SMEs Distance Learning Event

Financial Reporting Community of Practice, 11 November 2010

On Thursday, 11 November 2010, the World Bank Centre for Financial Reporting Reform (CFRR) held a Global Development Learning Network (GDLN) event on the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs).


What is GDLN?

The Global Development Learning Network (GDLN) is a global partnership of learning centers that use advanced information and communication technologies to connect people working in development around the world. More on

To the REPARIS program page

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This GDLN distance learning event was part a of the Financial Reporting Community of Practice (FRCoP) GDLN series of events organized under the Road to Europe: Program of Accounting and Reform and Institutional Strengthening (REPARIS).

83 participants used 9 GDLN centres in the REPARIS countries to see Michael Wells from the IFRS Foundation present the principles for accounting for assets under IFRS for SMEs together with several examples. Mr Well’s presentation dealt with the standard’s treatment of inventories (section 13 of IFRS for SMEs), property, plant & equipment (section 17), intangible assets other than goodwill (section 18) and the impairment of assets (section 27).

After presenting each section, Mr Wells gave a short quiz on the topic to test how well participants’ had understood the material and a Q&A section at the end gave participants the opportunity to obtain clarification on some aspects of the standard.


Video of GDLN Presentation

Michael Wells presents an overview of IFRS for SMEs Tangible and Intangible Assets under the IFRS for SMEs

This session explains the treatment of assets in accordance with the IFRS for SMEs, including inventories; investment property; property, plant and equipment; intangible assets; and impairment of assets.

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The following countries participated at the GDLN distance learning event.

Country, City


Albania, Tirana

World Bank Office - Tirana

BiH, Sarajevo

E-Net Centre Sarajevo

BiH, Banja Luka

University of Banja Luka

Croatia, Zagreb

Croatian Academic and Research Network (CARNet)

Kosovo, Pristina

British Council Pristina

Macedonia, Skopje

British Council Skopje

Moldova, Chisinau

Academy of Sciences of Moldova (silver meeting room)

Montenegro, Podgorica

World Bank Office - Podgorica

Serbia, Belgrade

British Council Belgrade


Michael Wells

Director, IFRS Education Initiative, International Financial Reporting Standards (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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