Michael Wells from the IFRS Foundation and Andrei Busuioc, from the World Bank CFRR, made a series of presentations on the main elements of the IFRS for SMEs reporting standard, covering the scope and concepts of the standard, the treatment of revenue, financial instruments, assets and liabilities, the presentation of financial statements and how the standard dealt with issues of consolidation, foreign operations and business combinations. Each presentation session was followed by a case study to illustrate how the reporting standard was applied in practice and an informal quiz to test participants' understanding of the issues, as well as question and answer sessions.
Speaking after the workshop, Michael Wells said "Seventy countries are either using or are planning to consider using the IFRS for SMEs standard in the next few years. I hope that Kazakhstan will be the first country in Central Asia to adopt the standard." Mr Busiouc added "The standard is only 18 months old and we believe that its adoption by many countries is just a matter of time. However, Kazakhstan should analyze in detail what needs to be done both on the regulatory side and on the compliance side. In particular, it should pay attention to elements of the infrastructure of financial reporting which will help improve compliance with any new reporting standards and the capacity of accountancy specialists in Kazakhstan to implement them."
The participants expressed their satisfaction with the results of the workshop and their appreciation for the work of the CFRR and the IFRS Foundation. The representatives of the Ministry of Finance especially stressed how they value the international experience that they can get from the work with the World Bank.
As the next stage in the JERP IFRS for SMEs project, the CFRR will analyze the existing accounting legislation in Kazakhstan and will present some options for policy choices during a workshop for policy-makers to be held in February or March 2011. In addition, it will, working with the IFRS Foundation, provide a full Russian translation of the IFRS for SMEs standard for use by the Kazakh authorities and other stakeholders.
The materials used in the workshop can be found in the download section of this page in English and Russian. A video of the question and answer session given by Mr Busiouc and Mr Wells after the workshop can be viewed in the video section of this page (part of this material is in Russian).