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Fourth Financial Reporting Community of Practice Workshop, 3-4 February 2011, Vienna

On 3-4 February 2011 the World Bank Centre for Financial Reporting Reform (CFRR) held a Financial Reporting Community of Practice (FRCoP) Workshop in Vienna as part of the Road to Europe: Programme for Accounting Reform and Institutional Strengthening (REPARIS). 26 members of the community of practice from Albania, Bosnia and Herzegovina, Croatia, Kosovo the FYR of Macedonia, Moldova, Montenegro and Serbia participated.

The workshop focused on the application of IFRS for financial statements, the issues in IFRS translation and the EU Fourth Company Law Directive.

FRCoP Workshop, 3-4 February 2011, Vienna


To the REPARIS program page

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Summary


Objectives

The objectives of the workshop were to assist the REPARIS countries in:

  • aligning their accounting laws and related requirements with the acquis communautaire with a focus on the Fourth Company Law Directive;
  • choosing appropriate financial reporting requirements for different forms and sizes of entities within the framework of the acquis;
  • understanding the principles on the preparation and presentation of financial statements using IFRS and;
  • and ensuring the availability of IFRS in their local languages.


Description

FRCoP Workshop, 3-4 February 2011, Vienna After Pascal Frèrejacque and David Cairns presented the objectives and agenda for the workshop, Michael Wells, the IFRS Foundation's director of IFRS Education, kicked-off the workshop by presenting a framework-based approach to using International Financial Reporting Standards (IFRS). Mr Wells showed how this framework helped in preparing financial statements. He also emphasized how the International Accounting Standards Board's IFRS Interpretation Committee used the framework in making its rulings.

Mr Cairns stressed the importance of the hierarchy set out in IAS 8 for accounting policies. He also emphasized the use of judgment in applying IFRS and presented several case studies which illustrated the central role of professional judgment in applying IFRS under the IAS Regulation 1606/2002.

Richard Martin of the Association of Chartered Certified Accountants (ACCA) showcased how the UK had used the policy options allowed by the EU Directives to establish a simpler financial reporting framework for small and medium-sized entities. Mr Martin also described how there were many common elements between accounting standards and tax rules in the UK.

Ken Creighton, director of IFRS content services, presented on the principles, best practices and issues of IFRS translation based on prior experience in other regions.

FRCoP Workshop, 3-4 February 2011, Vienna Together with Juri Sekiguchi from the CFRR's knowledge management team, the participants discussed how much progress had been made in achieving a single IFRS Foundation-approved translation in each of their official languages. Workshop participants discussed how far countries have already co-operated with each other in preparing these translations and assessed where further synergies could still be achieved.

Pascal Frèrejacque presented the key features of the Fourth Company Law Directive and some tools for facilitating its transposition to the legal framework in each REPARIS country. Using this as a framework, participants started to draw up action plans for their countries to further implement the EU acquis.

Results

The members of the community of practice drafted country strategies for implementing the Fourth and Seventh Company Law Directives and the IAS regulation. They learned how the UK had adopted options in the Directives for simplified reportingstandards for SMEs based on the IFRS for SMEs and about the use of the IFRS framework and professional judgement in applying IFRS. They also became familiar with tools to ease the process of transposing the Fourth Company Law Directive into their own legislation.

Videos


Videos of Speakers

Understanding IFRS
Michael Wells

Michael Wells

Michael Wells, the IFRS Foundation's director of IFRS Education, presents on the use of the framework in interpreting the International Financial Reporting Standards (IFRS).

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The IASB's Framework, the Hierarchy for Accounting Policies and IFRS Judgements
David Cairns

Michael Wells

David Cairns , presents on the use of the IAS 8 hierarchy for accounting policies in particular and the importance of the use of judgment in applying IFRS.

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Case Study UK
Richard Martin

Richard Martin

Richard Martin of the Association of Chartered Certified Accountants (ACCA) presents the United Kingdom's accounting practices for small and medium-sized and the bridge between financial reporting requirements and tax accounting. Furthermore Mr. Martin illustrates the impact of the UK policies taking advantage of the policy options from the EU Fourth and Seventh Directive and their impact on the accountancy and audit profession.

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