The main objective of the workshop of the workshop was to provide guidance and tools to support the implementation of principles-based education in financial reporting and auditing, based on international standards.
The workshop focused on three areas: the "why", "what" and "how" of accounting education.
In helping educators to make the case for accounting and audit education (the "why" of accounting education), Thuy Mellor, a former Accountant-General of New South Wales (Australia) and now a consultant on public sector financial management, provided an overview of the skills required by professional staff in government treasury and financial management departments in order to achieve and maintain fiscal stability. Patrick Corrigan of AARC described the work of the Irish Accounting and Auditing Supervisory Authority, with a specific focus on its approach to assessing Irish companies' compliance with IFRS requirements. Henri Fortin, the Head of the CFRR, described the features and benefits of alternate approaches to setting financial reporting standards, and the implications of these approaches for capacity development.
In addressing the content and approaches to teaching (the "what" and "how" of accountancy education), Michael Wells of the IFRS Foundation focused on how to teach IFRS based financial reporting, demonstrating teaching resources and case studies developed for the EduCoP. Paul Hurks, from the NBA (formerly Royal NIVRA) and a member of the IFAC Professional Accountancy Organization Development Committee, delivered a presentation on approaches to teaching ethics and independence for auditing students. The CFRR presented a session on how to integrate and apply principles-based financial reporting and audit education, including videos and case studies designed to demonstrate effective teaching approaches.
Participants left the workshop with examples and case studies that would assist them in implementing accounting and audit courses based on international standards, as well as a much clearer understanding of the contribution of accounting education to capacity development for fiscal stability.
EduCoP members agreed that an intermediate training course based on the IFRS for SMEs reporting standard would be a valuable extension of the courses that were currently available at this level, and supported the plans for REPARIS to host a regional "Train the Trainers" Course on IFRS for SMEs later in 2011.