The presenters, Michael Wells from the IFRS Foundation and Andrei Busuioc from the CFRR, focused on presenting the most recent updates of IFRS and the current projects of the International Accounting Standards Board (IASB), together with a more detailed discussion of the IFRS for SMEs, a simplified reporting standard issued by the IASB in 2009 and tailored to the needs of smaller businesses.
The discussion of IFRS emphasized how the content of each IFRS was based on a set of underlying principles set out in the IASBâ€™s Conceptual Framework. The IASB used this Framework in drawing up IFRS. As a result, the Framework provided a helpful tool for explaining the content of individual reporting standards and was also useful in drawing up teaching materials. This was followed by a presentation on the IASB's ongoing projects, focusing on the latest and planned changes to IFRS.
The detailed discussion of the IFRS for SMEs covered most of the main elements of the standard, including its scope and basic concepts, its treatment of revenue and of the main types of assets and liabilities. Each of these presentations was followed by a case study illustrating how the IFRS for SMEs was applied in practice and an informal quiz and discussion so that participants could test their understanding of the material.
Participants were very satisfied with the event but felt that the introduction of the new reporting standards in Ukraine would require significant investments in training accountants, auditors and regulators in Ukraine, including the provision of suitable training materials in the Ukrainian language.
Right click or option-click the link and choose "Save As..." to download these files.
The materials used in the workshop can be found in the download section of this page in English and Russian.