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Workshop on IFRS and IFRS for SMEs in Ukraine

Kiev, 26-27 May 2011

The CFRR and the IFRS Foundation, jointly with the Ministry of Finance of Ukraine and the Ukraine Federation of Professional Accountants and Auditors (UPFAA), held a workshop on using International Financial Reporting Standards (IFRS) and the International Financial Reporting Standard for Small- and Medium-Sized Entities (IFRS for SMEs) in Kiev, Ukraine on 26-27 May 2011. The workshop was part of the follow up activities to the recent Accounting and Auditing Report on the Observance of Standards and Codes (A&A ROSC) in Ukraine.

The event was attended by about 60 participants, drawn from the ministry of finance, universities, practicing accountants and representatives of professional bodies.

Workshop on IFRS in Ukraine

To the A&A ROSC page

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Summary


Summary

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 IASB’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.

Agenda

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.

IFRS for SMEs downloads


Right click or option-click the link and choose "Save As..." to download these files.

Presentations for download (English)


Presentations for download (Russian)




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