The presenters, Michael Wells from the IFRS Foundation and Andrei Busuioc from the CFRR, presented the latest updates to IFRS and the current projects of the International Accounting Standards Board (IASB), together with a more in depth discussion of the main aspects of IFRS for SMEs, a simplified reporting standard issued by the IASB in 2009 to meet the requirements of smaller businesses.
The discussion of IFRS emphasized how the IASB used a core set of underlying principles (set out in the IASBâ€™s Conceptual Framework) as the basis for individual IFRSs. As a result, the Concenptual Framework provides a useful basis for teaching materials on IFRS. This was followed by a presentation on the IASB's ongoing projects, focusing on the latest changes to IFRS and the IASB's future plans.
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. After each aspect of the standard had been presented, participants viewed a case study demonstrating the practical application of the IFRS for SMEs and then took part in an informal quiz and discussion to test their understanding of the material.
Participants were very satisfied with the event but felt that significant improvements in technical capacity would be needed before Belarus would be ready to make significant changes in its corporate financial reporting framework.
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The materials used in the workshop can be found in the download section of this page in English and Russian.