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Workshop on IFRS and IFRS for SMEs in Belarus

Minsk, 23-24 May 2011

The CFRR and the IFRS Foundation, jointly with the Ministry of Finance of Belarus, held a workshop on recent updates to International Financial Reporting Standards (IFRS) and the International Financial Reporting Standard for Small- and Medium-Sized Entities (IFRS for SMEs) in Minsk, Belarus on 23-24 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 Belarus.

23 participants, drawn from the Ministry of Finance, Central Bank, National Statistical Committee, universities and representatives of the profession, attended the workshop.

Workshop on IFRS in Belarus

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, 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 IASB’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.

Agenda

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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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