Workshop on IFRS for SMEs and Roundtable on corporate financial reporting reform in Moldova
21-23 November, 2011, Chisinau
As part of the REPARIS program, the CFRR and the Moldovan Ministry of Finance organized two events – a workshop on the IFRS for SMEs financial reporting standard (21-23 November 2011) and a roundtable on "Corporate financial reporting reform: achievements and challenges" (23 November 2011) in Chisinau.
Workshop on the IFRS for SMEs
The workshop on the IFRS for SMEs was held as a follow-up event to the regional train-the–trainers workshop on the reporting standard held in Sarajevo from 18-20 October 2011. Its objective was to disseminate knowledge of the IFRS for SMEs to local accountancy trainers (especially from the university sector), standard-setters and policy-makers.
34 participants, predominantly from local universities, attended the workshop. Most participants found the workshop useful but were cautious about the prospects of Moldova adopting the IFRS for SMEs, viewing this as only being feasible in the longer term. In particular, the capacity of the accountancy profession in Moldova would have to be significantly increased before adopting the new standard, as applying the IFRS for SMEs involves more professional judgment than current national accounting standards in Moldova. In addition, introducing the IFRS for SMEs would require changes in Moldova’s legislation.
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Roundtable on “Corporate financial reporting reform: achievements and challenges”
The workshop on the IFRS for SMEs was followed by a roundtable discussion on progress and outstanding issues in the reform of corporate financial reporting.
Victor Barbaneagra, the Deputy Minister of Finance, summarized Moldova’s recent achievements in reforming corporate financial reporting and the most important challenges that it still faced. He stressed the urgent need to make the Moldovan system of public oversight of auditing more effective, so that it could enforce stronger audit practices.
Staff from the CFRR gave two presentations to the roundtable. Henri Fortin, the head of the CFRR, put the challenges facing developing countries in designing and implementing corporate financial reporting reforms into the context of the changes taking place in the international systems of reporting standards and regulation. He emphasized the assistance and the resources that the CFRR and the REPARIS program could provide to countries like Moldova. Andrei Busuioc complemented this with a discussion of what changes were needed in institutions for them to form part of a sustainable and effective infrastructure for corporate financial reporting.
The main conclusion that participants took away from the roundtable was that the evolution of global reporting standards and regulations meant that corporate financial reporting reform had to be viewed as a continuous process rather than one that aimed to meet a fixed target.
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