December. IFRS for SME’s Seminar in Ukraine (Kiev.Ukraine)
On 3 December 2010, Business Education Alliance, with support from ACCA, conducted Seminar “IFRS for SME’s” at GreenWell Conference and Coaching Centre, Kiev, Ukraine.
The tutor was Rita Maris Ilisson – American born financial analyst, former Chairman of the Estonian Accounting Standards Board 1993-2001, former member of the IASB’s Standards Advisory Council 2002-2005.
Small and medium sized entities (SMEs) make up 95% of the worldwide enterprise population. SMEs are all entities that are not publicly traded and that are not banks or similar financial institutions.
IFRS for SMEs provides a wonderful opportunity for SMEs to jump on the IFRS bandwagon. By preparing their financials under an international accounting platform and having their auditors sign off on IFRS for SMEs financial statements, SMEs can enhance their financial credibility and the likelihood of attracting capital or receiving loans and funding.
On 9 July 2009 the IASB published an International Financial Reporting Standard (IFRS) designed for SMEs. The IASB strove to simplify full IFRS, which now consists of approx. 3000 pages while remaining true to the Conceptual Framework, considering user needs and the cost-benefit concerns of SMEs. The standard consists of 35 thematic sections and 230 A4 pages.
During this one day seminar participants looked at some of the 35 sections in the standard, differences vis-a-vis full IFRS and working through some of the examples provided in the training materials developed by the International Accounting Standards Committee Foundation (IASCF).
They were also working with examples, which are equally applicable to entities applying full IFRS. This seminar was beneficial for all entities either using full IFRS or planning to use full or IFRS for SMEs in the future.