Workshop objectives

• To develop the capacity of regional trainers to provide subsequent training on the IFRS for SMEs in their own jurisdiction (ie to equip pre‑existing local financial reporting trainers in the use of the IFRS Foundation training material, particularly within developing and emerging economies).
• To provide a forum for interaction between trainers, for the sharing of experience and the discussion of common issues in relation to the IFRS for SMEs.

 Workshop facilitators

• Mary Barth, Academic Advisor to the IASB and Professor of Accounting, Stanford University and former IASB member
• Bob Garnett, Chairman, IFRS Interpretations Committee and former IASB member
• Michael Wells, Director, IFRS Education Initiative, IFRS Foundation

Workshop language

The workshop facilitators speak the English language.

Workshop methodology

Each day will be broken down into a number of sessions.  Each session will include plenary instructions followed by group discussion supported by quizzes and case studies.  Delegates are expected to prepare in advance of each session.

Topˆ

Workshop material

There are three parts to the material for the workshop:

• The full official text of the IFRS for SMEs and the accompanying documents (ie the Basis for Conclusions and implementation guidance).
• PowerPoint slides and other material used by the workshop facilitators.
• Comprehensive training material developed by the IFRS Foundation to support implementation of the IFRS for SMEs.

The full official text of the IFRS for SMEs includes three PDF files that can be downloaded from the IFRS Foundation’s website at http://go.iasb.org/IFRSforSMEs. The three files are: (i) the standard itself, (ii) the basis for conclusions, and (iii) implementation guidance (consisting of illustrative financial statements and a presentation and disclosure checklist). Delegates are expected to read this material in advance of the workshop. A hard copy of the instructors' PowerPoint presentations and other presentation material will be printed by the event organiser [Eastern Caribbean Central Bank] and provided to the workshop participants. After the workshop the participants can obtain updated PowerPoint presentations from the IFRS Foundation’s Website (see http://www.ifrs.org/IFRS+for+SMEs/SME+Workshops.htm).

The comprehensive training material includes:

• notes and examples explaining each requirement of the IFRS for SMEs
• a comparison of the requirements of the IFRS for SMEs with the related requirements in full IFRSs
• multiple choice questions
• case studies.

The English language training material can be downloaded free of charge from the IFRS Foundation’s website (see http://www.iasb.org/IFRS+for+SMEs/Training+material.htm) as it is completed. There will be one module per section of the IFRS for SMEs. Each module is a separate PDF file. You may wish to download and review some of this material in advance of the workshop, but you are not required to do so.

Certificate of attendance

Upon completion of the workshop, all participants will receive a certificate of attendance.

Disclaimer

The organisers reserve the right to change the speakers, date, venue and to cancel the workshop if circumstances beyond their control arises. The organisers reserve the right to make alternative arrangements without prior notice should it be necessary to do so. Upon signing the registration form, participants are deemed to have read and understand the terms and conditions.

Topˆ

About the IFRS for SMEs

The IFRS for SMEs is a self-contained standard of less than 230 pages, designed to meet the needs and capabilities of small and medium-sized entities (SMEs), which are estimated to account for over 95 per cent of all companies around the world. The standard is a result of a five-year development process with extensive consultation of SMEs worldwide.

It is built on the foundation of full IFRSs, however, many of the principles for recognising and measuring assets, liabilities, income and expenses have been simplified, topics not relevant to SMEs have been omitted, and the number of required disclosures has been significantly reduced. Revisions to the IFRS for SMEs will be limited to once every three years. The IFRS for SMEs is separate from full IFRSs and is therefore available for any jurisdiction to adopt whether or not it has adopted the full IFRSs. It is also for each jurisdiction to determine which entities should use the standard. It is effective immediately on issue.

Benefits of the IFRS for SMEs

The benefits of global financial reporting standards are not limited to entities whose securities are traded in public capital markets. The benefits of the IFRS for SMEs include improved access to capital—financial institutions, creditors and venture capitalists provide funding across borders and operate multi-nationally. The IFRS for SMEs provides a consistent basis of accounting for entities that operate in more than one jurisdiction and thereby reduces the costs of reporting. Moreover, in many jurisdictions the IFRS for SMEs improves the quality of financial reporting, thereby enhancing the overall confidence in the accounts of SMEs. It also reduces the significant costs involved of maintaining standards on a national basis and provides a platform for growing businesses that are preparing to enter public capital markets, where application of full IFRSs is required.

Topˆ