EBA organised a workshop on Practical Insights to International Financial Reporting Standards Implementation

On October 7th, EBA organised a practical workshop, the target audience including the financial and accounting staff of medium and large-sized enterprises that seek business internationalisation. The objective of the workshop was to strengthen SMEs capacities related to application of IFRS, treatment and understanding of the standards, their application and lessons learnt from Romania and the relevance of displaying reliable financial information for SMEs. The workshop focused on practical issues regarding IFRS implementation and was delivered by KPMG representatives from Romania and Moldova. The session was co-financed by EBRD and was part of Moldova Business Week 2016.

The workshop began with a welcome speech given by Stela Melnic, EBRD Head of Small Business Support programme in the Ukraine, Belarus and Moldova. The instructors were Cristina Gutu, Advisory Manager, Head of KPMG Training Academy at KPMG Romania, and Vitalie Corniciuc, ACCA Audit Senior Manager at KPMG Moldova. Among the topics uncovered in this day-long workshop were IAS 1 presentation of financial statements, IAS 16 tangible assets accounting, IAS 36 and IAS 37 estimates and uncertainties, and last but not least, IFRS 9 financial instruments.

EBA members, together with other participating enterprises, had the opportunity to make a comparison with the standards that are being implemented in Romania, and to receive concrete answers from the experts on how to solve the obstacles that appear in their way. Those present also had the chance to share their experiences with other participants and discuss some common issues. At the end of this session, the participants underlined the need for such practical workshops and showed interest in implementing what had been discussed.