BASSETERRE, St. Kitts – ACCOUNTING professionals from the Eastern Caribbean Currency Union (ECCU) member countries are presently in St. Kitts attending the second Train the Trainers Workshop on International Financial Reporting Standards (IFRSs).
The workshop is being held at the Eastern Caribbean Central Bank (ECCB) Headquarters in St Kitts and Nevis and began on Monday, April 30.
On the second day (Tuesday), the professionals focused on the main principles of IFRTSs.
According to a press release, the areas of focus were:
• The main principles of each IFRS and the main estimates and judgments to be applied;
• Accounting for share-based payment and foreign currency in accordance with IFRSs;
• Accounting for associates and joint arrangements in accordance with IFRSs; and
• Accounting for business combinations and consolidated financial statements in accordance with IFRSs.
The participants were said to have engaged in lively discussions throughout the session while, examining case studies and participating in quizzes to reinforce learning.
“They have indicated that, so far, they have found the workshop to be challenging, informative and useful,” the release stated.
The IFRSs are a set of accounting standards developed by the International Accounting Standards Board (IASB), which are being adopted globally for the preparation of public company financial statements.
The objective of the workshop is to develop the capacity of regional financial reporting trainers to provide training in the use of the IFRSs.
The areas to be covered during the five-day workshop include: the main principles of each IFRS and the main applicable estimates and judgements; accounting for insurance contracts and financial instruments; and reporting financial performance in accordance with the IFRSs.
Michael Wells and Andrew Hyland of the IFRS Foundation, and Darrel Scott, Member of the International Accounting Standards Board, are conducting the sessions.
The Train the Trainers Workshop on the International Financial Reporting Standards (IFRSs) is part of a World Bank sponsored project.
It is being executed in partnership with the Institute of Chartered Accountants of the Eastern Caribbean (ICAEC), the IFRS Foundation and the Eastern Caribbean Central Bank (ECCB).
The workshop will end on Friday, May 4.
