The Ministry of Finance of the Republic of Kazakhstan held a joint workshop with the World Bank on possible application of international financial reporting standards for small and medium entities. The workshop took place on January 11-13 and was held as part the Joint Economic Research Program (JERP), which is a joint program of the Kazakh government and the World Bank.
Among many others, the meeting was attended by Michael Wells, the director of the IFRS Education Initiative, and Andrei Busuioc, the World Bank’s representative in Europe and Central Asia. There were also representatives of the government financial authorities, public associations, accounting unions, non-commercial entities, and professional business editions on accounting and audit.
Michael Wells and Andrei Busuioc informed participants of the event on basic provisions of “IFRSs for SMEs” as well as most important differences between full set of IFRSs and the international standards for smaller entities. As we all remember, “IFRSs for SMEs” is a completely independent set of standards, where the only exception is the option to use IFRS 39 instead of sections 11-12 for financial instruments.
Participants of the event exchanged their professional opinion and expressed high interest in further study of international financial reporting standards for small and medium entities and their possible adoption in the Republic of Kazakhstan.
Source: GAAP.ru
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