CReCER IFRS for SMEs Workshop

Colegio de Contadores Pblicos Autorizados de Panam, Panama City, October 11-14, 2010

CReCER IFRS for SMEs Workshop

World Bank-IASC Foundation1

Colegio de Contadores Pblicos Autorizados de Panam, Panama City, October 11-14, 2010

1 To become the IFRS Foundation

INTRODUCTION
The World Bank is teaming with the International Accounting Standards Committee Foundation (IASC Foundation) to deliver the first Spanish language three and a half days Train the Trainers Workshop on IFRS for SMEs in the Latin America and the Caribbean Region. The local accountancy body in Panama, Colegio de Contadores Pblicos Autorizados de Panam (CCPAP), has been nominated to be the host. The intensive and interactive training will provide a detailed understanding of the topic and equip the trainers to replicate the training in their own country. The Train the Trainer workshop is being organised by The World Bank with the collaboration of IASC Foundation and CCPAP, and subsidized by the Ministry of Finance of Spain (Ministerio de Economa y Hacienda) The number of available places is limited to 60 participants among all the Latin America and the Caribbean Region, and the local accountancy IFAC Member Bodies will nominate the participants to attend the training, with a maximum of 5 per country.

WORKSHOP
DATE: October 11-14, 2010 HOST: CCPAP TARGET COUNTRIES: Mxico, Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, Panam, Repblica Dominicana, Colombia, Ecuador, Per, Venezuela, Argentina, Chile, Paraguay, Uruguay, and Bolivia.
WORKSHOP FACILITATORS

Michael Wells, Director of IFRS Education Initiative, IASC Foundation (MW) Hayde de Chau, Audit Partner in Charge of Audit Function and Professional Development, KPMG, Panama (HC)
WORKSHOP OBJECTIVES

To develop the capacity of regional trainers to provide subsequent training in their own jurisdictions. To provide an opportunity for other stakeholders (including standard setters and regulators) to promote high quality implementation of the IFRS for SMEs. 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 LANGUAGE

The workshop facilitators will speak English (Michael Wells) and Spanish (Hayde de Chau) languages during the course. Simultaneous translation in the Spanish language will be provided.
WORKSHOP METHODOLOGY

Each day will be broken down into a number of sessions (see page 3 for details). Each session will include plenary instruction followed by break-out group exercises (for example, case studies) and group feedback and Q&A sessions. Pgina 2 de 7

WORKSHOP MATERIAL AND PREPARATION

There are two parts to the material for the workshop: The Spanish language translation of the full official text of the IFRS for SMEs and the accompanying documents (ie the Basis for Conclusions and implementation guidance). Comprehensive training material developed by the IASC Foundation to support implementation of the IFRS for SMEs. (So far only in English, we are working on the Spanish translation) The full official text of the IFRS for SMEs includes three PDF files that can be downloaded from the IASBs website at http://go.iasb.org/IFRSforSMEs. The three files are the standard itself, the basis for conclusions, and 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. 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 will be downloadable free of charge from the IASBs website (see http://www.iasb.org/IFRS+for+SMEs/Training+material.htm). There is one module per section of the IFRS for SMEs. Each 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. There will be printed copies of the PowerPoint presentations and parts of the training material distributed at the beginning of the workshop. After the workshop you are expected to study all of the modules before conducting training workshops in your jurisdiction.
COMMINTMENT

There is a need that all participants to commit to replicate and train their local members on this workshop or a similar initiative. Therefore, participants must prepare a ten minutes presentation/speech on how they plan to replicate the workshop in their respective countries. This knowledge exchange and presentations will take place on the morning of the 4th day before concluding the workshop. This will provide a forum for participants and organizers to know the real challenges on the ground.
REGISTRATION

To be considered for a place in this workshop, your application form (see page 6) must be received by David Martnez, telephone +1 202 458 2855 at dmartinezmunoz@worldbank.org, by August 17, 2010.
IMPORTE DEL CURSO Y PAGO

USD300 per participant for the 3.5 day workshop includes training material, [6 coffee-breaks, 3 lunches, and 1 dinner]. Seats are limited. This workshop is limited to 60 participants for the Latin America and the Caribbean Region. Payment will be managed by the Panama Accountancy Body (Colegio de Contadores Pblicos Autorizados de Panam)
CERTIFICATE OF ATTENDANCE

Upon completion of the workshop, all participants will receive a certificate of attendance from the Organizations involved in this event.

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CANCELLATION

Cancellation notice must be sent before September 30, 2010. No refund will be entertained after September 30, 2010. However, a substitute in place of the participant can be accepted for the workshop, if the alternate participants meet the selection process.
DISCLAIMER

The organisers reserve the right to change the speakers, date, and venue and to cancel the workshop if circumstances beyond their control arise. 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.

Workshop outline
Morning 8:00-9:00 Day 1 (October 11) Details of workshop: Overview of IFRS for SMEs: (MW) Bullet points covering all Sections 1-35, including highlight of differences with full IFRSs Scope and concepts: (HC) Sec 1 SMEs Sec 2 Concepts and Pervasive Principles Coffee break Case study (Sec 1) and quiz and discussion (Secs 1 and 2) (HC) Day 2 (October 12) Financial Instruments: (MW) Sec 11 Basic Financial Instruments Day 3 (October 13) Liabilities: (MW) Sec 21 Provisions and Contingencies Sec 28 Employee Benefits

9:00-10:00

Case study, quiz and discussion (MW) Sec 11 Coffee break Financial instruments continued: (MW) Sec 12 Financial Instruments Sec 22 Liabilities and Equity Portion of Sec 30 Foreign Currency Translation dealing with foreign currency hedging Quiz and discussion (MW) Sections 11, 12, 22 and 30

Quiz and discussion (MW) Sections 21 and 28

10:00-10:30 10:30-11:30

Coffee break Liabilities, continued: (MW) Sec 20 Leases Sec 29 Income tax

11:30-12:30

Financial statement presentation: (MW) Sections 3 to 8 Financial statements Sec 10 Accounting Policies, Estimates and Errors Lunch

Quiz and discussion (MW) Sections 20 and 29

12:30-13:30

Lunch

Lunch

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Afternoon 13:30-14:30

Day 1 (October 11) Financial statement presentation continued: (MW) Sec 32 Events After the End of the Reporting Period Section 33 Related Party Disclosures Part of Sec 30 Foreign Currency Translation (ie functional currency and presentation currency) Case study and discussion (MW) Presentation of financial statements Coffee break Revenue: (HC) Sec 23 Revenue

Day 2 (October 12) Assets: (HC) Sec 13 Inventories Sec 17 Property Plant and Equipment Sec 18 Intangible Assets Sec 27 Impairment of Assets

Day 3 (October 13) Other issues: (HC) Sec 9 Consolidation Sec 19 Business Combinations Part of Sec 30 Foreign Currency Translation (ie foreign operations)

14:30-15:30

15:30-16:00 16:00-17:00

Coffee break Assets, continued: (HC) Sec 14 Associates Sec 15 Joint Ventures Sec 16 Investment property Quiz and discussion (HC)

Coffee break Other issues: (HC) Sec 35 Transition

17:00-18:00

Case study, quiz and discussion (HC) Section 23

Quiz and discussion (HC)

Sections covered only in the overview (Day 1 morning): Sec 24 Government Grants Sec 25 Borrowing costs Sec 26 Share-based Payment Sec 34 Specialised Industries

On the 4th day there will be a knowledge exchange forum in which participants will present the replication plans for the workshop at 9:00 am.

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CRITERIA/RESULTS
All candidates must satisfy the following essential criteria
Must be willing to learn the IFRS for SMEs Must have an interest in conducting training for the IFRS for SMEs.

Desirable criteria
Should be able to communicate in English Should have at least 3 years teaching/training experience

Output of the project Participants to the workshop will:

Develop a deep understanding of the IFRS for SMEs Develop a network of trainers between participating countries Conduct mirror workshops on IFRS for SMEs in their local environ

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APPLICATION FORM*
1. Name and Country (Last, First and Middle)

2. Job Title, Institution

3. Contact Information: a. Telephone(s) (Country, Area, Number)

b. E-mail

c. Fax

4. Years of teaching or training accountancy (IFRSs or local GAAP) or related field (For example: auditing)

5. Plan or commitment to train others (Brief Description)

6. The jurisdiction(s) in which you expect to provide that training

Registration will not be valid until the $300 payment is confirmed with the IFAC Member Body "Colegio de Contadores Pblicos Autorizados de Panam"

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