A virtual seminar was organized to support STAREP countries (Armenia, Azerbaijan, Belarus, Georgia, Moldova, Ukraine) to better understand the objective and the structure of the recently announced comprehensive review and request of information by the International Accounting Standards Board (IASB) on IFRS for SMEs with a final aim to provide IASB a regional consolidated response to the request for information.
Representatives of REPARIS countries (Kosovo, Serbia, Montenegro, North Macedonia, Albania, Bosnia and Herzegovina) and of Kyrgyz Republic joined the event.
Regulators and national standard-setters from these countries decided to co-ordinate their responses to the IASB without diminishing the rights of others institutions to develop their own comment letters to the IASB, so that to ensure that the STAREP (and possibly REPARIS) countries’ view is heard by the IASB when amending the IFRS for SMEs. Many SMEs in STAREP (and REPARIS) countries prepare financial statements in accordance with the IFRS for SMEs, it is particularly important that these countries’ voices are heard in the process of amending the IFRS for SMEs.
CFRR will support the entire process and provide needed support to ensure that countries’ view is captured and submitted to IASB in a coordinated way that has the maximum possible authority.
Participants expressed their view on various areas, covered by the IASB’s request of information and agreed the deadline for countries’ final feedback. It was decided that the second virtual seminar will discuss the collected feedback and will agree on the consolidated position among participants.
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