Local community of practice from Azerbaijan benefited from a five-day workshop, delivered by the CFRR on May 23-27, 2022, in Baku on implementation of the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs). The event was organized in cooperation with the Ministry of Finance of Azerbaijan.

The training was attended by 43 participants, including relevant staff of the Ministry of Finance, professional accounting and audit associations, preparers of the IFRS for SMEs financial statements from the SME sector as well as representatives of academia.

The event aimed to enhance understanding of the key judgments management must make in implementing the IFRS for SMEs and on reporting and disclosures requirements. Presentations were supported by practical examples and case studies and covered the following key areas:

  • Introduction and underlying concepts
  • Presentation, disclosure and measurement
  • Fair value measurement and non-financial assets impairment
  • Financial instruments and non-financial liabilities
  • Consolidations, financial performance and first-time adoption.