ECCU Accounting Professionals Examine the Main Principles of the International Financial Reporting Standards (IFRSs)

Consultant Darrel Scott

ZIZ News…May 2, 2012 — As the Train the Trainers Workshop on the International Financial Reporting Standards (IFRSs), for accounting professional of the Eastern Caribbean Currency Union moved into its second day, 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.

Throughout the sessions, the participants engaged in lively discussions, examined case studies and participated in quizzes to reinforce learning. They have indicated that, so far, they have found the workshop to be challenging, informative and useful.

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).

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