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IFRS Insights & Updates

On the 24th of November, 2023, the collaborative effort between FinPro Audit's experts and the European Business Association (EBA) Moldova resulted in an exceptional seminar on International Financial Reporting Standards (IFRS). The event, focusing on critical aspects such as IFRS 9, 16, 15, common issues, and recent updates, proved to be a resounding success, fostering engaging discussions and insightful exchanges among participants.

The seminar's agenda covered a spectrum of vital topics, including IFRS 9: Financial Instruments, IFRS 16: Leases, IFRS 15: Revenue from Contracts with Customers, and the most frequently encountered issues in IFRS compliance. Emphasizing the significance of meticulous adherence to principles, the seminar highlighted the top five common mistakes made in IFRS reporting:

  1. Ignoring Substance Over Form Principle: Participants were cautioned against overlooking the importance of substance over form in financial reporting, particularly concerning lease and service contracts.
  2. Failing to Differentiate Current and Non-Current Assets/Liabilities: The significance of separately presenting current and non-current assets and liabilities, including aspects such as lease liabilities and provisions for employee benefits, was underscored.
  3. Incomplete Reporting of Transactions with Related Parties: The necessity of transparently reporting all transactions involving related parties to maintain accuracy and compliance was emphasized.
  4. Confusing Accounting Policy Changes with Estimates or Errors: The distinction between changes in accounting policy and errors or changes in estimates was clarified to prevent potential misunderstandings.
  5. Omitting Deferred Tax from IFRS Adjustments: Participants were reminded not to overlook deferred taxes when making IFRS adjustments, as they are crucial elements affecting financial statements.

The seminar also delved into the latest updates in the realm of IFRS, particularly focusing on the newly introduced IFRS Sustainability Disclosure Standards - IFRS S1 and IFRS S2. These standards, effective from January 1, 2024, set forth general requirements for the disclosure of sustainability-related financial information, marking a significant stride towards integrating sustainability considerations into financial reporting practices.

Furthermore, resources such as the supporting materials for IFRS S1 and IFRS S2 were highlighted during the seminar, providing attendees with valuable insights and references to further enhance their understanding and implementation of these standards.

The success of the seminar owes much to the active participation, engaging discussions, and pertinent queries raised by the attendees. FinPro Audit and EBA Moldova extend their gratitude to all involved and eagerly anticipate welcoming participants to future events that promise to be as enriching and informative as this remarkable seminar on IFRS.

We invite you to join us in enjoying the Event video summary on the following link: Event Video Summary

In conclusion, the seminar proved to be a pivotal platform for enhancing knowledge, sharing insights, and fostering a deeper understanding of IFRS principles and updates, setting the stage for better compliance and reporting practices among financial professionals.