Capacity-building in corporate financial reporting: Framework-based teaching of International Financial Reporting Standards
Over the last three years, UNCTAD's Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR) has been developing a comprehensive and integrated approach to accountancy development with a view to enabling member States to successfully implement globally recognized corporate reporting standards and codes. One of the essential pillars in ISAR's accountancy development framework is the human capacity-pillar.
Most of the debate on high-quality corporate reporting has been focused on global standards and codes - such as International Financial Reporting Standards (IFRSs) and International Standards on Auditing. However, effective and efficient implementation of these standards requires properly trained accountants and auditors. Principles-based standards - such as IFRSs - require significant judgment on the part of preparers of financial statements. As a result, education of accountants and auditors needs to be reoriented to take into account the implications of principles-based standards.
The UNCTAD secretariat in cooperation with the IFRS Foundation is organizing this forum with a view to:
(i) Facilitating sharing of experiences among member States in the area of accounting education; and
(ii) Introducing a Framework-based approach to IFRS education.
The Accountancy Education Forum is intended to enable participants to:
- Understand an integrated approach to accountancy development, including human capacity
- Understand the different approaches to integrating into a curriculum education on international accounting, auditing and other related standards and codes
- explain the benefits of IFRS Framework-based teaching;
- describe the link between objectives, concepts, principles and rules in IFRSs;
- understand how to teach IFRS judgements and estimates; and
- use an IFRS PPE case study and other teaching material to carry out Framework-based teaching with CA/CPA students