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ACIG took part in the International Conference on IFRS on June 27-28, 2012

On June 27-28 the International Conference on IFRS “IFRS Foundation Conference” was held in Frankfurt-on-Main, organized by IRR UK Limited together with the IFRS Council. The Conference focused on discussing draft amendments to several international financial reporting standards, as well as the plans and prospects for development of IFRS in the world.

The participants discussed a number of issues concerning elaboration of global standards for preparing financial reporting and the role of IFRS in this process, analyzed the joint efforts of IASB and FASB on introducing draft amendments to the standards and outlined the IASB plans and prospects for the further development of IFRS. One of the most relevant and important topics for discussion was the IFRS role in the financial crisis and its abilities as an instrument for analysis for preventing economic instability in the global markets.

Heads of big foreign companies, commercial banks and insurance companies, representatives of educational institutions and colleges took part in the conference. Larisa Karaseva, the Head of the IFRS area, took part in the Forum as a representative from ACIG.

ACIG experts note the importance of this event for financial specialists. Experience has shown that such international conferences provide not only a platform for professional experience exchange, but also an opportunity to find new solutions that will increase IFRS quality and availability through collaborative discussion, which will in turn influence the increased quality of financial reporting. This issue remains extremely important and relevant in the conditions of preventing a crisis situation in the global economy, because financial reporting is one of the instruments for making right investment and management decisions.