Rural bank directors and senior managers get deeper understanding in IFRS

The International Financial Reporting Standards (IFRS) has been accepted globally as the perfect standard for the preparation of financial reports.

Each year more countries are implementing IFRS, and it is therefore expected that both large corporate organisations and medium-sized companies such as rural and community banks adhere to this globally accepted standard of putting a financial report together.

As a result of this, more financial professionals are required to have a working knowledge of not only the fundamentals, but also the core details of them; and as well the ability to interpret figures as captured in this globally accepted standard of financial reporting.

The International Financial Reporting Standards landscape is constantly changing, and professionals – particularly in financial institutions – are required to be abreast with current trends.

It is therefore in this regard that the Association of Rural Banks-Ghana has put together a 2-day training programme in Kumasi to equip directors and general managers of rural and community banks with the current trends in IFRS, with participants drawn from some selected rural banks across the country.

In an address, Executive Director of the Association of Rural Bank Ghana, Mrs. Comfort Owusu, emphasised that the 2-day comprehensive accounting standards training will enable each participant to appreciate and understated the basics and certain complexities associated with the IFRS – along with terminology, concept and applications.

She further mentioned that in gaining a perspective of the IFRS origins; the accomplishments to date; the development and acceptance of global accounting standards and insights into the foreseeable future, participants will gain a valuable understanding of this critical field of knowledge and be capable of contributing meaningful assistance to their respective banks with respect to adopting and utilising these accounting standards.

According to her, the development training programme’s primary objective is to understand current and potential future requirements of IFRS and apply them to key elements of financial reports.

Also, it is hoped that participants will be able to interpret financial statements with better understanding, with improved commercial insight; and be able to prepare International Financial Reporting Standards-compliant financial statements, including group accounts and many more.

The consultant, Mr. Michael Osikoya – who is also the CEO of Mikensy Consulting Limited, took participants through the basic rudiments of IFRS, the principal objectives, the benefits, the standards – as well as the difference between Generally Accepted Accounting Principles (GAAP), and International Financial Reporting Standards, IFRS.