ADFIMI Special Seminar on

“THE INTERNATIONAL FINANCIAL REPORTING STANDARDS” 

WORLD PARK HOTEL, İSTANBUL 

18-20 AUGUST 2008  

 What is IFRS?

International Financial Reporting Standards (IFRS) integrates principles promulgated by the International Accounting Standards Board-international financial reporting standards (IFRS) and the earlier International Accounting Standards (IAS). These standards have been used throughout Europe, Asia, Africa and, in the Americas for more than thirty years and the application of the standards have been expanding year by year. 

Why do we need IFRS?

The standards have been applied by the most of the leading companies throughout the world. Since the financial institutions are always among these companies, both financial institution executives and employees need to improve their knowledge and skills about IFRS. It will be no surprise that this need will increase in the future. 

When had the need arisen?

The Standards have been introduced since 1974 and from this year on, the need to learn and to apply them have arisen quite rapidly. The accord of 2001 to get the IFRS and the US GAAP closer to each other and the resolution of the European Unity obligation of applying the Standards for the listed companies since the beginning of 2005 showed that the standards would be more important for all companies. 

Who sets the standards and how?

The standards are set by the International Accounting Standards Board, headquartered in London. All standards are discussed by the member institutions in detail and the final draft become effective by having the acceptance of the ¾ of the members. 

What are the standards?

The standards contain many very important regulations from financial statements to sectoral characteristics. So far, 41 IAS and 7 IFRS have been promulgated as 31 of the IASs are still effective. 

What is the content of the Seminar?

As may be overviewed through the seminar schedule, the content of the seminar includes all standards and the related interpretations about them. The instructor is intented to cover all related points that would be interesting for bankers. 

Each section of this seminar provides an overview discussion of the perspective and key issues associated with the topics covered; a listing of the professional pronouncements that guide practice; and a detailed discussion of the concepts and accompanying examples. A comprehensive bacgkround following the main concepts of each Standard explained during the seminar will offer practical guidance to preparing financial statements in accordance with IFRS. Also included is a revised, detailed, comparison between IFRS and US national GAAP, keyed to the sections of this seminar. 

Are the Standards binding on bankers?

Definetely. It can be said that bankers are the persons who should apply them most in their businesses. 

What is the aim of the seminar?

The paramount goal has been to incorporate meaningful, real-world-type examples in guiding users in the application of IFRS to complex fact situations that must be dealt with in the actual practice of accounting. In addition to this emphasis, a major strength of the seminar is that it does explain the theory of IFRS in sufficient detail to serve as a valuable adjunct to, or substitute for, accounting textbooks and cases. Not merely a reiteration of currently promulgated IFRS, it provides the participant with the underlying conceptual basis for the rules, to enable the reasoning by analogy that is so necessary in dealing with a complex, fast-changing world of commercial arrangements and structures. 

Who should attend? What basic knowledge should they posess?

The focus of the seminar is the managers of financial institutions and the many practical problems faced in applying IFRS. Besides them, all executives and financial institution employees, with a basic accounting knowledge, wishing to have comprehensive background about the subject are recommended to take this seminar. 

What benefit will they derive by attending the seminar?

The instructor’s wish is that this seminar will serve managers and practitioners as a reliable reference tool, to facilitate their understanding of, and ability to apply, the complexities and benefits of IFRS and all related subjects. 

The participant must be proficient and fluent in verbal and written English, as the entire programme will be conducted in English with no translation. 

GENERAL CONDITIONS:

Candidates should be fluent in English and must be in good health. It will be the responsibility of the participants to make their own arrangements to secure visas for entry into Turkey. ADFIMI will issue letter of acceptances to applicants. 

Application:

Applications should be made by filling the attached form and transfer of payment and submitting it to ADFIMI’s address below by 24 July 2008. 

FEES

* For Applicants Requiring Accommodation

The seminar fee including airport transfers, hotel accommodation (single room), breakfasts, coffee breaks and lunches (dinners excluded) for the duration of the seminar (from 08:30 on 18 August 2008 to 17:00 on 20 August 2008, check in 17 August 2008, check out 21 August 2008) of USD 1,600.00 (USD 1,450.00 for ADFIMI members) will have to be made to ADFIMI's US Dollar account given below net of any transfer and/or collection charges to the said account with the submission of the application form. 

Additional nights and other expenses will have to be borne by the participants. Participants are required to contact ADFIMI for additional stay. 

• For Applicants Not Requiring Accommodation

The seminar fee including lectures, seminar materials, coffee breaks and lunches (dinners excluded) for the duration of the seminar (from 08:30 on 18 August 2008 to 17:00 on 20 August 2008) of USD 750 (USD 600 for ADFIMI members) will have to be made to ADFIMI's US Dollar account given below net of any transfer and/or collection charges to the said account with the submission of the application form. 

If you have any questions regarding the seminar or the nomination and selection procedures, please do not hesitate to contact ADFIMI.

- Application Forms

- Resource Person(Mr. Oğuz Kemal Bulut)

- Seminar Schedule